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Trade Spotlight: How should you trade HDFC AMC, Finolex Industries, Orient Cement, CESC, ITD Cementation and others on Thursday?
Trade Spotlight: How should you trade HDFC AMC, Finolex Industries, Orient Cement, CESC, ITD Cementation and others on Thursday?
About this update from Cesc Ltd
The benchmark indices closed another rangebound session on a negative note, with the Nifty 50 falling again by 0.3 percent on October 16. About 1,259 shares advanced, while 1,250 shares declined on the NSE. The consolidation in the market is expected to continue, with a focus on stock-specific action amid the earnings season. Below are some trading ideas for the near term:Vidnyan S Sawant, Head of Research at GEPL CapitalCESC | CMP: Rs 193.3CESC has demonstrated a robust price structure on higher timeframes, showing strong relative strength amid market volatility. On the weekly scale, the stock broke out of a rising trendline in December 2023 and has maintained an upward trend since then. The breakout was accompanied by notable volume accumulation, indicating that the price action is well-supported by volume. Since May 2023, the stock has consistently stayed above the 26-week EMA (Exponential Moving Average), reflecting a healthy and sustained trend. The RSI (Relative Strength Index) momentum indicator stands at 62, reinforcing the bullish outlook. Looking ahead, the stock shows potential for an upside target of Rs 226, with a recommended stop-loss at Rs 177 on a closing basis for effective risk management.Strategy: BuyTarget: Rs 226Stop-Loss: Rs 177Hindustan Petroleum Corporation | CMP: Rs 434.65Hindustan Petroleum Corporation has gained momentum and displayed consistent price growth following the breakout from a Cup and Handle pattern. On the weekly scale, the stock experienced a change in polarity at the February 2024 swing high, reinforcing a robust price structure and suggesting further upside potential. Since the breakout, Hindustan Petroleum has consistently maintained its position above both the 12-week and 26-week EMAs, signaling strong trend support. The RSI stands at 64, indicating that the positive price action is backed by bullish momentum. Looking ahead, the stock has an upside target of Rs 502, with a recommended stop-loss at Rs 398 on a closing basis to manage risk effectively.Strategy: BuyTarget: Rs 502Stop-Loss: Rs 398HDFC Asset Management Company | CMP: Rs 4,828HDFC AMC has shown strong resilience since March 2023, consistently forming higher highs and higher lows. Despite challenging market conditions, the stock has remained stable within a well-defined range, showcasing its strength and relative outperformance. Trading volume has also...