--- title: "Trade Spotlight: How should you trade Honasa Consumer, Godrej Properties, Elecon Engineering, Eternal, SBI, Adani Total Gas, and others on May 6?" description: "On May 5, the Nifty 50 index rose by half a percent, indicating a potential market rally. Key short-term trading ideas include: Honasa Consumer (Buy, Target: Rs 300, Stop-Loss: Rs 224), Wipro (Buy, Ta" type: "news" locale: "en" url: "https://longbridge.com/en/news/238768884.md" published_at: "2025-05-05T15:59:33.000Z" --- # Trade Spotlight: How should you trade Honasa Consumer, Godrej Properties, Elecon Engineering, Eternal, SBI, Adani Total Gas, and others on May 6? > On May 5, the Nifty 50 index rose by half a percent, indicating a potential market rally. Key short-term trading ideas include: Honasa Consumer (Buy, Target: Rs 300, Stop-Loss: Rs 224), Wipro (Buy, Target: Rs 265, Stop-Loss: Rs 227), Godrej Properties (Buy, Target: Rs 2,450, Stop-Loss: Rs 2,100), Elecon Engineering (Buy, Target: Rs 670, Stop-Loss: Rs 547), Aditya Birla Capital (Buy, Target: Rs 224, Stop-Loss: Rs 189), Reliance Industries (Buy, Target: Rs 1,546, Stop-Loss: Rs 1,385), and Eternal (Buy, Target: Rs 267, Stop-Loss: Rs 230). ## Top Buy Ideas For Short Term The benchmark indices gained some strength after a three-day consolidation, with the Nifty 50 rising half a percent on May 5. Market breadth also turned positive, as about 1,848 shares advanced compared to 740 declining shares on the NSE. The market may extend its rally if it decisively clears the previous week’s high in the upcoming sessions. Below are some short-term trading ideas to consider: **Jigar S Patel, Senior Manager - Equity Research at Anand Rathi** **Honasa Consumer | CMP: Rs: 251.35** Honasa Consumer (Mamaearth) has recently staged a breakout following a prolonged consolidation phase within the Rs 200–235 range, signaling a resurgence in bullish momentum. Notably, this consolidation occurred around the R3–S3 levels of the monthly Camarilla pivot, a technically significant zone that adds weight to the bullish narrative. Furthermore, a bullish divergence on the weekly RSI (Relative Strength Index) lends additional confirmation to the potential for sustained upward movement. Traders may consider entering long positions in the Rs 245–255 zone. Strategy: Buy Target: Rs 300 Stop-Loss: Rs 224 **Wipro | CMP: Rs 243.57** Over the past three weeks, Wipro has demonstrated consistent support near the Rs 200 high-low band on the weekly chart, indicating strong buying interest in the Rs 230–240 zone. This accumulation area also coincides with the S1 Floor yearly pivot, lending additional technical strength to the support level. On the daily timeframe, a bullish divergence on the RSI further reinforces the positive bias and signals a potential reversal in momentum. Traders may consider entering long positions in the Rs 236–244 zone. Strategy: Buy Target: Rs 265 Stop-Loss: Rs 227 **Godrej Properties | CMP: Rs 2,219.2** Godrej Properties has recently delivered a decisive breakout backed by strong volumes, following an extended consolidation phase within the Rs 1,900–2,200 range. The stock is currently trading around the Rs 2,250 level. Notably, a triple bottom formation was observed near the Rs 1,900 mark, accompanied by a positive divergence on the RSI, suggesting bullish momentum. This Rs 1,900 zone also coincides with a significant historical breakout level, which is now acting as a key support. Interestingly, this support level aligns with the S3 Camarilla quarterly pivot, further reinforcing its strength, as highlighted in the accompanying chart. Traders may consider entering long positions between Rs 2,200–2,230. Strategy: Buy Target: Rs 2,450 Stop-Loss: Rs 2,100 **Vidnyan S Sawant, Head of Research at GEPL Capital** **Elecon Engineering Company | CMP: Rs 578.9** Elecon Engineering has been in a strong uptrend since 2020, forming higher highs and higher lows within a rising channel. This month, it rebounded from the 34-month EMA (Exponential Moving Average) with a Morning Star pattern, signaling bullish mean reversion and renewed buying interest. On the weekly chart, the stock found support at the 61.8 percent Fibonacci retracement of its previous rally, forming a double bottom—a strong reversal signal. Trading above its 12- and 26-week EMAs with rising volumes above the 20-week average and a bullish