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HomeNewsBusinessMarketsTrade Spotlight: How should you trade IndiGo, ICICI Bank, TVS Motor, Orient Hotels, Tata Consumer, and others on Friday?

Trade Spotlight: How should you trade IndiGo, ICICI Bank, TVS Motor, Orient Hotels, Tata Consumer, and others on Friday?

As long as the Nifty 50 holds 24,800, the upward move towards the psychological 25,000 mark can't be ruled out, with 24,700-24,600 serving as immediate support. Here are some trading ideas for the near term.

August 22, 2024 / 23:36 IST
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    The benchmark Nifty 50 ended higher for another session on August 22, with about 1,460 shares advancing and 918 shares declining on the NSE. The market is expected to remain in positive territory amid consolidation. Here are some trading ideas for the near term:

    Amol Athawale, VP-Technical Research at Kotak Securities

    Dalmia Bharat | CMP: Rs 1,799.4

    Image1522082024

    After declining from higher levels, Dalmia Bharat rebounded from its demand zone and witnessed a steady recovery from the lower levels. Additionally, on the weekly charts, the counter has given a breakout from its sloping trendline. The gradual upward movement in the counter suggests a new leg of the bullish trend from the current levels

    Strategy: Buy

    Target: Rs 1,930

    Stop-Loss: Rs 1,730

    SRF | CMP: Rs 2,533

    Image1622082024

    After a strong up move, SRF is trading in a symmetrical triangle chart formation on the daily scale, which clearly suggests bullish momentum is likely to remain in the short term. In addition, the stock has formed a higher bottom formation, indicating good strength in the stock for a fresh breakout move in the coming horizon.

    Strategy: Buy

    Target: Rs 2,710

    Stop-Loss: Rs 2,440

    Tata Communications | CMP: Rs 1,919

    Image1722082024

    After its short-term correction, Tata Communications has rebounded from its important support zone on the daily scale. Furthermore, the counter is in a rising channel chart formation with a higher low series pattern. Moreover, the technical indicator ADX (Average Directional Index) is also indicating a further uptrend from current levels, which could boost bullish momentum in the near future.

    Strategy: Buy

    Target: Rs 2,050

    Stop-Loss: Rs 1,850

    Mandar Bhojane, Equity Research Analyst at Choice Broking

    InterGlobe Aviation | CMP: Rs 4,483

    Image1822082024

    InterGlobe Aviation (IndiGo) is showing signs of a potential breakout from an ascending triangle pattern, accompanied by a significant increase in trading volume. This suggests possible bullish momentum for the stock. If the price manages to close above the Rs 4,500 level, it could potentially reach short-term targets of Rs 4,800 and Rs 5,000. On the downside, immediate support is located at Rs 4,330, which can be considered an opportunity to buy on dips. The Relative Strength Index (RSI) is currently at 61.70 and trending upward, indicating increasing buying momentum.

    Strategy: Buy

    Target: Rs 4,800, Rs 5,000

    Stop-Loss: Rs 4,200

    Tata Consumer Products | CMP: Rs 1,205.8

    Image1922082024

    Tata Consumer Products is forming a Cup and Handle pattern and has also broken out of a falling trendline on the daily chart, accompanied by a significant increase in trading volume. This suggests a potential breakout. If the price manages to close above the Rs 1,210 level, it could potentially reach short-term targets of Rs 1,400 and Rs 1,450. On the downside, immediate support levels are located at Rs 1,140, which could be considered buying opportunities on dips. The RSI currently stands at 58.37 and is trending upward, indicating increasing buying momentum.

    Strategy: Buy

    Target: Rs 1,400, Rs 1,450

    Stop-Loss: Rs 1,100

    ICICI Bank | CMP: Rs 1,191

    Image2022082024

    ICICI Bank has been consolidating near a rising trendline and is showing signs of a potential reversal from support on the daily chart. This is accompanied by a significant increase in trading volume, which suggests a possible bullish reversal. If the price manages to close above the Rs 1,200 level, it could potentially reach short-term targets of Rs 1,250 and Rs 1,280. On the downside, immediate support levels are located at Rs 1,150, which could present buying opportunities on dips. The RSI is currently at 51.3 and trending upward, indicating increasing buying momentum.

    Strategy: Buy

    Target: Rs 1,250, Rs 1,280

    Stop-Loss: Rs 1,130

    Chandan Taparia, Head - Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services

    TVS Motor Company | CMP: Rs 2,706

    Image2122082024

    TVS Motor Company has given a trendline breakout on the daily chart and has been on a steady uptrend since, with the most recent candle being a large bullish candlestick. The MACD (Moving Average Convergence Divergence) indicator is heading upwards, which suggests bullish momentum.

    Strategy: Buy

    Target: Rs 2,880

    Stop-Loss: Rs 2,620

    Mahindra & Mahindra Financial Services | CMP: Rs 313.7

    Image2222082024

    Mahindra & Mahindra Financial Services has broken out of a consolidation zone on the daily and weekly charts with higher-than-average buying volumes. A large, real-bodied bullish candle has breached the upper band of the Bollinger Bands, indicating a buy signal.

    Strategy: Buy

    Target: Rs 333

    Stop-Loss: Rs 303

    Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio

    Doms Industries | CMP: Rs 2,428.35

    Image2322082024

    On the daily chart, Doms Industries reveals a Flag and Pole pattern, confirming a breakout with decent volume, signaling buyer dominance. The strong closing near the high reflects positive sentiment and price action. Support from the Fast (21) and Slow (50) EMAs suggests a stable foundation for the upcoming days. Trading above the EMAs (Exponential Moving Averages) indicates a positive trend.

    Strategy: Buy

    Target: Rs 2,600

    Stop-Loss: Rs 2,367

    Mrs Bectors Food Specialities | CMP: Rs 1,526

    Image2422082024

    Mrs. Bectors Food Specialities has formed a candlestick pattern named "Three White Soldiers" on the weekly timeframe, indicating bullish sentiment. The price is trading above all the EMAs, indicating bullishness. The momentum indicator RSI is moving in the northern direction, supporting the price.

    Strategy: Buy

    Target: Rs 1,610

    Stop-Loss: Rs 1,483

    JOCIL | CMP: Rs 222.96

    Image2522082024

    On the daily chart, JOCIL indicates a Cup & Handle pattern, confirming a breakout and indicating the dominance of buyers with an increase in the volume bar. At the moment, the counter's closing above the resistance zone reflects a positive trend. Support at the 20 EMA points to a bullish base for the next few days. The RSI is indicating momentum by hovering in the northern direction.

    Strategy: Buy

    Target: Rs 250

    Stop-Loss: Rs Rs 208

    Oriental Hotels | CMP: Rs 146.50

    Image2622082024

    After a remarkable upside, Oriental Hotels had taken a breather for the last few trading sessions. The price-wise correction was suggesting a healthy sign. On Thursday, a breakout of the downward falling trendline was seen, suggesting a continuation of the uptrend. Moreover, the stock is trading above its short-term moving averages, and on the momentum front, RSI (14) is now moving towards upward territory, which is supporting the price trend.

    Strategy: Buy

    Target: Rs 160

    Stop-Loss: Rs 139.50

    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.

    Sunil Shankar Matkar
    first published: Aug 22, 2024 10:21 pm

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