Trade Spotlight: How should you trade Abbott India, NALCO, ITC, Vishnu Chemicals, Power Grid, and others on Tuesday?

About this update from Abbott India Limited

The benchmark indices sharply nosedived on November 4, with the Nifty 50 declining by 1.3 percent. The market breadth favoured bears, with 2,006 shares declining against 581 advancing shares on the NSE. The bearish sentiment is expected to continue, as the market traded well below all key moving averages (10-20-50-100 EMAs). Below are some trading ideas for the near term:Pravesh Gour, Senior Technical Analyst at Swastika InvestmartAbbott India | CMP: Rs 29,460Abbott India is in a classical uptrend and has witnessed a breakout of a triangle formation to resume its upward trajectory. The breakout coincides with rising volume, and it has managed to sustain above the breakout level despite weakness in the broader market.The stock is trading above its all-important moving averages, with a positive bias in momentum indicators. On the upside, Rs 30,500 will act as a resistance level, and above this, Rs 32,000 will be the next hurdle. On the downside, the Rs 27,500 level will act as a strong support level. It is respecting its 200-DMA beautifully, which is a classic sign of trend strength.Strategy: BuyTarget: Rs 32,000Stop-Loss: Rs 27,500Gufic Biosciences | CMP: Rs 465.5Gufic Biosciences has witnessed a breakout of a triangle formation on the daily chart with significant volume. It is trading in a new blue sky zone, and its structure is very impressive, as it is trading above all its important moving averages. The momentum indicator RSI (Relative Strength Index) is positively poised, while MACD (Moving Average Convergence and Divergence) is witnessing a centerline crossover on the upside. On the higher side, Rs 480 is acting as an important psychological level; above this, we can expect the level of Rs 500+ in the near-short term, while on the lower side, Rs 420 will act as a major support during any correction.Strategy: BuyTarget: Rs 530Stop-Loss: Rs 420Vishnu Chemicals | CMP: Rs 540.5Vishnu Chemicals is in a strong uptrend, with a breakout from long consolidation and strong volume. The overall structure of the counter is very lucrative, as it is trading above all of its important moving averages. On the higher time frame, there is a breakout of a bullish flag formation, suggesting much more potential upside in this counter. It has retested its previous breakout level of Rs 480 after hitting a fresh all-time high. The momentum indicator RSI is positively poised,...

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