Trade Spotlight: How should you trade Lenskart Solutions, Tata Consumer Products, BSE, Lumax Auto Tech, Nykaa, and others on October 29? — Bizwire | Bizwire
Trade Spotlight: How should you trade Lenskart Solutions, Tata Consumer Products, BSE, Lumax Auto Tech, Nykaa, and others on October 29?
The market may remain range-bound between the current month's high and low. Here are some short-term trading ideas to consider.
The benchmark indices extended their losses for another session, with the Nifty 50 falling 0.22 percent on October 28. However, market breadth remained positive, with 1,741 shares advancing against 1,516 declining shares on the NSE. The market may remain range-bound between the current month's high and low. Here are some short-term trading ideas to consider: Vatsal Bhuva, Technical Analyst at LKP Securities
Lenskart Solutions | CMP: Rs 689.7 Lenskart Solutions has broken above its falling trendline on the daily chart, indicating a potential shift in the prevailing trend from bearish to bullish. Additionally, the stock has reclaimed both its 20-day and 50-day moving averages, reflecting improving price strength and a positive near-term outlook. The RSI has also registered a bullish crossover, further reinforcing the strengthening momentum.
The combination of these technical indicators suggests that the stock is gaining traction and could sustain its upward momentum in the coming trading sessions, subject to broader market conditions. Buy the stock at around Rs 685–690. BSE is exhibiting a constructive technical setup, with an inverse head-and-shoulders pattern visible on the chart. The stock is currently trading above the neckline, indicating a potential bullish breakout and a possible trend reversal.
Notably, the pattern has developed after the stock found support near the crucial 78.6 percent Fibonacci retracement level, highlighting the significance of this support zone. Additionally, the RSI has registered a bullish crossover, reinforcing the positive momentum. Overall, these technical indicators suggest an improving chart structure and a potentially bullish outlook for the stock. Buy BSE above Rs 3,510.
Tata Consumer Products | CMP: Rs 1,000.2 Following its results, Tata Consumer Products has witnessed a notable improvement in its technical structure, with an extended positive divergence emerging on the daily chart, indicating a potential easing of bearish momentum. Additionally, the stock has reclaimed its 20-day moving average, suggesting the possibility of a mean-reversion move amid the ongoing downtrend.
The RSI has also registered a bullish crossover, further supporting the improving momentum. Collectively, these technical developments point to the potential for a near-term recovery, although sustained strength will be crucial to confirm a meaningful trend reversal. Buy the stock at around Rs 995–1,000. Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities Lumax Auto Technologies | CMP: Rs 2,043.1
Lumax Auto Technologies has broken above the neckline of a double-bottom pattern on the daily chart, signalling a potential trend reversal and further upside. The RSI has surged from 40 to 61 in just four trading sessions, highlighting a sharp improvement in momentum and strengthening buying interest. Additionally, the DI+ has crossed above DI- on the ADX indicator, suggesting that bullish momentum is strengthening relative to bearish momentum.
The MACD line has also crossed above the signal line, reinforcing the positive momentum. With multiple technical indicators aligning in favour of the bulls, the stock's near-term outlook appears constructive, with scope for further upside. Accumulate the stock in the Rs 2,040–2,060 zone, with a stop-loss at Rs 2,000. FSN E-Commerce Ventures Nykaa | CMP: Rs 342.5 Nykaa has been consolidating within the Rs 311–350 range since early July.
Despite the sideways price action, the stock has consistently held above its 20-week EMA, which has acted as dynamic support on two occasions during this period. The stock has also staged a healthy rebound from the Rs 310–315 zone, which has witnessed strong buying interest multiple times in recent months. The RSI has rebounded sharply, indicating renewed bullish momentum, while the DI+ has crossed above DI- on the ADX indicator, suggesting improving strength among the bulls.
The alignment of price action and technical indicators points to a potential breakout and further upside. Accumulate the stock in the Rs 340–345 zone, with a stop-loss at Rs 335. Gland Pharma | CMP: Rs 3,049 Gland Pharma has been consolidating within the Rs 2,770–3,171 range since August 11. Despite the sideways price action, the stock continues to trade above key short- and long-term moving averages, indicating that the broader trend remains constructive.
The RSI on both the daily and weekly charts has rebounded from around the 40 level, signalling renewed bullish momentum. Additionally, the stock has staged a strong rebound over the past three sessions from the Rs 2,770–2,780 zone, which has acted as strong support on two previous occasions. The alignment of price action and technical indicators suggests that the stock could be poised for a breakout and further upside.
Accumulate the stock in the Rs 3,040–3,060 zone, with a stop-loss at Rs 2,970. Vaishali Patel, Deputy Manager - Research-Technical Department at Jainam 63 Moons Technologies | CMP: Rs 932.5 63 Moons Technologies is showing signs of renewed strength following a sharp pullback from its recent highs. The stock has rebounded from the Rs 760–780 support zone and moved back above its 20-day and 50-day moving averages, indicating improving short-term momentum.
The stock is approaching a key resistance zone near Rs 930–940, where it has faced selling pressure on multiple occasions. A decisive breakout above this resistance could confirm a breakout from the consolidation phase and open the door for further upside towards Rs 980–1,020. Trading volumes have also improved during the recent recovery, suggesting fresh accumulation. The overall technical structure remains positive as long as the stock holds above the Rs 840–860 zone.
A sustained move above Rs 940 would serve as a significant bullish trigger, while failure to cross this zone could lead to continued range-bound movement. Saregama India | CMP: Rs 523.95 Saregama India has decisively broken above the key resistance zone of Rs 522–523, which had capped the stock's upside over the past few weeks. The breakout is accompanied by a strong bullish candle and improved trading volumes, indicating fresh buying interest and stronger market participation.
The stock is trading comfortably above its medium- and long-term moving averages, reflecting a favourable trend structure. Following a prolonged consolidation phase, the breakout suggests a potential continuation of the primary uptrend. Momentum indicators are also supportive, with the RSI moving above 60 and registering a positive crossover, signalling improving strength without entering overbought territory.
This leaves room for further upside in the near term. Algoquant Fintech | CMP: Rs 75.89 Algoquant Fintech has confirmed a rounding-bottom breakout on the daily chart, signalling a gradual transition from accumulation to an emerging uptrend. After spending several weeks building a rounded base, the stock has decisively crossed the neckline resistance around Rs 75, indicating renewed buying interest and improving market sentiment.
The breakout is supported by sustained trading above key moving averages, reflecting strength in the broader trend. Price action near the breakout zone suggests that selling pressure is being absorbed, a development that often precedes a fresh leg of the rally. Momentum indicators remain constructive, with the RSI holding above 60, highlighting strengthening bullish momentum. The stock has also been forming higher highs and higher lows, reinforcing the positive technical setup.
