Trade Spotlight: How should you trade Nuvama Wealth, Zen Technologies, Nippon Life, Ujjivan SFB, SRF, Poly Medicure, and others on Wednesday?

Nippon Life India Asset Management has not closed below its prior day’s low since December 3, maintaining a daily bullish bias. In the previous session, the stock gained more than 9% with a significant rise in volume, which is a positive signal. Additionally, parabolic SAR dots have started forming below the prices, providing double confirmation for a bullish stance.

However, as the daily RSI (Relative Strength Index) is near its overbought zone, buying on dips appears to be a prudent strategy rather than chasing tops. On the downside, Rs 770 acts as the nearest support. The current trend remains positive, and dips can be used as buying opportunities with targets of Rs 845 and Rs 875 as long as Rs 770 holds on the downside.

Strategy: Buy

Target: Rs 845, Rs 875

Stop-Loss: Rs 770

Zen Technologies | CMP: Rs 2,064.15

Zen Technologies was trading in a broad range of Rs 1,650 to Rs 2,000 since October 15 and has given a breakout in the previous session, making a fresh high of Rs 2,097. The stock surged more than 3% and formed a strong bullish candle on the daily chart. The Bollinger Bands have started expanding, which is a positive indicator. Additionally, the RSI at 68 suggests sufficient room for further upward movement. A break above Rs 2,100 is needed for the bullish momentum to continue. The current trend is bullish, with a break above Rs 2,100 potentially lifting prices to Rs 2,200 and Rs 2,280, provided Rs 2,000 holds on the downside.

Strategy: Buy

Target: Rs 2,200, Rs 2,280

Stop-Loss: Rs 2,000

Nuvama Wealth Management | CMP: Rs 7,361.25

Nuvama Wealth Management witnessed a sharp rally in the previous session, gaining more than 6% in a single trading day. The stock is forming a rounding bottom pattern on the daily chart. A daily close above Rs 7,490 would confirm a breakout of this pattern. In the previous week, prices found support from the Ichimoku cloud, leading to a sharp bounce on the upside. The trend for this stock remains positive. A breakout above Rs 7,490 could push prices towards Rs 7,800–Rs 7,900 as long as Rs 7,050 holds on the downside.

Strategy: Buy

Target: Rs 7,800, Rs 7,900

Stop-Loss: Rs 7,050

Om Mehra, Technical Analyst at Samco Securities

Poly Medicure | CMP: Rs 2,968.5

Poly Medicure has been steadily climbing, gaining 2.8% on Tuesday. The stock is approaching the previous resistance level at Rs 3,050, and a breakout above this level could lead to further gains. Gradual accumulation in recent sessions, coupled with healthy volumes, signals growing investor confidence. The Rs 2,800 zone has emerged as a strong support level, providing a solid foundation. Additionally, a positive MACD (Moving Average Convergence Divergence) and strong RSI confirm the stock’s strength, with the price trading above short-term moving averages. Based on this technical structure, one can initiate a long position at the current market price (CMP).

Strategy: Buy

Target: Rs 3,450

Stop-Loss: Rs 2,820

Safari Industries | CMP:Rs 2721.5

Safari Industries is exhibiting strong bullish signals, with higher highs and higher lows indicating a sustained upward trend. The stock is currently trading near its 52-week high (Rs 2,725), reflecting strong upward momentum. High volumes further support the bullish trend. An RSI above 70 and a recent Bullish Engulfing pattern strengthen this outlook. Additionally, the MACD bullish crossover adds further validation to the positive momentum. Based on this technical structure, a long position can be initiated at the CMP.

Strategy: Buy

Target: Rs 3,000

Stop-Loss: Rs 2,580

SRF | CMP: Rs 2,343.6

SRF has shown a promising recovery from recent lows around Rs 2,127, which acted as a strong demand zone, supported by robust volumes. The stock reclaimed the Rs 2,300 mark, gaining 1.79% on Tuesday, reflecting renewed buying interest. A higher high-higher low structure suggests the beginning of a potential uptrend. A break above Rs 2,400, backed by sustained volumes, could trigger a further rally. Delivery data and sustenance above the 20 and 50 DEMA reinforce the bullish outlook. Based on this technical structure, one can initiate a long position at the CMP.

Strategy: Buy

Target: Rs 2,780

Stop-Loss: Rs 2,220

Prashanth Tapse, Senior VP - Research Analyst at Mehta Equities

Ola Electric Mobility | CMP: Rs 94.57

Ola Electric Mobility maintains a sequence of higher highs and lows on the daily timeframe. The RSI indicates further positive momentum, with upside targets of Rs 124 and above. A stop-loss should be placed at Rs 81.20 to manage risk effectively.

Strategy: Buy

Target: Rs 124

Stop-Loss: Rs 81.20

NTPC Green Energy | CMP: Rs 146.65

NTPC Green Energy has surged nearly 36% from its issue price. The sequence of higher highs and lows remains intact on the daily timeframe, and fresh highs are likely to be a common occurrence for several sessions in the near term.

Strategy: Buy

Strategy: Buy

Target: Rs 175

Stop-Loss: Rs 129

Ujjivan Small Finance Bank | CMP: Rs 36.25

Ujjivan Small Finance Bank is experiencing a rebound from oversold levels. A falling-wedge pattern is evident on the daily charts. Rs 29 is a strong support level, which can be used as a stop-loss, with targets in the Rs 49–50 zone.

Strategy: Buy

Target: Rs 49

Stop-Loss: Rs 29

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.