Trade Spotlight: How should you trade Siemens, Century Textiles, Brigade Enterprises, Coromandel, Chambal Fertilisers and others on Thursday?

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Bears continued their control over Dalal Street, with the Nifty 50 declining by 14 points on October 1, marking the third consecutive session of a downtrend despite positive breadth. Around 1,476 shares advanced, while 1,020 shares declined on the NSE. Given the prevailing negative sentiment, the trend is expected to favour bears in the upcoming sessions. Below are some trading ideas for the near term:

Om Mehra, Technical Analyst, SAMCO Securities

PI Industries | CMP: Rs 4,731

PI Industries is forming higher highs and higher lows on the daily chart, indicating a sustained uptrend. The stock is positioned well above its short-term 20-day moving average (DMA). The previous resistance of Rs 4,600 has now turned into support. The daily RSI (Relative Strength Index) stands at 65. Moreover, a noticeable increase in volume accompanies the stock's upward movement, further confirming the bullish outlook. Based on the technical structure, one can initiate a long position at CMP Rs 4,731.

Strategy: Buy

Target: Rs 5,100

Stop-Loss: Rs 4,520

Coromandel International | CMP: Rs 1,728

Coromandel International is also forming higher highs and higher lows, indicating a sustained uptrend. It is trading comfortably above the middle Bollinger Band. The RSI is holding at 58 and steadily rising. A Bullish Flag pattern appears on the daily chart, suggesting continued upward momentum. Hence, based on the technical structure, one can initiate a long position at CMP Rs 1,728.

Strategy: Buy

Target: Rs 1,880

Stop-Loss: Rs 1,650

Tata Communications | CMP: Rs 2159

Tata Communications has given a breakout from a bullish 'saucer' pattern, with the trend remaining positive. The stock remains above its 20 DMA, and the daily RSI hovers near 70, indicating strong upside momentum. Minor resistance is observed around Rs 2,175, and if this level is surpassed, the rally may continue. However, the Rs 2,100 range would be an ideal accumulation zone. Therefore, based on the technical structure, one can initiate a long position at CMP Rs 2,159.

Strategy: Buy

Target: Rs 2,350

Stop-Loss: Rs 2,075

Riyank Arora, Technical Analyst at Mehta Equities

Chambal Fertilisers and Chemicals | CMP: Rs 547.5

Chambal Fertilisers has broken above its key resistance level of Rs 542.70 after a period of consolidation, signaling strong bullish sentiment. The breakout is accompanied by a sharp increase in trading volume, often signaling increased investor interest and potential for further upside. The stock’s RSI (63) reflects strong momentum, adding confidence to the positive trend. A move towards Rs 570 and Rs 574 levels seems likely, with a strict stop-loss at Rs 538 recommended.

Strategy: Buy

Target: Rs 570, Rs 574

Stop-Loss: Rs 538

Granules India | CMP: Rs 579

Granules India has broken out of key trendline resistance at Rs 573.30, supported by a notable volume increase, often preceding significant price movements. The stock’s RSI, currently at 45, is showing signs of an upward surge, indicating growing buying momentum. This breakout suggests a continuation of the uptrend, with a target of Rs 625 in the short term. Traders should implement a stop-loss at Rs 550 to mitigate potential risks and ensure downside protection.

Strategy: Buy

Target: Rs 625

Stop-Loss: Rs 550

GNFC | CMP: Rs 699.5

Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) experienced a trendline breakout above Rs 687, signaling a shift from consolidation to an upward trend. A strong volume surge followed the breakout, confirming the strength of the move and increasing the probability of further upside. The RSI at 65 shows positive momentum, supporting continued buying. With a target of Rs 750, traders should maintain a strict stop-loss at Rs 680 to protect against any price reversal.

Strategy: Buy

Target: Rs 750

Stop-Loss: Rs 680

Ashish Kyal, CMT, Author and Founder of Waves Strategy Advisors

Century Textiles and Industries | CMP: Rs 2,891

Century Textiles has bounced off the mid-band of the Bollinger Bands and is now moving towards the upper Bollinger Band near Rs 3,050. Additionally, the KST (Know Sure Thing) indicator is above 0 and continues to trade above the signal line, indicating that bullish momentum is likely to persist. The stock is trading close to the previous swing high near Rs 2,940. A decisive breakout of this level is needed for the bullish momentum to continue. In summary, Century Textiles is in a bullish trend. A breach above Rs 2,940 can lift the price towards Rs 3,050, followed by Rs 3,200, as long as Rs 2,810 remains protected on the downside.

