Trade Spotlight: Tips for Trading Federal Bank, SBI Card, Berger Paints, Syngene, and More

The stock market faced profit booking after hitting new highs, closing in the red on July 10. About 1,640 shares declined, while 694 shares advanced on the NSE. The Nifty 50 couldn’t hold above 24,400. If it breaks 24,200, we might see more selling down to 24,000. Resistance is at 24,460. Here are some trading tips for the near term:

Jatin Gedia, Sharekhan by BNP Paribas:

Federal Bank (Current Price: Rs 188.66)

• Trend: Upward sloping channel.
• Analysis: Found support at the 40-hour moving average and lower Bollinger band. Positive momentum indicator crossover.
• Strategy: Buy.
• Target: Rs 195, Rs 201.
• Stop-Loss: Rs 184.

SBI Cards and Payment Services (Current Price: Rs 745.3)

• Trend: Fresh breakout from the 38.2% Fibonacci retracement level.
• Analysis: Positive daily momentum crossover, expanding Bollinger bands.
• Strategy: Buy.
• Target: Rs 765, Rs 789.
• Stop-Loss: Rs 725.

Vidnyan Sawant, GEPL Capital:

Deepak Nitrite (Current Price: Rs 2,724.9)

• Trend: Strong recovery from 2022 to 2024 retracement, recent breakout.
• Analysis: Sustained above 50-week and 100-week EMAs, positive RSI and MACD.
• Strategy: Buy.
• Target: Rs 3,266.
• Stop-Loss: Rs 2,505.

Va Tech Wabag (Current Price: Rs 1,294)

• Trend: Clear bullish phase, breaking out of long-term trendlines.
• Analysis: Sustained above 50-week and 100-week EMAs, positive MACD.
• Strategy: Buy.
• Target: Rs 1,554.
• Stop-Loss: Rs 1,190.

PG Electroplast (Current Price: Rs 397)

• Trend: Rising trend since 2020, higher highs and lows.
• Analysis: Strong relative strength, positive MACD.
• Strategy: Buy.
• Target: Rs 495.
• Stop-Loss: Rs 360.

Granules India (Current Price: Rs 518)

• Trend: Positive trend, trading above key moving averages.
• Analysis: Positive RSI, relative strength against the Nifty.
• Strategy: Buy.
• Target: Rs 633.
• Stop-Loss: Rs 475.

Rupak De, LKP Securities:

Syngene International (Current Price: Rs 744.6)

• Trend: Falling trendline breakout.
• Analysis: Weekly RSI bullish crossover.
• Strategy: Buy.
• Target: Rs 800.
• Stop-Loss: Rs 728.

Zydus Lifesciences (Current Price: Rs 1,180)

• Trend: Consolidation pattern breakout.
• Analysis: Weekly RSI bullish crossover.
• Strategy: Buy.
• Target: Rs 1,270.
• Stop-Loss: Rs 1,144.

Shitij Gandhi, SMC Global Securities:

Max Financial Services (Current Price: Rs 1,037.75)

• Trend: Volatile, recent breakout above Inverted Head and Shoulders pattern.
• Analysis: Double Bottom pattern indicates potential reversal.
• Strategy: Buy.
• Target: Rs 1,160, Rs 1,170.
• Stop-Loss: Rs 960.

Berger Paints (Current Price: Rs 526.3)

• Trend: Recovery from 52-week low, potential reversal.
• Analysis: Inverted Head and Shoulders pattern breakout.
• Strategy: Buy.
• Target: Rs 585, Rs 590.
• Stop-Loss: Rs 480.

Conclusion: These trading tips provide a mix of buying opportunities with specific targets and stop-loss levels, helping you navigate the market’s current volatility.