Trade Spotlight: How should you trade TCS, NALCO, Stove Kraft, UPL, IndiaMART InterMESH, SBI Life Insurance, and others on October 29?

After declining from higher levels, TCS rebounded from its support zone and witnessed a gradual recovery from the lower levels. Additionally, on the weekly charts, the stock has given a breakout from its sloping channel formation. The upward movement in the stock suggests a new leg of a bullish trend from the current levels. For the next few trading sessions, Rs 2,980 could be the trend-decider level for the bulls. If it sustains above the same, we can expect a further uptrend towards Rs 3,210.

Strategy: Buy

Target: Rs 3,210

Stop-Loss: Rs 2,980

National Aluminium Company | CMP: Rs 236.76

On the daily and weekly charts, National Aluminium Company (NALCO) is forming a rising channel pattern with a higher-high and higher-low series. The stock has witnessed a steady recovery from trendline support levels. Additionally, the technical indicator RSI is also indicating a further uptrend from current levels, which could boost bullish momentum in the near future. For positional traders, Rs 227 would be the decisive level. Trading above this level, the uptrend formation is likely to continue towards Rs 255. However, if it closes below Rs 227, traders may prefer to exit long positions.

Strategy: Buy

Target: Rs 255

Stop-Loss: Rs 227

Jubilant Foodworks | CMP: Rs 600.75

On the weekly timeframe, Jubilant FoodWorks has been in a downtrend. Therefore, it is currently in an oversold territory and trading near its demand area. The texture of the chart and the technical indicator RSI suggest that the stock is likely to rebound for a new leg of an upmove from its demand zone. For traders, Rs 580 would be the key support level to watch. Staying above this level, the uptrend structure could continue towards Rs 645.

Strategy: Buy

Target: Rs 645

Stop-Loss: Rs 580

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

Stove Kraft | CMP: Rs 747

On the daily chart, Stove Kraft has consistently managed to protect its prior day’s low on a closing basis since October 13, which keeps the daily bias on the side of the bulls. In addition, prices have finally managed to close above the upper Bollinger Band in the previous session, highlighting strength in the ongoing trend.

Moreover, the KST (Know Sure Thing) indicator has recently turned above the signal line (red) and is already trading above the zero line, which indicates that bullish momentum is likely to continue in the asset. For now, one can use dips towards Rs 730–740 levels as a buying opportunity.

Strategy: Buy

Target: Rs 770, Rs 790

Stop-Loss: Rs 710

UPL | CMP: Rs 702.6

On the daily chart, UPL has been moving up in the form of higher highs and higher lows, which keeps the daily bias positive as per the Dow Theory. In the previous session, prices finally managed to break above the consolidated range of Rs 666 to Rs 690 levels with a gain of more than 3 percent, highlighting that bulls are getting active in the stock.

For now, follow-up buying is a must for the trending move to continue. The RSI is also trading at a comfortable level of 61, leaving room for prices to trend further. A break above Rs 710 can lead to a trending move towards Rs 740, followed by Rs 765 levels.

Strategy: Buy

Target: Rs 740, Rs 765

Stop-Loss: Rs 680

IndiaMART InterMESH | CMP: Rs 2,480.4

On the daily chart, IndiaMART InterMESH was forming a Double Bottom pattern. In the previous session, prices closed above the neckline near Rs 2,466 levels with a surge in volumes, confirming a breakout of the said pattern. Prices have also closed above the 50-day Exponential Moving Average (EMA) for the first time since September 2025, which is a bullish sign.

Additionally, the ADX shows a reading of 30, which is above the 25 level, suggesting positive momentum is likely to continue in the stock. One can use dips towards the neckline at Rs 2,466–2,470 as a buying opportunity.

Strategy: Buy

Target: Rs 2,600, Rs 2,650

Stop-Loss: Rs 2,380

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

SBI Life Insurance Company | CMP: Rs 1936.8

As per the weekly chart, SBI Life has witnessed a decisive breakout of a multi-month range around Rs 1,890 recently and is currently trading higher. The present chart pattern could be considered a significant reversal in the trend on the upside.

Volume has started to expand during the upside breakout, and the weekly 14-period RSI has turned above 60, indicating strengthening upside momentum in the stock price.

Strategy: Buy

Target: Rs 2,145

Stop-Loss: Rs 1,855

MRPL | CMP: Rs 152.9

On the weekly timeframe, the oil refinery stock Mangalore Refinery and Petrochemicals (MRPL) has shown high volatility near the hurdle of Rs 155 levels. The repeated testing of this resistance over the past few weeks signals a possible upside breakout. The stock price is currently placed at the edge of breaking above the symmetrical triangle pattern at Rs 155. The weekly 14-period RSI is moving above 60, indicating that upside momentum is picking up.

Strategy: Buy

Target: Rs 168

Stop-Loss: Rs 145

Graphite India | CMP: Rs 590.3

After showing a rangebound action in the last few weeks, Graphite India has witnessed a sustainable breakout so far this week. The stock price is placed at the edge of a decisive breakout above the crucial hurdle of previous swing highs around Rs 590 levels. The formation of higher bottoms on the weekly chart, along with a positive volume pattern and weekly RSI, indicates a constructive outlook for the stock price ahead.

Strategy: Buy

Target: Rs 650

Stop-Loss: Rs 560

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.