Trade Spotlight: How should you trade ITC, Dabur, Ipca Labs, Trent, Eclerx, Clean Science, and others on Friday?

After a remarkable upward move, Dabur India is trading in a symmetrical triangle chart formation on the daily scale, indicating that bullish momentum is likely to continue in the short term. Additionally, the stock has formed a higher bottom formation, suggesting good strength in the counter for a fresh breakout move in the near future.

Strategy: Buy

Target: Rs 680

Stop-Loss: Rs 610

PVR INOX | CMP: Rs 1,455.20

Following a short-term correction from higher levels, the downward momentum in PVR INOX has halted around its support area. On daily charts, the counter has formed a reversal formation at its important demand zone. The structure indicates a revival of the uptrend from the current levels in the near term.

Strategy: Buy

Target: Rs 1,550

Stop-Loss: Rs 1,400

Clean Science and Technology | CMP: Rs 1,590.75

On the weekly scale, Clean Science was trading in a rangebound mode post-correction from higher levels. However, it has now given a range breakout along with good volumes. Moreover, the daily charts show a higher bottom series, and closing above the resistance line suggests further bullish momentum from the current levels.

Strategy: Buy

Target: Rs 1,700

Stop-Loss: Rs 1,530

Mandar Bhojane, Equity Research Analyst at Choice Broking

Eclerx Services | CMP: Rs 2,527.25

Eclerx Services is poised for a breakout from its daily chart range, having retested that range with a significant increase in trading volume. This suggests a potential bullish reversal. If the price closes above the Rs 2,550 level, it could reach short-term targets of Rs 2,800 and Rs 2,974. On the downside, immediate support is located at Rs 2,400, which can be considered as a buying opportunity on dips. The Relative Strength Index (RSI) is currently at 62 and trending upward, indicating increasing buying momentum.

Strategy: Buy

Target: Rs 2,800, Rs 2,974

Stop-Loss: Rs 2,325

CRISIL | CMP: Rs 4,471.55

CRISIL is ready for a descending triangle breakout on the daily chart, with a significant increase in trading volume indicating a potential breakout. If the price closes above the Rs 4,470 level, it may reach short-term targets of Rs 4,800 and Rs 5,000. Immediate support is located at Rs 4,200, which can be considered as a buying opportunity on dips. The RSI currently stands at 59 and is trending upward, indicating increasing buying momentum.

Strategy: Buy

Target: Rs 4,800, Rs 5,000

Stop-Loss: Rs 4,100

Max Financial Services | CMP: Rs 1,106.6

Max Financial Services has recently broken out of a Cup and Handle pattern on the daily chart, accompanied by a significant increase in trading volume, indicating a potential breakout. If the price closes above the Rs 1,120 level, it may reach short-term targets of Rs 1,240 and Rs 1,330. Immediate support levels are located at Rs 1,040, which can be considered as buying opportunities on dips. The RSI currently stands at 59 and is trending upward, indicating increasing buying momentum.

Strategy: Buy

Target: Rs 1,240, Rs 1,330

Stop-Loss: Rs 1,000

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

Lupin | CMP: Rs 2,050.8

Lupin is in a continuous uptrend, clearly outperforming within the Pharma space. It has been forming higher highs and higher lows over the past four trading sessions, with support levels gradually shifting higher. Pharma stocks are witnessing fresh buying interest with a surge in trading and delivery volumes.

Strategy: Buy

Target: Rs 2,200

Stop-Loss: Rs 1,970

Trent | CMP: Rs 5,644

Trent is perfectly respecting the 50-day Exponential Moving Average (DEMA) and inching upwards. It has formed a strong bullish candle on the daily chart and is trading near its life highs. The momentum indicator RSI has given a bullish crossover, which may drive prices higher.

Strategy: Buy

Target: Rs 6,000

Stop-Loss: Rs 5,470

ICICI Prudential Life Insurance Company | CMP: Rs 738.65

ICICI Prudential Life has retested a breakout on the daily chart and scaled higher. Insurance stocks are holding up well despite market volatility, showing outperformance. The ADX (Average Directional Index) indicator has turned up, suggesting that the upward move has strength to support it.

Strategy: Buy

Target: Rs 780

Stop-Loss: Rs 715

Virat Jagad, Technical Research Analyst at Bonanza Portfolio

Alkem Laboratories | CMP: Rs 5,687

On the daily chart, Alkem Laboratories has recently broken out from a symmetric rectangle pattern, signaling a potential upward trend. The increase in trading volume over time suggests growing investor participation and confidence in the stock. Additionally, the price has taken support from the Fast (21) EMA and Slow (50) EMA, which will act as support in the coming days. Trading above the EMAs indicates a positive trend. On the momentum front, the RSI is heading north, confirming the bullish stance.

Strategy: Buy

Target: Rs 6,160

Stop-Loss: Rs 5,450

ITC | CMP: Rs 494.75

ITC's daily chart displays a confirmed breakout from a Flag and Pole Pattern with heightened volume, signaling buyer resurgence. Trading near the high, backed by support from the Fast and Slow EMAs, signifies positive price action and sentiment. The upward trend in the Slow EMA and a positive RSI breakout reflect a strong uptrend. Additionally, the DMI+ (Directional Movement Index) leading DMI- indicates a favourable trend, while the ADX trading above the 40 mark suggests increasing strength in market dynamics.

Strategy: Buy

Target: Rs 525

Stop-Loss: Rs 480

Ipca Laboratories | CMP: Rs 1,361.35

Ipca Laboratories has recently shown a breakout from a rounding bottom pattern on the daily time frame, signaling an uptrend. This pattern is typically seen as a bullish indicator, suggesting a potential rise in price. The surge in volume during the last trading session highlights increased buying interest at the current price levels, reinforcing a positive outlook for the stock. Moreover, the price is trading above major EMAs, further confirming the uptrend. Additionally, the DMI shows the DMI+ leading the DMI-, indicating a favourable trend. The ADX is trading above the 20 mark, suggesting strengthening market dynamics. These technical indicators collectively support a bullish outlook for Ipca Laboratories.

Strategy: Buy

Target: Rs 1,480

Stop-Loss: Rs 1,300

Oil India | CMP: Rs 612.85

On the daily time frame, Oil India has formed a pennant pattern. The current formation shows bullish price action, indicating that buyers are actively purchasing the security with expectations of higher prices. The stock is trading above major EMAs, signaling a positive trend. Notably, the Slow EMA (50) is trending upward, further indicating a positive trend. On the momentum front, the RSI is moving upward, confirming the bullish outlook for the stock. These technical indicators suggest that the market sentiment for Oil India is optimistic.

Strategy: Buy

Target: Rs 660

Stop-Loss: Rs 590

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.