Trade Spotlight: How should you trade Blue Star, Sun Pharma, BSE, Gujarat Pipavav Port, Aurobindo, and others on Wednesday?

About this update from Gujarat Pipavav Port Limited

The market nosedived nearly a percent on August 13, with selling pressure in most key sectors and negative breadth. About 1,785 shares declined against 590 advancing shares on the NSE. Experts suggest that the Nifty 50 is likely to find support at 24,100, and below this, the 24,000-23,900 zone will be crucial to watch. However, resistance is expected at 24,300 on the higher side. Here are some trading ideas for the near term:Ashish Kyal, CMT, Founder and CEO at Waves Strategy AdvisorsAurobindo Pharma | CMP: Rs 1,505.8In the previous session, Aurobindo Pharma closed 3 percent higher during the day, reaching a lifetime high of Rs 1,533.2. On the daily chart, prices have just closed above the upward sloping channel. Follow-up buying is needed for confirmation. The stock has been trading near the upper range of the Bollinger Band since July 5, indicating strength and affirming a bullish stance. The ADX (Average Directional Index) reading is around 40, suggesting a trending market, as readings above 25 indicate strong directional strength. In short, the trend for Aurobindo is bullish. One can adopt a buy-on-dips approach with a target of Rs 1,580 followed by Rs 1,630, as long as Rs 1,440 remains protected on the downside.Strategy: BuyTarget: Rs 1,580, Rs 1,630Stop-Loss: Rs 1,440Gujarat Pipavav Port | CMP: Rs 237.93In the previous session, Gujarat Pipavav Port rose by 3.43 percent and saw a sudden surge in trading volume. The stock was in consolidation for the past month and is now trading near its resistance level at Rs 242. Follow-up buying above Rs 242 is required to confirm the positive trend in the stock. Prices are trading at the upper band of the Bollinger Band, and a close above Rs 242 will also confirm a positive breakout. Projecting the width of the consolidation pattern on the upside gives a target of Rs 268 or higher. In summary, Gujarat Pipavav is at an important juncture. A break above Rs 242 will take prices to Rs 268, as long as Rs 225 holds on the downside.Strategy: BuyTarget: Rs 268Stop-Loss: Rs 225Goldiam International | CMP: Rs 240Goldiam has been moving higher recently and is in a strong uptrend. In the previous session, it closed with a massive gain of 19.47 percent. On the daily chart, prices formed a bullish candle and closed above the Rs 217 level, confirming a breakout of the rounding bottom pattern. The ADX indicator, which indicates ...

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