Trade Spotlight: How should you trade Coforge, PVR Inox, PTC Industries, Wipro, RBL Bank, and others on October 22?

Vaishali Patel, Deputy Manager - Research-Technical Department at Jainam Coforge | CMP: Rs 1,951 Coforge is exhibiting a strong bullish setup after forming a Cup-and-Handle pattern and breaking above the crucial resistance zone of Rs 1,900–1,920. The stock recently retested the breakout zone and witnessed renewed buying interest, validating the breakout and indicating strong demand at higher levels.

The price action remains firmly above key moving averages, highlighting the strength of the prevailing uptrend. Momentum indicators also continue to support the positive outlook. The handle formation reflects healthy consolidation following the sharp rally, while the breakout signals a resumption of the primary uptrend. The stock is also trading near its recent swing highs, indicating strong relative strength.

PVR Inox | CMP: Rs 1,417.9 PVR Inox has confirmed a breakout-and-retest formation, with the stock successfully retesting the earlier breakout zone near Rs 1,350–1,360 before witnessing a strong rebound. Its ability to hold above the previous resistance level, which has now turned into support, highlights the strength of the ongoing uptrend. The stock has resumed its upward trajectory and is currently trading near its recent highs while maintaining a strong higher-high, higher-low structure.

It continues to trade comfortably above its key moving averages, reinforcing the positive trend. Momentum indicators remain supportive, with the RSI holding above 60, suggesting sustained buying interest and improving momentum. PTC Industries | CMP: Rs 25,115 PTC Industries has demonstrated a classic resistance-turned-support setup, with the stock successfully holding above the earlier breakout zone near Rs 24,000 following a brief consolidation.

The price action indicates that the previous supply zone has now turned into a strong demand area, reflecting sustained institutional accumulation. The stock continues to trade near its lifetime highs while maintaining a robust higher-high, higher-low structure. Additionally, prices remain comfortably above key moving averages, underscoring the strength of the prevailing uptrend. Momentum remains healthy, with the RSI holding in the bullish zone, suggesting continued buying interest despite the recent pause.

Vatsal Bhuva, Technical Analyst at LKP Securities Wipro | CMP: Rs 189.17 Wipro is witnessing a mean-reversion rally, having reclaimed its short- and medium-term daily moving averages (DMAs) on the daily chart, along with its 20-week moving average (WMA) on the weekly chart. Positive RSI divergence, followed by a bullish crossover and breakout, indicates improving momentum. Relative strength is also evident, suggesting that the stock is outperforming the broader market.

Going forward, the prevailing momentum is expected to continue, with the stock potentially testing its 200-DMA on the daily chart and its 50-WMA on the weekly chart. RBL Bank Futures | CMP: Rs 360.10 RBL Bank has witnessed a breakdown from its consolidation pattern, accompanied by a long bearish candlestick, indicating heightened selling pressure. The breakdown has also pushed the stock below its crucial 20-DMA and 100-DMA, weakening its technical structure.

Furthermore, the RSI has formed a bearish crossover, signalling subdued momentum and the possibility of continued weakness. Going forward, the stock may extend its decline towards the 200-DMA on the daily chart and the 50-WMA on the weekly chart. Sell RBL Bank November futures below Rs 358. Sudeep Shah, Head - Techinal & Derivatives Research at SBI Securities Cochin Shipyard | CMP: Rs 1,167.1 Cochin Shipyard has witnessed a decisive breakdown below its crucial support zone of Rs 1,185–1,205 on the daily chart, signalling a deterioration in its technical structure.

This zone had previously acted as a strong demand area on two occasions since February 2025, attracting significant buying interest. However, the failure to sustain above this support base points to weakening demand and the potential continuation of the downtrend. The stock is trading significantly below its key moving averages, reinforcing the prevailing bearish bias. The rising Average Directional Index (ADX) indicates strengthening trend intensity, while the RSI falling below 30 highlights strong selling pressure.

Any recovery may face resistance, keeping the near-term outlook firmly bearish. Accordingly, selling is recommended in the Rs 1,155–1,170 zone, with a stop-loss at Rs 1,190. On the downside, the stock is likely to test Rs 1,085 in the short term. Varun Beverages | CMP: Rs 408.4 Varun Beverages has witnessed a breakdown below its rising channel on the daily chart, signalling a deterioration in its price structure.

The stock is trading nearly 5 percent below its 20-day exponential moving average (EMA) and around 11 percent below its 200-day EMA, reflecting sustained weakness across both short- and long-term trends. The ADX indicator shows the negative directional indicator (DI-) crossing above the positive directional indicator (DI+), suggesting that sellers are gaining control over buyers. Meanwhile, the RSI has broken down from its sideways movement and is trending lower, indicating weakening momentum.

The MACD has slipped below both its signal line and the zero line, reinforcing the prevailing bearish bias. Accordingly, selling is recommended in the Rs 405–410 zone, with a stop-loss at Rs 420. On the downside, the stock is likely to test Rs 380 in the short term.