Trade Spotlight: How should you trade Coal India, Marico, Torrent Power, Prince Pipes, IGL, and others on Thursday?

Stocks In News

The benchmark indices maintained a positive bias for the entire session and reported fresh closing highs on July 16, with the Nifty 50 rising 26 points to 24,613. About 1,173 shares advanced against 1,165 declining shares on the NSE. The Nifty may consolidate at current levels with support at 24,500-24,400 levels before climbing towards the 24,700-24,800 zone in the coming sessions. Here are some trading ideas for the near term:

Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors

Coal India | CMP: Rs 512.75

In the previous session, Coal India showed a sharp rise and closed with a gain of more than 3 percent. Prices also closed above the previous day’s high, which is a positive sign. On the chart, prices are approaching lifetime high levels near Rs 527.4. The KST (Know Sure Thing) indicator suggests good momentum is likely to continue as it is trading above the zero line after turning above the signal line. In short, the trend for Coal India is positive. A break above Rs 520 can lift the price higher towards Rs 545-550 as long as Rs 496 holds on the downside.

Strategy: Buy

Target: Rs 545, Rs 550

Stop-Loss: Rs 496

Marico | CMP: Rs 667.35

In the previous session, Marico surged more than 2 percent. Since July 3, not a single candle has closed below the previous day’s low, which keeps the trend on the positive side as long as we do not see a close below the previous day’s low. On the daily chart, prices have formed a Rounding Bottom pattern at the top, which is a rare scenario as this pattern usually forms on the downside. A close above Rs 668 can confirm a breakout of the pattern, resulting in a fresh rise in this stock. In short, the trend for Marico is positive. A break above Rs 670 can lift the price higher towards Rs 720 followed by Rs 750 as long as Rs 637 holds on the downside.

Strategy: Buy

Target: Rs 720, Rs 750

Stop-Loss: Rs 637

RPG Life Sciences | CMP: Rs 1,839

RPG Life Sciences has been moving higher recently and remains in a strong uptrend. In the previous session, it closed with a massive gain of 12.10 percent, forming a bullish candle on the daily chart. The price has closed above the Rs 1,740 level, confirming a breakout of the Rounding Bottom pattern. The ADX (Average Directional Index) of this stock is 34.60, indicating a trending market. A reading above 25 signifies strong directional strength. In short, the trend for this stock is positive. Use dips towards Rs 1,800-1,820 as a buying opportunity for a move towards Rs 2,000-2,020 levels as long as Rs 1,730 holds on the downside.

Strategy: Buy

Target: Rs 2,000, Rs 2,020

Stop-Loss: Rs 1,730

Om Mehra, Technical Analyst at Samco Securities

Indraprastha Gas | CMP: Rs 540

Indraprastha Gas is forming higher highs and higher lows, indicating a sustained uptrend. It is trading comfortably above its short-term (20-day) and medium-term (40-day) moving averages. The RSI (Relative Strength Index) is comfortably holding at 72 and is steadily rising. The stock holds levels above Rs 530, which previously served as resistance, indicating buying interest among short-term traders. Based on the above technical structure, one can initiate a long position at the current market price of Rs 540.

Strategy: Buy

Target: Rs 585

Stop-Loss: Rs 515

Prince Pipes and Fittings | CMP: Rs 700

Both the daily and weekly timeframes indicate that the trend remains strong in Prince Pipes. The previous resistance level has now turned into support on the daily timeframe, and the stock is trading above its 20-day Exponential Moving Average (EMA). The RSI is holding steady at 60 levels. Recent volume surges accompanying the price rise confirm that the stock remains firmly in a bullish trend. Hence, one can initiate a long position at the current market price of Rs 700.

Strategy: Buy

Target: Rs 770

Stop-Loss: Rs 675

Torrent Power | CMP: Rs 1,545.55

Torrent Power has remained in the consolidation phase but is gradually inching higher. It has a strong base near the Rs 1,500 level. Currently, the price remains near the Rs 1,550 level, which is a minor resistance and if broken, the stock may move higher. Strong volume participation with 20 DMA confirms the bullish trend. Hence, one can initiate a long position at the current market price of Rs 1,546.

Strategy: Buy

Target: Rs 1,650

Stop-Loss: Rs 1,498

Riyank Arora, Technical Analyst at Mehta Equities

Piramal Enterprises | CMP: Rs 977.85

Piramal Enterprises has broken through its trendline resistance at Rs 970 and closed above this level. With the RSI (14) on the daily timeframe around 68, the momentum looks strong, suggesting it could reach a target of Rs 1,075 and higher. Tuesday's trading volume was nearly three times the 30-day average, indicating a strong buy signal.

Strategy: Buy

Target: Rs 1,075

Stop-Loss: Rs 960

Godrej Properties | CMP: Rs 3,381.4

Godrej Properties: This stock has broken past its recent swing high resistance at Rs 3,358.05 and closed above it. With the RSI (14) on daily charts around 66, the momentum is strong. It appears to be an attractive buy at current levels, offering an excellent risk-to-reward ratio with a strict stop-loss at Rs 3,330 for a potential target of Rs 3,500 and higher.

Strategy: Buy

Target: Rs 3,500

Stop-Loss: Rs 3,330

GAIL India | CMP: Rs 233.41

GAIL India has surpassed its swing high resistance at Rs 233.20 and closed above it. The daily RSI (14) is around 63, showing strong momentum. Tuesday's volume was nearly 0.75 times the 30-day average, indicating a potential upward move. A strict stop-loss at Rs 228.00 is recommended for a target of Rs 245 and higher.

Strategy: Buy

Target: Rs 245

Stop-Loss: Rs 228

Welspun Living | CMP: Rs 174.40

Welspun Living: This stock has broken above its all-time high resistance at Rs 171.25 and closed above this level. It has retested its breakout level and formed a bullish bar at the support level, offering a favourable risk-to-reward ratio at current levels. Tuesday's volume matched the 30-day average, and the RSI (14) around 73 suggests strong momentum.

Strategy: Buy

Target: Rs 192

Stop-Loss: Rs 165

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.