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Trade Spotlight: How should you trade HDFC Life, CESC, Siemens, Firstsource, KPR Mill and others on Wednesday?
Trade Spotlight: How should you trade HDFC Life, CESC, Siemens, Firstsource, KPR Mill and others on Wednesday?
About this update from Cesc Ltd
Bulls faced a tough battle at record-high levels due to bear pressure, which dragged the Nifty 50 below the 26,000 mark on a closing basis. The index ended with just a 1.4-point gain on September 24. Market breadth was negative, with 1,309 shares declining against 1,168 shares advancing on the NSE. The index is likely to remain rangebound, though the overall trend remains positive. Below are some trading ideas for the near term:Ashish Kyal, CMT, Founder and CEO of Waves Strategy AdvisorsKPR Mill | CMP: Rs 1,009In the previous session, KPR Mill saw a sharp rally of 7.9 percent, reaching a lifetime high of Rs 1,018. The stock has given a breakout from its channel, and prices have also broken above the upper end of the Keltner channel, indicating good momentum. Additionally, the Know Sure Thing (KST) indicator has crossed above its signal line and is now above 0, suggesting increasing momentum in the stock. In summary, the trend for KPR Mill is bullish. Use dips as a buying opportunity with a target of Rs 1,090, as long as Rs 965 holds on the downside.Strategy: BuyTarget: Rs 1,090Stop-Loss: Rs 965Firstsource Solutions | CMP: Rs 333.5On the daily chart, Firstsource Solutions has been following the trendline efficiently, repeatedly bouncing upward from it. In the previous session, Firstsource Solutions had a gap-up opening and gained 6 percent, with a spike in volume indicating fresh buying. Currently, prices have closed above the upper Bollinger Band, indicating buying pressure. The Relative Strength Index (RSI) is at 63, leaving room for further upward movement. In summary, the trend for Firstsource Solutions is bullish. A breach above Rs 344 could push the price higher towards Rs 365-370, as long as Rs 330 remains protected on the downside.Strategy: BuyTarget: Rs 365, Rs 370Stop-Loss: Rs 330Kajaria Ceramics | CMP: Rs 1,548Kajaria Ceramics rallied 2.5 percent in the previous session. The stock has formed a rounding bottom pattern, and the price has closed above Rs 1,545, confirming the breakout. The Average Directional Index (ADX) suggests strong momentum, with a reading of 36.11, which is above 25. For now, a buy-on-dips approach is recommended to ride the trend. In summary, the trend for Kajaria Ceramics is bullish. Use dips towards Rs 1,525-1,540 as a buying opportunity for a move towards Rs 1,680-1,700, as long as Rs 1,460 holds on the downside.Strategy:...