MACD (Moving Average Convergence Divergence) crossover, the stock shows strong trend alignment and momentum, reinforcing its bullish outlook. Strategy: Buy Target: Rs 670 Stop-Loss: Rs 547 **Aditya Birla Capital | CMP: Rs 199.32** Aditya Birla Capital has maintained a strong uptrend since 2020, consistently forming higher highs and higher lows. This month, it broke above the high of the past three months, signaling a bullish trend resumption. The recent correction found support in the 50 percent–61.8 percent Fibonacci retracement zone of the Rs 85.60–Rs 246 rally, indicating strong demand. A bullish MACD crossover further confirms positive momentum, reinforcing the stock’s upward bias. Strategy: Buy Target: Rs 224 Stop-Loss: Rs 189 **Reliance Industries | CMP: Rs 1,431.3** Reliance Industries has shown a strong structural shift across timeframes, signaling renewed buying interest. On the monthly chart, it broke out of a five-month consolidation in April with a bullish candle and a long lower wick, reflecting buying absorption at lower levels. A reversal from the 60-month EMA suggests a bullish mean reversion setup, reinforcing a positive long-term outlook. On the weekly chart, a double bottom and breakout from a falling channel confirm strong price development. Rising volume above the 20-week average and a bullish MACD further validate the breakout with strong momentum support. Strategy: Buy Target: Rs 1,546 Stop-Loss: Rs 1,385 **Eternal | CMP: Rs 240** Eternal (Zomato) has shown a structural shift after breaking out of a falling wedge bullish pattern, indicating a potential trend reversal. The stock is now firmly trading above its key 12-, 26-, 50-, 100-, and 200-day EMAs, reflecting a positive trend. On the daily chart, it has started forming higher tops and bottoms—an early sign of bottoming out. Additionally, a bullish crossover in the weekly MACD confirms that the improving price structure is supported by strengthening momentum. Strategy: Buy Target: Rs 267 Stop-Loss: Rs 230 **Riyank Arora, Technical Analyst at Mehta Equities** **State Bank of India | CMP: Rs 790** State Bank of India has given a strong breakout in an Inverted Head and Shoulder pattern formation on its technical charts. With the RSI (14) around 52 and the stock witnessing a re-test to the neckline, we feel that the stock is currently at an attractive risk-to-reward ratio and is forming a good setup. As per calculations of the Head and Shoulder pattern, when we add the length of the head to the neckline, we arrive at calculated price targets of Rs 860 and above. A strict stop-loss should be kept at Rs 760 to manage risk well in case the pattern is invalidated. Strategy: Buy Target: Rs 860 Stop-Loss: Rs 760 **Adani Total Gas | CMP: Rs 665.55** Adani Total Gas has given a strong breakout above its immediate resistance mark of Rs 655 and has successfully managed to close well above the same. With the RSI (14) placed at 65 and witnessing a sharp upside tick, we expect the stock to head higher toward potential targets of Rs 710 and above. With the stock breaking out above its trendline resistance as well as swing high resistance, it also witnessed a positive MACD crossover, which in turn shows strong signs of strength in the stock. A strict stop-loss should, however, be kept at the Rs 640 mark to manage risk well on this trade. Strategy: Buy Target: Rs 710 Stop-Loss: Rs 640 **ONGC | CMP: Rs 239.2** Oil and Natural Gas Corporation (ONGC) has touched its anchor VWAP (Volume Weighted Average Price) support mark of Rs 236.93 and managed to close well above the same, with a long wick rejection on its technical charts. With the price touching its 5-, 9-, and 21-period EMAs along with the 50-period SMA, the stock looks well poised in terms of risk-to-reward ratio at current levels for a potential upside move. RSI (14), being around 48, is showing sideways momentum on the stock, but with the risk-reward ratio being favourable, we believe that momentum should soon strengthen and the stock should head higher toward potential targets of Rs 255 and above. A strict stop-loss should be kept at Rs 230 to manage risk well on this trade. Strategy: Buy Target: Rs 255 Stop-Loss: Rs 230 *Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.* *Disclaimer: MoneyControl is a part of the Network18 group. 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