Strategy: Buy

Target: Rs 3,050, Rs 3,200

Stop-Loss: Rs 2,810

Brigade Enterprises | CMP: Rs 1,431

Brigade Enterprises has formed a rounding bottom pattern. A daily close above Rs 1,450 will confirm the breakout of this pattern. On the daily chart, ADX (Average Directional Index) suggests that strong momentum may continue, with a reading of 42.97, well above 25. Since September 25, no candle has closed below the previous day's low, indicating strength in the ongoing trend. In summary, Brigade Enterprises is bullish. A break above Rs 1,440 can lift prices to Rs 1,500-1,520, as long as Rs 1,360 holds on the downside.

Strategy: Buy

Target: Rs 1,500, Rs 1,520

Stop-Loss: Rs 1,360

Uttam Sugar Mills | CMP: Rs 391

Uttam Sugar Mills recently gave a breakout from a rounding bottom formation, with a 5.31 percent gain in one trading session accompanied by rising volumes. Follow-up buying could lead to a fresh rally. Currently, prices have closed above the Upper Bollinger Band, indicating increasing strength in the underlying trend. Additionally, the KST indicator is trading above the zero line and recently gave a crossover, suggesting that positive momentum will continue. The current trend for Uttam Sugar is positive. Use dips towards Rs 375-380 as a buying opportunity, with targets of Rs 420-430 as long as Rs 370 holds on the downside.

Strategy: Buy

Target: Rs 420, Rs 430

Stop-Loss: Rs 370

Vidnyan S Sawant, Head of Research at GEPL Capital

Deepak Fertilisers And Petrochemicals Corporation | CMP: Rs 1,110

Deepak Fertilisers has shown impressive long-term performance since 2020, consistently maintaining higher highs and lows. After a period of base formation, the stock has recently shown bullish polarity at the 2022 swing high, indicating a continuation of its upward trajectory. On the daily chart, the stock has broken out of a Narrow Range 4 (NR4) pattern, signaling potential range expansion. The MACD (Moving Average Convergence Divergence) momentum study is trending higher, indicating strong momentum. The stock has potential for an upside target of Rs 1,295, with a stop-loss at Rs 1,018 on a closing basis to manage risk.

Strategy: Buy

Target: Rs 1,295

Stop-Loss: Rs 1,018

Balrampur Chini Mills | CMP: Rs 680.55

Balrampur Chini Mills witnessed a breakout from its consolidation zone in August 2024, following a prolonged range since 2022. Since this breakout, the stock has continued to form higher lows, confirming a bullish price structure. On the daily chart, notable volume accumulation has been observed, with volumes surpassing the 10-day average. The MACD is trending higher, reinforcing bullish momentum. Looking ahead, the stock shows potential for an upside target of Rs 825, with a recommended stop-loss at Rs 630 on a closing basis to manage risk.

Strategy: Buy

Target: Rs 825

Stop-Loss: Rs 630

Siemens | CMP: Rs 7,512

Siemens has exhibited a robust price structure on higher timeframes, consistently maintaining its upward trend. Recently, the stock saw a bullish mean reversion from the 26-week EMA (Exponential Moving Average), continuing its pattern of higher highs. On the daily chart, it broke out from its August 2024 swing high, forming a strong bullish pattern. The RSI momentum study shows a bullish crossover, confirming that the positive price action is supported by strong momentum. The stock has potential for an upside target of Rs 8,762, with a recommended stop-loss at Rs 6,885 on a closing basis.

Strategy: Buy

Target: Rs 8,762

Stop-Loss: Rs 6,885

Geojit Financial Services | CMP: Rs 167

Geojit Financial Services recently broke out above its 2017 swing high, accompanied by a volume surge, which has fueled strong momentum. On the daily chart, the stock witnessed a breakout from a Flag pattern with a strong bullish candlestick. The MACD remains in buy mode, while the 12-week and 26-week EMAs are trending higher, reinforcing the positive outlook. Looking ahead, there is potential for further upside with a target of Rs 204. To manage risk effectively, a stop-loss at Rs 150 on a closing basis is advised.

Strategy: Buy

Target: Rs 204

Stop-Loss: Rs 150

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.