Trade Spotlight: How should you trade ICICI Bank, Phoenix Mills, Tube Investments of India, Unichem Labs and others on Wednesday?

Tube Investments of India is consolidating in a range of Rs 4,540-4,350 since October 16, indicating accumulation in the stock. In the previous session, prices tested the important support level around Rs 4,350 and bounced back, reflecting increasing bullishness in the underlying. However, the stock still failed to break out above the upper end of the range. A decisive breakout above Rs 4,540 is required for positive momentum to continue. In summary, the current trend for Tube Investments of India is bullish. A breach above Rs 4,540 could lift prices towards Rs 4,735, followed by Rs 4,930, as long as the Rs 4,350 level holds on the downside.

Strategy: Buy

Target: Rs 4,735, Rs 4,930

Stop-Loss: Rs 4,350

ICICI Bank | CMP: Rs 1,267.5

On the daily chart, ICICI Bank has not closed below its previous day’s low since October 18, suggesting increasing bullishness in the underlying. After reversing from the channel support, prices have gained more than 5 percent, despite the Bank Nifty falling. In the previous session, the stock managed to close above the middle Bollinger band. Follow-up buying is required to confirm that the trend is in favour of the bulls. Additionally, the RSI (Relative Strength Index) is trading at the 55 level, which gives prices the space to trend further. In summary, the current trend for ICICI Bank is positive. A decisive break above Rs 1,285 could lift prices higher towards Rs 1,325, followed by Rs 1,365, as long as the Rs 1,235 level holds on the downside.

Strategy: Buy

Target: Rs 1,325, Rs 1,365

Stop-Loss: Rs 1,235

Unichem Laboratories | CMP: Rs 855.75

In the previous session, Unichem Laboratories surged by 13 percent in a single trading session. On the daily chart, prices faced support from the baseline (red) of the Ichimoku cloud and bounced back. Currently, almost all indicators are in overbought territory, so one should avoid catching tops and should use dips as a buying opportunity. The current trend for Unichem Laboratories is positive. Use dips towards Rs 835-845 as a buying opportunity for a move towards Rs 870-880, as long as Rs 795 holds on the downside.

Strategy: Buy

Target: Rs 870, Rs 880

Stop-Loss: Rs 795

Om Mehra, Technical Analyst at Samco Securities

Phoenix Mills | CMP: Rs 1,584

Phoenix Mills has recently formed a notable Bullish Gartley pattern on the daily chart, suggesting a potential trend reversal near its current levels. The stock touched an intraday high of Rs 1,605 and a low of Rs 1,491, closing at Rs 1,580, reflecting a 0.74 percent gain on Tuesday. This Harmonic pattern, with its key points of retracement and extension, indicates a support zone around Rs 1,550, which could act as a springboard for upward movement. Meanwhile, the RSI remains below 40, signaling that the stock is nearing oversold territory, adding to the possibility of a bounce back. Hence, based on the above technical structure, one can initiate a long position at CMP Rs 1,584.

Strategy: Buy

Target: Rs 1,720

Stop-Loss: Rs 1,520

Dr Lal PathLabs | CMP: Rs 3,309.9

Dr Lal Pathlabs has been trading in a consolidation phase following a sustained uptrend. A notable ascending trendline provides key support near the Rs 3,280 level, making this a critical zone for the stock. The 100-day simple moving average (SMA) at Rs 3,127 highlights a long-term bullish outlook. With the RSI at 44, the stock is nearing oversold territory and might attempt a potential reversal. A decisive break above Rs 3,350 will signal potential upward momentum and heightened buying interest in the near term. Hence, based on the above technical structure, one can initiate a long position at CMP Rs 3,310.

Strategy: Buy

Target: Rs 3,600

Stop-Loss: Rs 3,170

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