Trade Spotlight: How should you trade Tata Power, Godrej Properties, NALCO, PFC, UltraTech Cement, Adani Ports, and others on November 3?

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi TVS Motor Company | CMP: Rs 4,213 TVS Motor is showing encouraging signs of a potential bullish reversal after breaking above its falling trendline, indicating an improvement in its underlying price structure. Additionally, the stock is finding support within the Ichimoku cloud, suggesting that buyers are attempting to establish a strong base.

Momentum indicators are also turning favourable, with the daily Relative Strength Index (RSI) successfully reclaiming the crucial 50 mark after facing resistance around this level on multiple occasions. This indicates improving bullish momentum and strengthens the possibility of further upside. Traders may consider initiating long positions in the Rs 4,150–4,220 zone. Tata Power Company | CMP: Rs 355.9

Tata Power is showing encouraging signs of a potential bullish reversal, with a three-point bullish divergence emerging on the daily chart. This indicates improving underlying momentum and suggests that selling pressure may be gradually weakening. Adding to the positive setup, the hourly RSI has moved above the 70 mark following the divergence, signalling a strong pickup in short-term bullish momentum.

This suggests that buying interest is gaining traction and supports the possibility of further recovery. The combination of a three-point bullish divergence on the daily timeframe and strength in the hourly RSI reinforces the positive technical outlook. Traders should monitor price action for sustained buying momentum and confirmation of a broader trend reversal. Traders may consider initiating long positions in the Rs 348–358 zone.

Godrej Properties | CMP: Rs 1,631.5 Godrej Properties is showing encouraging signs of a potential trend reversal, with a strong base formation emerging in the Rs 1,500–1,600 zone. Interestingly, this support area coincides with the yearly pivot support, making it an important demand zone from a technical perspective. Adding to the positive setup, the weekly chart has witnessed an initial bullish divergence, followed by a hidden bullish divergence, indicating improving underlying momentum and the possibility of a sustained recovery.

The combination of a strong support base, alignment with yearly pivot support and positive RSI divergence patterns strengthens the technical outlook. Traders should closely monitor price action around this demand zone for signs of accumulation and a potential trend reversal. Sustaining above this support range will be crucial for maintaining the positive bias. Traders may consider initiating long positions in the Rs 1,600–1,635 zone.

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities National Aluminium Company Futures | CMP: Rs 328 National Aluminium Company (NALCO) has formed a strong short-term base in the Rs 315–320 range. With a recovery in the broader market, there is a good possibility of an upward move from current levels. During the recent market decline, the Nifty Metal Index significantly underperformed the broader market; therefore, a recovery in the metal sector cannot be ruled out.

According to options data, the Rs 330 strike has the highest concentration of Call open interest, indicating a key resistance level. A sustained move above Rs 330 could trigger significant short covering, potentially pushing the stock towards Rs 340 and Rs 350, with the latter being the second target. On the downside, Call unwinding at the Rs 320 strike indicates support around this level. Additionally, the stock has managed to close above its maximum pain level of Rs 325, providing another positive signal for the near-term outlook.

Buy NALCO Futures in the Rs 325–330 range. Target: Rs 340, Rs 350 PFC Futures | CMP: Rs 317.55 Power Finance Corporation (PFC) has established a strong short-term base in the Rs 310–315 range. With the broader market showing signs of recovery, there is a good possibility of an upward move from current levels. According to options data, the Rs 320 strike has the highest concentration of Call open interest, making it a crucial resistance level.

A sustained move above Rs 320 could trigger significant short covering, potentially driving the stock towards Rs 335 and Rs 345, with Rs 350 being the second target. On the downside, Call unwinding at the Rs 315 and Rs 310 strikes indicates support around these levels. The stock is currently trading close to its maximum pain level of Rs 320. A sustained move above this level could further strengthen positive momentum and increase the likelihood of an upward move.

Buy PFC Futures in the Rs 315–320 range. Target: Rs 330, Rs 345 Canara Bank Futures | CMP: Rs 119.10 Canara Bank has established a strong short-term base in the Rs 117–120 range, and a sustained hold above these levels could provide an opportunity for further upside. The stock is currently trading close to its maximum pain level of Rs 120, which remains an important level to watch. A decisive move above Rs 120 could strengthen positive momentum and trigger further buying interest, potentially pushing the stock towards Rs 125 and Rs 130.

Buy Canara Bank Futures in the Rs 117–120 range. Target: Rs 125, Rs 130 Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan Force Motors | CMP: Rs 17,669 Force Motors had been in a downtrend, characterised by a series of lower highs and lower lows. However, on Monday, the stock broke out of a falling wedge pattern, signalling a potential shift in trend from bearish to bullish. It is also trading above its daily moving averages, while the daily momentum indicator has turned bullish.

Additionally, the daily Bollinger Bands have started widening, with the price moving above the upper band. Collectively, these technical developments indicate a positive short-term setup and suggest the possibility of further upside. Target: Rs 18,600, Rs 19,000 UltraTech Cement | CMP: Rs 11,387 UltraTech Cement had struggled to overcome resistance around Rs 11,200 over the past few weeks. However, on Monday, the stock finally managed to close above this level, signalling a potential bullish breakout.

The stock is also trading above its key daily moving averages, while the daily momentum indicator remains in bullish territory. These developments suggest that the technical setup is increasingly favouring the bulls. In the short term, the stock could move towards Rs 11,820–12,200 over the coming sessions. The bullish outlook remains intact as long as the stock sustains above its swing low of Rs 11,000.

Target: Rs 11,820, Rs 12,200 Adani Ports and Special Economic Zone | CMP: Rs 1,854 Adani Ports broke above its falling trendline on October 29 and has spent the subsequent sessions consolidating its gains. Such a pause following a sharp upward move is generally considered a healthy sign and could present an opportunity for further buying. The immediate resistance is placed at Rs 1,872. A decisive move above this level could take the stock towards Rs 1,925–2,000 over the coming sessions.

On the downside, a strong support base is placed around Rs 1,785. The bullish outlook remains intact as long as the stock manages to close above this level. Target: Rs 1,925, Rs 2,000 Vidnyan S Sawant, Head of Research at GEPL Capital Coforge | CMP: Rs 2,099 Coforge has witnessed a decisive breakout above its two-month consolidation zone of Rs 1,990–2,020, closing at Rs 2,022 on Friday with a strong bullish candle and higher trading volumes.

This indicates renewed buying interest and the potential continuation of its primary uptrend. The stock touched an all-time high on Monday, supported by a bullish MACD crossover and an RSI reading of 67.5, reflecting strong positive momentum. As long as the stock sustains above the breakout zone, the bullish bias remains intact, with an upside potential towards Rs 2,350–2,400. Immediate support is placed in the Rs 1,940–1,960 range, while the weekly closing stop-loss is placed at Rs 1,990.

Sona BLW Precision Forgings | CMP: Rs 905.95 Sona BLW Precision Forgings has witnessed a decisive upside breakout above its double-top resistance zone near Rs 845, supported by strong trading volumes. This indicates renewed buying interest and the potential continuation of its long-term uptrend. The stock maintains a strong bullish structure across the daily, weekly and monthly timeframes, trading above its key 12-week and 26-week EMAs.

The weekly RSI has also witnessed a positive range shift, confirming strengthening momentum. The bullish outlook remains intact, with an upside potential towards Rs 1,030, while the weekly closing stop-loss is placed at Rs 840.