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Trade Spotlight: How should you trade SBI, GAIL, NLC India, NTPC, Sunteck, and others on Tuesday?

16 Jul , 2024   By : Debdeep Gupta


Trade Spotlight: How should you trade SBI, GAIL, NLC India, NTPC, Sunteck, and others on Tuesday?

Despite consolidation, the market traded higher throughout the session and ended at a new closing high on July 15, with the Nifty 50 reaching closer to the 24,600 level, gaining 0.35 percent. About 1,239 shares advanced, while 1,142 shares declined on the NSE. The Nifty 50 is poised to climb towards 24,800-24,900 in the coming sessions, provided it holds 24,500, with crucial support at 24,300. Here are some trading ideas for the near term:


Sudeep Shah, Deputy Vice-President and Head of the Technical and Derivative Research at SBI Securities


LIC Housing Finance | CMP: Rs 801


LIC Housing Finance has found support near the 20-day EMA (Exponential Moving Average) and showed a strong rebound in Monday's trading session, supported by higher volume. We recommend buying at the current market price with a stop-loss of Rs 780. On the upside, it may target Rs 850, followed by Rs 870 in the short term.


Strategy: Buy


Target: Rs 850, Rs 870


Stop-Loss: Rs 780


GAIL India | CMP: Rs 237.2


GAIL India has broken out of consolidation on a daily scale with robust volume. Buying in the zone of Rs 238-236, with a stop-loss at Rs 230, is recommended. Targets on the upside are Rs 252 and Rs 260 in the short term.


Strategy: Buy


Target: Rs 252, Rs 260


Stop-Loss: Rs 230


NTPC | CMP: Rs 385.55


NTPC is trading above its short and long-term moving averages, indicating a strong trend. Momentum indicators and oscillators support bullish momentum. Buying at the current market price with a stop-loss at Rs 373 is suggested, targeting Rs 415 and Rs 425 in the short term.


Strategy: Buy


Target: Rs 415, Rs 425


Stop-Loss: Rs 373


Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities


State Bank of India | CMP: Rs 883


SBI has broken out from sideways consolidation with increased volumes. MACD shows a bullish crossover on daily charts and supports a positive outlook. Buying here could benefit from further strength if the PCR moves beyond 1.


Strategy: Buy


Target: Rs 910


Stop-Loss: Rs 862


Mphasis | CMP: Rs 2,740


Mphasis has broken multiple swing resistances and completed a retest, forming a Bullish Island reversal pattern. Strong volumes and short covering indicate a reversal from a downtrend to an uptrend. MACD is bullish across daily, weekly, and monthly charts. The stock has no major resistance above Rs 2,700, with a positive outlook in the short to medium term.


Strategy: Buy


Target: Rs 2,870, Rs 3,100


Stop-Loss: Rs 2,640


Alkem Laboratories | CMP: Rs 5,400


Alkem has broken a falling trendline, indicating a positive trend reversal. MACD is bullish across daily, weekly, and monthly charts. The stock is likely to move towards the upper end of its range (Rs 5,600 to Rs 4,600), supported by positive momentum.


Strategy: Buy


Target: Rs 5,600, Rs 5,800


Stop-Loss: Rs 5,220


Pravesh Gour, Senior Technical Analyst at Swastika Investment


HBL Power Systems | CMP: Rs 629


HBL Power Systems has broken out of an Inverse Head and Shoulder pattern, a bullish reversal signal, with strong volume confirming the pattern's validity. This suggests potential upward movement in price.


Strategy: Buy


Target: Rs 714


Stop-Loss: Rs 575


NLC India | CMP: Rs 294.5


NLC India shows bullish setups, including a double-bottom formation breakout and a multi-year resistance zone breakout. Momentum indicators support further upside towards Rs 320 and potentially Rs 340.


Strategy: Buy


Target: Rs 340


Stop-Loss: Rs 270


Sunteck Realty | CMP: Rs 608.8


Sunteck Realty has broken out of a long consolidation formation with strong volume and closed above Rs 500 levels. Trading above all-important moving averages, it indicates potential for a rally towards Rs 700 . Support is seen at Rs 560.


Strategy: Buy


Target: Rs 680


Sop-Loss: Rs 560


Latent View Analytics | CMP: Rs 559


Latent View Analytics exhibits bullish momentum with higher highs and higher lows and has broken from a consolidation with significant volume. Trading above all significant moving averages, it shows potential for further upside towards Rs 600 , with support at Rs 530.


Strategy: Buy


Target: Rs 616


Stop-Loss: Rs 530

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