Trade Spotlight: How should you trade Castrol, Ramkrishna Forgings, Sapphire Foods, Jindal Saw, Granules…

The latest market report highlights that Equity benchmarks were mixed in trade on September 17, with the Nifty 50 rising 0.23 percent amid positive market breadth. Around 2,071 shares advanced, compared with 1,163 shares that declined on the NSE. The market may gradually extend its uptrend while undergoing consolidation and range-bound trading. Here are some short-term trading ideas to consider:

Jay Mehta, Technical Research at JM Financial Services

Castrol India | CMP: Rs 191.72

Castrol has been consolidating around its 200-day EMA for the last four sessions, accompanied by firm volume participation at these marks. In the latest session, the stock broke out of this consolidation range on robust volume, indicating firm buying interest.

The price is at present trading above its short-term, medium-term, and long-term moving averages, with volumes remaining above average. Momentum and trend indicators are in bullish territory, supporting the possibility of continued upside. Target: Rs 200, Rs 205 Stop-Loss: Rs 185.3

Ramkrishna Forgings | CMP: Rs 705.45

Ramkrishna Forgings, after a firm surge, witnessed some earnings booking from the Rs 770 level, declining to Rs 659 in Wednesday’s session. It formed a hammer candlestick pattern near the 50-day EMA, signalling positive buying interest at this backing level. The bounce additionally emerged from a key backing zone, highlighted in green on the chart on Thursday.

On the weekly chart, the stock is near its breakout-retest zone, from where the earlier upmove began on firm volume. Momentum and trend indicators stay in bullish territory on the weekly timeframe. Target: Rs 777, Rs 855 Stop-Loss: Rs 627 Cyient | CMP: Rs 1,064

Cyient, after a firm surge, has been consolidating and witnessed earnings booking from around the Rs 1,220 level, declining to Rs 1,030. It found backing near the 20-day EMA. The price is at present trading above its short-term, medium-term, and long-term moving averages.

The halt in the earnings-booking phase has occurred near the earlier breakout-trendline retest zone, suggesting that the correction may be nearing completion and that positive price action could resume from here.

Volume during the retracement remained very low, indicating limited selling pressure, while a firm bounce is possible from this zone. Trend and momentum indicators stay in bullish territory. Target: Rs 1,185, Rs 1,250 Stop-Loss: Rs 955

Hitesh Tailor, Technical Research Market observer at Choice Broking

Sapphire Foods India | CMP: Rs 233.24

Sapphire Foods India is displaying renewed bullish resilience after taking firm backing around its 200-period EMA on the hourly chart, where clear consolidation and buying interest were evident. The stock has executed a decisive breakout from a parallel channel on the short-term timeframe, signalling a favourable reversal in momentum.

The breakout is supported by improving volume activity, reflecting active buying participation, while the hourly RSI has bounced back strongly after reversing from oversold marks.

The overall technical setup indicates a positive shift, favouring buying around Rs 233, with Rs 219 acting as the strict risk-control level and Rs 260 as the potential upside objective. Target: Rs 260 Stop-Loss: Rs 219 Jindal Saw | CMP: Rs 291.2

Jindal Saw is demonstrating firm technical resilience following a successful retest of its recent ascending breakout zone. The stock has taken firm backing near its 50-day EMA, which aligns well with a long-term rising trendline, prompting a clean bullish bounce.

The overall chart structure keeps showcase a sustained sequence of elevated highs and elevated lows, signalling firm underlying buying pressure and robust structural resilience. The setup favours buying around Rs 291, with Rs 274 acting as the strict risk-control level and Rs 320 as the potential upside objective. Target: Rs 320 Stop-Loss: Rs 274

Granules India | CMP: Rs 870.4

Granules India keeps display bullish resilience, maintaining a sustained elevated-high and elevated-low formation across broader timeframes. The stock keeps move within a firm rising EMA structure and recently witnessed a clean rebound after taking backing at its 50-day EMA.

Momentum indicators reinforce this positive bias, with the daily RSI positioned at 52.65, demonstrating solid backing around its midpoint zone and signalling the potential for further upward expansion.

The overall technical setup favours buying around Rs 870, with Rs 824 as the strict risk-control level and Rs 950 as the potential upside objective. Target: Rs 950 Stop-Loss: Rs 824

Om Mehra, Technical Research Market observer at Samco Securities

Aurobindo Pharma | CMP: Rs 1,690

Aurobindo Pharma keeps maintain its primary uptrend, forming a steady sequence of elevated highs and elevated lows on the daily chart. After some consolidation, the stock bounced sharply from its rising trendline backing, gaining 2.86% in the last session.

The open and low coincided at Rs 1,634, and the stock closed near the day’s high, indicating consistent buying from the opening bell. It has additionally reclaimed its short-term moving average, placed near Rs 1,655, while volumes remained in line with the recent average.

The RSI has turned elevated from the 50 mark to near 58 and has crossed above its signal line, reflecting renewed momentum. A decisive move above Rs 1,700 could open the path towards fresh highs.

Hence, long positions can be considered at the current market price (CMP), with an anticipated move towards Rs 1,780 and a stop-loss at Rs 1,645. Target: Rs 1,780 Stop-Loss: Rs 1,645

City Union Bank | CMP: Rs 231.82

City Union Bank has been maintaining a steady uptrend, forming a consistent sequence of elevated highs and elevated lows on the daily chart. The stock bounced after forming a hammer candle in the previous session, with the open and low coinciding at Rs 227.

The stock advanced 2.02% and closed at Rs 231.82, cleanly reclaiming the SMA. The stock is forming a cup-and-handle pattern, suggesting a bullish setup.

The RSI is placed near 56 and keeps hold above the 50 mark, reflecting steady momentum. The MACD stays in positive territory, supporting the ongoing recovery.

Hence, long positions can be considered at the CMP, with an anticipated move towards Rs 248 and a stop-loss at Rs 222.

Target: Rs 248

Stop-Loss: Rs 222

Finolex Cables | CMP: Rs 1,395.8

Finolex Cables has bounced after retesting the Rs 1,300 zone, suggesting that the earlier resistance has turned into backing. The stock stays in a continuation pattern, accompanied by an exceptional spike in volumes.

The recent session delivered a firm green candle, and the stock stays above all moving averages.

The RSI has turned elevated to near 63 and moved back above its signal line. The MACD stays above its signal line in positive territory, indicating that momentum is regaining resilience. A sustained move above Rs 1,400 could open the path towards a new 52-week high.

Hence, long positions can be considered at the CMP, with an anticipated move towards Rs 1,485 and a stop-loss at Rs 1,350. Target: Rs 1,485