Trade Spotlight: How should you trade Usha Martin, Carborundum Universal, Engineers India, Lumax Auto…

As per the latest business developments, The key market indices reversed some of their recent upside, with the Nifty 50 falling 0.43 percent on September 22. Market breadth favoured the bears, with around 1,805 shares declining against 1,448 advancing shares on the NSE. Range-bound trading may continue until the market decisively breaks above or below the high-low range of September 15. Here are some short-term trading ideas to consider:

Rajesh Dashrath Bhosale, Fund Manager – Advisory at Renaissance

Star Health and Allied Insurance Firm | CMP: Rs 544.6

On the weekly timeframe, Star Health stays in a bullish structure, forming elevated tops and elevated bottoms since the April 2025 low near Rs 340. After breaking above Rs 535 in July 2026 on firm volumes, the stock rallied towards Rs 625 and has now retraced to the Rs 535–545 breakout zone.

The stock is showing a bullish reversal from the previous breakout marks, supported by the rising 20-week EMA, while corrective volumes stay subdued, indicating healthy earnings booking. The weekly RSI has cooled to the 50–55 zone and is now turning upward, supporting renewed momentum. Target: Rs 590 Stop-Loss: Rs 518 Usha Martin | CMP: Rs 531.3

Usha Martin has witnessed a vertical surge over the last week, breaking above the stiff Rs 520 resistance level, which had capped the upside multiple times. The breakout confirms a firm bullish range breakout, with prices entering uncharted territory, indicating clear dominance of buyers.

The breakout is visible across major timeframes and is supported by firm volumes, suggesting that positive momentum and outperformance are likely to sustain in the near term. Target: Rs 575 Stop-Loss: Rs 505

Carborundum Universal | CMP: Rs 1,211.3

Carborundum Universal staged a sharp surge in mid-June from around Rs 950 to Rs 1,300, followed by nearly three months of consolidation between Rs 1,020 and Rs 1,192. The recent breakout above Rs 1,192, backed by the highest volume since the June surge, confirms a firm range breakout and fresh demand.

The Rs 1,190–1,195 zone has now turned into a key backing area, indicating a positive polarity shift and scope for further upside. Target: Rs 1,350 Stop-Loss: Rs 1,140

Ashish Kyal, Founder and CEO of Waves Strategy Advisors

Engineers India | CMP: Rs 302.55

In the previous session, Engineers India rallied more than 6 percent, decisively surpassing the previous swing high near Rs 290 and closing above this level, indicating a positive shift in the price structure. The stock has been following a 29-period Time Cycle, which has now turned bullish as prices broke above Rs 290, indicating improving momentum.

Recently, the stock took backing at the 40-period EMA near the Rs 253 level, which additionally coincides with the 38.2 percent Fibonacci retracement level. Post this backing, the stock witnessed a sharp upside move, highlighting its significance. The ADX is additionally trading near the 39 level, suggesting sustained momentum.

For now, any dip towards Rs 295–298 can be used as an opportunity to ride the ongoing trend, with key backing around Rs 280. The targets are placed at Rs 310, followed by Rs 325. Target: Rs 310, Rs 325 Stop-Loss: Rs 280

Lumax Auto Technologies | CMP: Rs 2,116.4

On the daily chart, Lumax Auto Technologies has been consolidating within a 220-point range of Rs 1,895–2,115 since August 12. The stock is now trading near the upper end of this range and appears to be on the verge of a potential breakout. The stock has additionally managed to protect its lows on a closing basis since September 17, indicating sustained buying interest at softer marks.

In the meantime, the Bollinger Bands have started expanding, signalling an gain in volatility and the possibility of a larger price move. For now, a sustained move above Rs 2,130 could confirm a breakout from the consolidation range and trigger fresh upside momentum towards Rs 2,200, followed by Rs 2,280, with Rs 2,060 acting as an important backing level. Target: Rs 2,200, Rs 2,280 Stop-Loss: Rs 2,060 RBL Bank | CMP: Rs 423.2

In the previous session, RBL Bank outperformed the broader market, rallying more than 5 percent and closing near a fresh 52-week high of Rs 424.40, indicating firm buying momentum. Earlier the current week, the stock found backing near the 20 EMA, which coincided with the 30-period Time Cycle zone. The sharp reversal from this backing triggered a firm upside move, with the cycle now turning to the buy side.

Following the sharp climb, traders should avoid chasing the stock at elevated marks and instead look for buying opportunities on dips to participate in the ongoing trend, which is in the form of Wave 3 of (3), with potential upside marks of Rs 435–445. The bullish view stays valid as long as Rs 400 is protected on the downside. Target: Rs 435, Rs 445 Stop-Loss: Rs 400

Amol Athawale, VP Technical Research at Kotak Securities

Bank of Baroda | CMP: Rs 234.35

On a broader timeframe, Bank of Baroda had been in a prolonged downtrend and is at present nearing oversold territory. The chart structure and technical indicator RSI suggest that the stock is likely to rebound and begin a new leg of the upmove from its current marks.

For positional traders, Rs 225 would be the decisive level. Trading above this level could see the formation continue towards Rs 250. That stated, if the stock closes below Rs 225, traders may prefer to exit their long trading positions. Target: Rs 250 Stop-Loss: Rs 225

Mahindra and Mahindra | CMP: Rs 3,044.5

After the correction from elevated marks, the downward momentum in Mahindra & Mahindra has halted, and the stock has entered a consolidation phase over the last few sessions.

Moreover, the stock is trading near an important demand zone. The structure suggests a revival of the uptrend from the current marks in the near future. For traders, Rs 2,950 would be the key backing level to watch. A sustained move above this level could allow the uptrend structure to continue towards Rs 3,260. Target: Rs 3,260 Stop-Loss: Rs 2,950

InterGlobe Aviation | CMP: Rs 5,030

Following a slide from elevated marks, InterGlobe Aviation rebounded from its backing zone and witnessed a gradual recovery. Additionally, on the daily chart, the stock has given a breakout from its sloping channel formation.

The upmove suggests a new leg of the bullish trend from the current marks. For the next few trading sessions, Rs 4,850 could be the trend-deciding level for the bulls. If the stock sustains above this level, further uptrend towards Rs 5,380 can be anticipated. Target: Rs 5,380