Trade Spotlight: How should you trade Ashok Leyland, NMDC, Exide Industries, Eternal, Tega Industries, and others on September 08?

About this update from Dixon Technologies (india) Ltd.

The benchmark indices saw another rangebound and volatile session, closing moderately higher on September 5, with the market breadth slightly in favour of the bulls. About 1,411 shares advanced compared to 1,365 declining shares on the NSE. The market is expected to see consolidation until it sees a breakout over the previous week's high. Below are some short-term trading ideas to consider:Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis SecuritiesTega Industries | CMP: Rs 2,064.2On the daily and weekly charts, Tega Industries is trending higher, forming a series of higher tops and bottoms, indicating a sustained uptrend. On the weekly chart, the stock has confirmed a "multiple resistance zone" breakout at Rs 1,990 levels on a closing basis, which shows a resumption of the prior uptrend. This breakout is accompanied by huge volumes, indicating increased participation.The daily, weekly, and monthly strength indicator RSI indicates rising strength. The stock is well placed above its 20, 50, 100, and 200-day SMAs, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, further confirming a bullish trend. The daily Bollinger Bands buy signal indicates increased momentum.Strategy: BuyTarget: Rs 2,380, Rs 2,460Stop-Loss: Rs 1,980Eternal | CMP: Rs 329.15Eternal is in a strong uptrend, forming a series of higher tops and bottoms, representing a strong uptrend. It has also registered an all-time high at Rs 334, which reconfirms bullish sentiments. The stock is well placed above its 20, 50, 100, and 200-day SMAs, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, further confirming a bullish trend. The daily, weekly, and monthly strength indicator RSI indicates rising strength.Strategy: BuyTarget: Rs 346, Rs 360Stop-Loss: Rs 320Exide Industries | CMP: Rs 412.75On the weekly chart, Exide Industries has confirmed a trend reversal around Rs 410 levels, forming higher tops and bottoms. This shows a positive bias on the short- and medium-term charts. The stock is well placed above its "multiple resistance" zone of Rs 400 levels on a weekly closing basis. This breakout is accompanied by high volumes, which shows increased participation.The stock is well placed above its 20, 50, 100, and 200-day SMAs, which reconfirms a bullish trend, and these a...

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