Trade Spotlight: How should you trade Wipro, Granules, Bharti Airtel, Cipla, IEX, and others on Thursday?

Cipla has broken out of a sideways consolidation on the upside. The breakout has been accompanied by above-average volume, suggesting that the rally is likely to continue. The daily momentum indicator has triggered a positive crossover, which suggests that momentum is also supporting the bullish bias. We expect the stock to target levels of Rs 1,697 in the short term. A stop-loss of Rs 1,570 should be maintained for long positions.

Strategy: Buy

Target: Rs 1,697

Stop-Loss: Rs 1,570

Indian Energy Exchange | CMP: Rs 203.51

IEX has retraced 38.2 percent of the previous rise and has started the next leg of its upmove. The daily Bollinger Bands have begun to expand, indicating an expansion of the trading range. With prices moving along the upper band, it suggests that the positive momentum is likely to continue. We expect the stock to target levels of Rs 225–232 in the short term.

Strategy: Buy

Target: Rs 225, Rs 232

Stop-Loss: Rs 196

Vidnyan S Sawant, Head of Research at GEPL Capital

Bharti Airtel | CMP: Rs 1,556.35

Since breaking out in 2020 from a 14-year underperformance zone, Bharti Airtel has consistently formed higher tops and higher bottoms. The stock is currently trading at an all-time high, signaling a robust bullish price structure. This week, the stock also broke through the 61.8 percent extension level, coinciding with the monthly pivot R1 (resistance) level, indicating readiness for an upward trajectory. The MACD (Moving Average Convergence Divergence) study is in buy mode on the daily chart, further reinforcing the bullish momentum. Looking ahead, the stock has potential upside with a target of Rs 1,818, while a stop-loss at Rs 1,430 on a closing basis is recommended for effective risk management.
Strategy: Buy

Target: Rs 1,818

Stop-Loss: Rs 1,430

Lupin | CMP: Rs 2,200.75

Lupin has achieved a multi-year breakout above its 2015 swing high. The stock has been in an upward trend since April 2023, consistently holding above its 12-week and 26-week moving averages. In June 2024, it experienced a bullish mean reversion from the 26-week EMA (Exponential Moving Average), after which it continued to climb with strong momentum. The MACD study reveals a higher bottom pattern, indicating that momentum is gaining acceleration. Looking ahead, there is potential upside for the stock with a target of Rs 2,638. To manage risks effectively, it's advisable to set a stop-loss at Rs 2,023 on a closing basis.

Strategy: Buy

Target: Rs 2,638

Stop-Loss: Rs 2,023

Mphasis | CMP: Rs 3,089.5

On the weekly scale, Mphasis has shown strong momentum following a breakout from a larger base in July 2024. In recent weeks, the stock has retested the neckline of the chart pattern and continued to move higher. Price stability above Rs 3,100 could further accelerate the momentum. On the daily chart, the stock is holding well above its monthly pivot level. It also remains above the 12-week and 26-week EMAs, with the RSI (Relative Strength Index) above 60 across various timeframes, indicating sustained bullish momentum. Looking ahead, the stock appears poised for further gains, with a target set at Rs 3,690. To manage risks effectively, it's recommended to implement a stop-loss at Rs 2,829 on a closing basis.

Strategy: Buy

Target: Rs 3,690

Stop-Loss: Rs 2,829

Granules India | CMP: Rs 706.45

Granules has demonstrated robust price growth, consistently making higher highs and higher lows since 2023, signaling a persistent bullish trend. The stock has consistently found support at the 12-week and 26-week EMAs during minor pullbacks, reinforcing its upward trajectory. Moreover, the RSI staying above 60 across different timeframes indicates strong bullish momentum backing the trend. Looking forward, the stock has potential for further upside with a target of Rs 865, while a stop-loss at Rs 650 on a closing basis is recommended for effective risk management.

Strategy: Buy

Target: Rs 865

Stop-Loss: Rs 650

Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities

Dalmia Bharat Sugar and Industries | CMP: Rs 445.60

Over the last two months, Dalmia Bharat Sugar has been trading in a bearish channel, forming a lower high and lower bottom pattern on the daily timeframe. However, the stock managed to find support around Rs 380 levels and has risen sharply since then. A fresh breakout has been observed above the falling trendline of the bearish channel, supported by rising volumes. Therefore, one can buy, hold, or accumulate the stock for an expected upside to Rs 525, with downside support in the Rs 440-435 zone.

Strategy: Buy

Target: Rs 520, Rs 525

Stop-Loss: Rs 400

Wipro | CMP: Rs 534.6

After making a 52-week high of Rs 579.90 in July 2024, Wipro experienced a heavy sell-off, with prices slipping towards Rs 480 levels to take support at its 200-day EMA on the daily charts. In the past few weeks, the stock has shown a steady recovery, reclaiming momentum above Rs 530. Technically, the stock has given a breakout above the Inverted Head & Shoulders pattern. Therefore, one can buy, hold, or accumulate the stock for an expected upside to Rs 610, with downside support in the Rs 530-525 zone.

Strategy: Buy

Target: Rs 605, Rs 610

Stop-Loss: Rs 490

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