Trade Spotlight: Strategies for Trading ICICI Bank, Zomato, Sun Pharma, Firstsource, Lupin, and Others on Thursday

Historical Context:

The Indian stock market has seen significant growth and volatility over the years, influenced by various economic reforms, global market trends, and domestic policies. The Nifty 50, a benchmark index of the National Stock Exchange of India, has been a key indicator of market performance. Understanding the historical context of these stocks and the market can provide valuable insights for students preparing for competitive exams, especially those focusing on finance and economics.

Market Overview:

On July 4, the market closed with moderate gains, achieving a new high on a closing basis. The Nifty 50 reached an all-time high of 24,401. The market saw 1,276 shares advancing and 1,073 shares declining on the NSE. A decisive close above 24,400 is crucial for a continued uptrend, while a break below 24,200 could strengthen the bears.

Trading Ideas for the Near Term:

1. Lupin (CMP: Rs 1,759)

   • Strategy: Buy
   • Target: Rs 1,900, Rs 2,000
   • Stop-Loss: Rs 1,550
   • Analysis: Lupin has shown a breakout on the daily chart with increased trading volume. A close above Rs 1,770 could lead to short-term targets of Rs 1,900 and Rs 2,000. Immediate support is at Rs 1,600.

2. Advanced Enzyme Technologies (CMP: Rs 398.7)

   • Strategy: Buy
   • Target: Rs 500, Rs 580
   • Stop-Loss: Rs 340
   • Analysis: The stock has formed a Cup and Handle pattern with increased volume. A close above Rs 405 could lead to targets of Rs 500 and Rs 580. Immediate support is at Rs 360.

3. RITES (CMP: Rs 747.7)

   • Strategy: Buy
   • Target: Rs 900, Rs 987
   • Stop-Loss: Rs 650
   • Analysis: RITES has broken out of a symmetrical triangle with increased volume. A close above Rs 750 could lead to targets of Rs 900 and Rs 987. Immediate support is at Rs 680.

4. ICICI Bank (CMP: Rs 1,233)

   • Strategy: Buy
   • Target: Rs 1,310
   • Stop-Loss: Rs 1,195
   • Analysis: ICICI Bank is forming a higher top-higher bottom pattern and has broken out of a six-day consolidation. It is set for a rally towards Rs 1,310.

5. Granules India (CMP: Rs 514)

   • Strategy: Buy
   • Target: Rs 545
   • Stop-Loss: Rs 500
   • Analysis: Granules has retested the Rs 485 breakout zone and is showing buying interest in the pharma sector.

6. Sun Pharmaceutical Industries (CMP: Rs 1,558)

   • Strategy: Buy
   • Target: Rs 1,640
   • Stop-Loss: Rs 1,510
   • Analysis: Sun Pharma has broken out of a 50-session consolidation and is holding above the 50 DEMA.

7. Fortis Healthcare (CMP: Rs 468)

   • Strategy: Buy
   • Target: Rs 500, Rs 510
   • Stop-Loss: Rs 454
   • Analysis: Fortis has faced selling pressure but has bounced back from the 50-day SMA, indicating a potential uptrend.

8. Zomato (CMP: Rs 207)

   • Strategy: Buy
   • Target: Rs 220, Rs 225
   • Stop-Loss: Rs 200
   • Analysis: Zomato is in a strong uptrend with positive consolidation near a breakout level. Rs 200 is a crucial support level.

9. Firstsource Solutions (CMP: Rs 232.6)

   • Strategy: Buy
   • Target: Rs 262
   • Stop-Loss: Rs 217
   • Analysis: Firstsource has broken out of a bullish Head and Shoulder pattern with strong buying interest.

10. Dr Lal Pathlabs (CMP: Rs 2,907)

    • Strategy: Buy
    • Target: Rs 3,250
    • Stop-Loss: Rs 2,700
    • Analysis: Dr Lal Pathlabs is breaking out of a Head and Shoulder pattern with bullish momentum.

11. Nocil (CMP: Rs 302.65)

    • Strategy: Buy
    • Target: Rs 335
    • Stop-Loss: Rs 285
    • Analysis: Nocil is breaking out of a two-year consolidation with increased volume, indicating a bullish trend.

Summary:

• Lupin: Buy with targets of Rs 1,900 and Rs 2,000; Stop-Loss at Rs 1,550.
• Advanced Enzyme Technologies: Buy with targets of Rs 500 and Rs 580; Stop-Loss at Rs 340.
• RITES: Buy with targets of Rs 900 and Rs 987; Stop-Loss at Rs 650.
• ICICI Bank: Buy with a target of Rs 1,310; Stop-Loss at Rs 1,195.
• Granules India: Buy with a target of Rs 545; Stop-Loss at Rs 500.
• Sun Pharmaceutical Industries: Buy with a target of Rs 1,640; Stop-Loss at Rs 1,510.
• Fortis Healthcare: Buy with targets of Rs 500 and Rs 510; Stop-Loss at Rs 454.
• Zomato: Buy with targets of Rs 220 and Rs 225; Stop-Loss at Rs 200.
• Firstsource Solutions: Buy with a target of Rs 262; Stop-Loss at Rs 217.
• Dr Lal Pathlabs: Buy with a target of Rs 3,250; Stop-Loss at Rs 2,700.
• Nocil: Buy with a target of Rs 335; Stop-Loss at Rs 285.

Disclaimer: The views and investment tips expressed by experts are their own and not those of the website or its management. Always consult certified experts before making investment decisions.