Trade Spotlight: Key Considerations for Cochin Shipyard, Zen Tech, Power Grid Corporation, Azad Engineering, Emmvee Photovoltaic and Other Stocks on April 20.

Market Rallies on US-Iran Peace Talks Hopes, Bulls Dominate

The Indian equity market rose 0.65 percent on April 17, despite a day of profit booking, with market breadth remaining dominated by bulls. The National Stock Exchange (NSE) saw 2,200 shares with buying interest compared to 785 declining shares. The market is expected to stay positive but volatile as participants monitor developments related to potential US-Iran peace talks.

Short-Term Trading Ideas

Cochin Shipyard

Cochin Shipyard has delivered a decisive breakout above the medium-term down-sloping trendline at Rs 1,492, signaling a trend reversal and the emergence of bullish momentum. The move is supported by rising volumes, highlighting strong market participation and conviction behind the breakout.

Further strength is evident as the stock has triggered a Bollinger Band buy signal on the daily timeframe, indicating expanding short-term momentum. Momentum indicators remain firmly supportive, with the weekly RSI in positive territory and breaking above its downward-sloping trendline, validating the strength in price action and reinforcing the bullish outlook.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Cochin Shipyard | Rs 1,561.1 | Rs 1,700, Rs 1,900 | Rs 1,500 |

Strategy: Buy Target: Rs 1,700, Rs 1,900 Stop-Loss: Rs 1,500

Zen Technologies

Zen Technologies has delivered a decisive breakout above the Rs 1,580 level, supported by a significant surge in volumes, indicating strong participation and conviction. The stock remains firmly positioned above its 20-, 50-, 100-, and 200-day SMAs, reaffirming a well-established bullish trend.

Momentum indicators are supportive, with the weekly RSI trending higher and breaking above the 50 mark, signaling a positive bias and strengthening momentum.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Zen Technologies | Rs 1,616.5 | Rs 1,800, Rs 1,900 | Rs 1,500 |

Strategy: Buy Target: Rs 1,800, Rs 1,900 Stop-Loss: Rs 1,500

Britannia Industries

Britannia Industries continues to consolidate within a broad range of Rs 5,300–6,270 over the past 1.5 years, indicating a well-defined base formation. Recently, it rebounded sharply from the lower band of the range, signaling renewed buying interest and a potential move toward the upper band of the consolidation.

The stock has also broken above a short-term downward-sloping trendline, indicating a pickup in near-term momentum. Momentum indicators remain supportive, with the weekly RSI delivering a bullish crossover above its reference line, generating a buy signal and reinforcing the positive bias.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Britannia Industries | Rs 5,735.5 | Rs 6,000, Rs 6,100 | Rs 5,600 |

Strategy: Buy Target: Rs 6,000, Rs 6,100 Stop-Loss: Rs 5,600

Great Eastern Shipping Company

Great Eastern Shipping Company has resumed its primary uptrend after a strong breakout in the early part of March. Prices are trading well above all key moving averages, and dips toward the 20-DEMA are being consistently bought.

Additionally, the RSI across major timeframes remains above 60, indicating sustained bullish momentum. Hence, we recommend buying Great Eastern Shipping Company around Rs 1,424–1,415.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Great Eastern Shipping Company | Rs 1,424.3 | Rs 1,675 | Rs 1,350 |

Strategy: Buy Target: Rs 1,675 Stop-Loss: Rs 1,350

General Insurance Corporation of India

General Insurance Corporation's prices have been consolidating within a strong range of Rs 350–390 over the past year. This range has now been decisively broken on the upside, confirming a bullish breakout.

Prices have also closed above the upper Bollinger Band, indicating the possibility of a strong trending move following the prolonged consolidation. Additionally, the RSI has broken above the 60 mark, suggesting strengthening momentum in the near term.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | General Insurance Corporation of India | Rs 400.4 | Rs 440 | Rs 380 |

Strategy: Buy Target: Rs 440 Stop-Loss: Rs 380

Power Grid Corporation of India

Power Grid Corporation is witnessing multiple pattern breakouts across timeframes. In the near term, a flag and pennant breakout is visible, while on the broader chart, a strong channel breakout has been confirmed.

This move is supported by robust volumes and a bullish weekly candle, indicating strong participation. Prices are trading well above key moving averages, and oscillators remain positively aligned, reinforcing the bullish outlook.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Power Grid Corporation of India | Rs 318.1 | Rs 350 | Rs 303 |

Strategy: Buy Target: Rs 350 Stop-Loss: Rs 303

Azad Engineering

Azad Engineering is forming a 93-week volatility contraction pattern (VCP) IPO base with a well-defined neckline at Rs 1,930, indicating prolonged volatility contraction and supply absorption.

The structure reflects tightening price action, often preceding a sharp expansion. Weekly moving averages are acting as a launchpad, reinforcing trend strength, while the RSI remains on a bullish trajectory, supporting potential vertical moves.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Azad Engineering | Rs 1,904.3 | Rs 2,300 | Rs 1,870 |

Strategy: Buy Target: Rs 2,300 Stop-Loss: Rs 1,870

Emmvee Photovoltaic Power

Emmvee Photovoltaic has emerged from a 97-day VCP structure, indicating prolonged volatility contraction and efficient supply absorption. The breakout is backed by above-average volumes, reflecting strong hands and institutional participation.

The price structure supports continuation, with momentum favoring an upside toward the Rs 320 zone. Any pullback toward the support band of Rs 253 and the breakout level near Rs 240 should be viewed as a retest and accumulation opportunity.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Emmvee Photovoltaic Power | Rs 265.55 | Rs 320, Rs 350 | Rs 240 |

Strategy: Buy Target: Rs 320, Rs 350 Stop-Loss: Rs 240

Shriram Finance

Shriram Finance is forming a bullish flag on the daily charts after a sharp 19 percent pole in just four sessions, signaling strong trend momentum. The flag is developing on declining volumes, indicating tight consolidation and an absence of distribution near highs.

Notably, the structure has triggered a bear trap, with the price briefly breaching the 10-, 20-, and 50-day EMAs before reversing sharply with a bullish gap, trapping weak shorts.

| Stock | CMP | Target | Stop-Loss | | --- | --- | --- | --- | | Shriram Finance | Rs 1,036.95 | Rs 1,110 | Rs 1,015 |

Strategy: Buy Target: Rs 1,110 Stop-Loss: Rs 1,015