Trade Spotlight: How should you trade Nykaa, Tata Motors, Quess Corp, MCX, Syngene, and others on Friday?

Stock Ideas

The benchmark indices closed flat after a smart recovery from the day's low and formed a bullish candlestick pattern on the daily charts, signaling hope for a further bounce amid consolidation. About 1,213 shares declined against 1,138 advancing shares on the NSE. If the index continues to hold 24,400, then 24,500-25,600 can't be ruled out in the coming sessions, but failure can drag it down towards 24,200, the immediate support. Here are some trading ideas for the near term:

Amol Athawale, VP-Technical Research at Kotak Securities

Reliance Industries | CMP: Rs 2,984.8

After the remarkable up move in recent weeks, Reliance Industries witnessed profit booking at higher levels. Post the recent selloff in the counter, the downward momentum had stopped. On daily charts, the counter has found support near its important retracement zone. The formation suggests a revival of the uptrend from the current levels in the coming horizon.

Strategy: Buy

Target: Rs 3,180

Stop-Loss: Rs 2,870

Berger Paints | CMP: Rs 530.3

On the weekly charts, Berger Paints is in a rising channel chart formation with a higher low series pattern. Additionally, the stock has formed an Inverse Head and Shoulders chart pattern on the daily scale and is trading near the neckline resistance zone. The texture of the stock indicates a likely breakout move and fresh leg of upward momentum from the current levels in the near term.

Strategy: Buy

Target: Rs 570

Stop-Loss: Rs 510

FSN E-Commerce Ventures (Nykaa) | CMP: Rs 181.88

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

Strategy: Buy

Target: Rs 195

Stop-Loss: Rs 175

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

Sun Pharmaceutical Industries | CMP: Rs 1,665.8

Sun Pharma has retested a breakout on the daily chart and inched higher. The stock is holding gains at higher zones as every small decline is being bought into. Buying is visible across the pharma space which may support the ongoing up move.

Strategy: Buy

Target: Rs 1,770

Stop-Loss: Rs 1,620

Tata Motors | CMP: Rs 1,091

Tata Motors has given a consolidation breakout of the past 20 weeks and a range breakout on the daily scale. The breakout is supported by a surge in delivery and trading volumes, which may take prices higher.

Strategy: Buy

Target: Rs 1,170

Stop-Loss: Rs 1,050

Petronet LNG | CMP: Rs 365.35

Petronet has given a channel breakout on the daily scale with noticeable volumes. It is perfectly respecting the 20 DEMA (Days Exponential Moving Average), and momentum indicator RSI (Relative Strength Index) is positively placed which may take prices higher.

Strategy: Buy

Target: Rs 385

Stop-Loss: Rs 355

Mandar Bhojane, Equity Research Analyst at Choice Broking

Quess Corp | CMP: Rs 712.2

Quess Corp is ready for a breakout of the Cup and Handle pattern on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above Rs 715 level, it may have the potential to reach short-term targets of Rs 990 & Rs 1,000. On the other hand, immediate support levels are located at Rs 600. These levels can be considered opportunities to buy on dips. The RSI currently stands at 69.92 and is trending upward, indicating increasing buying momentum.

Strategy: buy

Target: Rs 990, Rs 1,000

Stop-Loss: Rs 560

Multi Commodity Exchange of India | CMP: Rs 4183.8

MCX has recently seen a breakout of range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 4,190 level, it may have the potential to reach short-term targets of Rs 5,000 & Rs 5,400. On the other hand, the immediate support levels are located at Rs 3,800. These levels can be considered opportunities to buy on dips. The RSI currently stands at 62 and is trending upward, indicating increasing buying momentum.

Strategy: Buy

Target: Rs 5,000, Rs 5,400

Stop-Loss: Rs 3,600

Indian Oil Corporation | CMP: Rs 176.85

IOC is ready for a breakout of the ascending triangle on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 178 level, it may have the potential to reach short-term targets of Rs 195 & Rs 200. On the other hand, immediate support levels are located at Rs 164. These levels can be considered opportunities to buy on dips. The RSI currently stands at 61.35 and is trending upward, indicating increasing buying momentum.

Strategy: Buy

Target: Rs 195, Rs 200

Stop-Loss: Rs 160

Mitesh Karwa, Research Analyst at Bonanza Portfolio

Syngene International | CMP: Rs 786.8

On the weekly time frame, Syngene International has given a breakout of a bullish pattern and made a big body bullish candlestick indicating bullish strength. On the indicator front, the stock is sustaining comfortably above all its important EMAs and Ichimoku cloud support indicates strength on the upside. The momentum indicator RSI is above 50 levels which is showing strong buying interest in the script.

Strategy: Buy

Target: Rs 867

Stop-Loss: Rs 763

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.

Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.