Finolex Cables and Two Other Stocks Highlighted for Trading on Wednesday

On Wednesday, investors found some relief as Brent crude oil prices slipped below the significant $100 per barrel mark. This decline helped the domestic stock market recover from earlier intraday losses, although overall investor sentiment remained cautious.

Within this context, three stocks caught the attention of market analysts for potential trading opportunities: Finolex Cables, BlueStone Jewellery, and JSW Infrastructure.

BlueStone Jewellery Showing Upward Traction

BlueStone Jewellery has demonstrated renewed strength after a period of consolidation between Rs 820 and Rs 900. According to Himanshu Gupta, Head of Research for Retail Broking at Jainam, the stock has surpassed its previous resistance near Rs 900 and is approaching its 52-week high. This movement suggests a possible breakout scenario, making BlueStone a stock to watch closely.

Gupta recommends buying BlueStone Jewellery at Rs 940, setting a target price range between Rs 1,020 and Rs 1,050, with a stop loss at Rs 895. This guidance reflects a cautious optimism based on recent price action and technical indicators.

JSW Infrastructure Breaks Key Resistance

JSW Infrastructure experienced a notable turnaround after a month of range-bound trading. Nagaraj Shetti, Assistant Vice President of Technical Research at HDFC Securities, points to the formation of an important higher bottom reversal pattern on September 16th at Rs 318. Following this, the stock has made attempts to break above a multi-month resistance zone between Rs 360 and Rs 365.

Shetti advises buying JSW Infra at Rs 369, with a target of Rs 400 and a stop loss at Rs 353. This recommendation is based on the technical setup signaling a potential upward move as the stock price challenges key resistance levels.

Finolex Cables Maintains Uptrend Momentum

Finolex Cables has been in a strong uptrend over recent months, showing a pattern of higher tops and bottoms that indicate sustained buying interest. Shetti notes that the stock is currently attempting a decisive breakout from a few weeks’ range around Rs 1,450 to Rs 1,460.

The volume and relative strength index (RSI) patterns support a positive outlook, suggesting the stock could continue its upward trajectory. The recommended buy price for Finolex Cables is Rs 1,463, with a target of Rs 1,580 and a stop loss placed at Rs 1,402 to manage risk.

Broader Market Context

The recent dip in crude oil prices has been a favorable factor for the Indian equity markets, as energy costs influence various sectors. Brent crude falling below the $100 threshold has helped ease inflation concerns to some degree, supporting investor confidence.

However, cautious sentiment remains as global economic conditions and domestic factors continue to influence market behavior. Traders and investors are advised to monitor technical patterns closely while considering broader economic indicators.

Overall, the three stocks highlighted by analysts present potential trading setups based on their recent price movements and technical signals. Investors should weigh these recommendations alongside their own research and risk tolerance before making decisions.

Disclaimer

This article was written by Podishetti Akash, who is not a SEBI-registered Research Analyst or Investment Adviser. Neither the author nor her relatives hold any financial interest in the companies mentioned as of the publication date. The views and recommendations cited are those of the respective SEBI-registered analysts and have been included with proper attribution. They do not reflect the opinions of The Economic Times Digital or the journalist. Readers should refer to the original research and conduct their own assessments before investing.