Trade Spotlight: How should you trade Nykaa, Amber Enterprises, JSW Steel, UltraTech Cement, Gujarat Gas, Lupin, and others on July 3?

JSW Steel has broken out of a Symmetrical Triangle pattern on the daily charts. The breakout has been accompanied by above-average volume. We expect the stock to witness a sharp rise over the next few weeks.

Strategy: Buy

Target: Rs 1,115, Rs 1,150

Stop-Loss: Rs 1,020

Lupin | CMP: Rs 1,968.4

Lupin has formed a Wedge pattern on the daily charts. In the penultimate session, it formed a Hammer candlestick pattern on the daily chart, which generally appears at the end of a decline. On the daily momentum indicator, there is a positive divergence, suggesting a loss of selling pressure. We expect the stock to witness a sharp rise over the next few trading sessions.

Strategy: Buy

Target: Rs 2,035, Rs 2,097

Stop-Loss: Rs 1,920

Sudeep Shah - Deputy Vice President, Head of Technical and Derivative Research at SBI Securities

Amber Enterprises India | CMP: Rs 7,224.5

Amber Enterprises is on the verge of giving a horizontal trendline breakout on the daily scale. Over the last three trading sessions, the volumes recorded were above the 50-day average, which is a sign of accumulation before the actual breakout happens.

Currently, the stock is trading above its short- and long-term moving averages, both of which are in rising mode—a bullish sign. Furthermore, the daily RSI is in bullish territory and is edging higher. Hence, we recommend accumulating the stock in the zone of Rs 7,250-7,200 levels.

Strategy: Buy

Target: Rs 7,900

Stop-Loss: Rs 7,000

UltraTech Cement | CMP: Rs 12,436

Ultratech Cement has given a horizontal trendline breakout on the daily scale, confirmed by relatively higher volume. As the stock is trading at an all-time high, all the moving averages and momentum-based indicators suggest strong bullish momentum.

The daily RSI is in bullish territory and rising. The daily MACD remains bullish, quoting above the zero line and the signal line, while the MACD histogram indicates a pickup in upside momentum. Hence, we recommend accumulating the stock in the zone of Rs 12,450-12,400 levels.

Strategy: Buy

Target: Rs 13,300

Stop-Loss: Rs 12,000

Rupak De, Senior Technical Analyst at LKP Securities

FSN E-Commerce Ventures | CMP: Rs 211.59

Nykaa has been in a steady uptrend since forming a low near Rs 155 in March. Recently, it broke above a consolidation range, indicating rising optimism. The RSI shows a bullish crossover and is trending higher. Furthermore, a golden crossover on the daily timeframe reinforces the bullish view.

Strategy: Buy

Target: Rs 230

Stop-Loss: Rs 204

GMR Airports | CMP: Rs 88.4

GMR Airports has moved above a previous resistance line on the daily chart, indicating renewed buying interest. The RSI is in a positive crossover, suggesting strengthening momentum. Additionally, price action above the 50-day simple moving average confirms a bullish trend.

Strategy: Buy

Target: Rs 91.50, Rs 94

Stop-Loss: Rs 85.40

Gujarat Gas | CMP: Rs 499.4

Gujarat Gas has broken above a previous swing high on the daily chart, indicating growing buying interest. The RSI is in a positive crossover, reflecting improving bullish momentum. Moreover, the price is trading above the 200-day simple moving average, suggesting a bullish long-term bias.

Strategy: Buy

Target: Rs 540

Stop-Loss: Rs 479

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