Trade Spotlight: Chambal Fertilisers, Laurus Labs, BSE, Vedant Fashions, DMart Among Stocks to Watch on April 2

Market Bounces Back with 1.6% Gain on April 1

The Indian equity market rebounded on April 1, with the benchmark indices recording a gain of around 1.6 percent. A total of 2,778 shares saw buying interest compared to 228 declining shares on the National Stock Exchange (NSE). This marked a significant improvement in market breadth.

Trading Ideas for April 1

Chambal Fertilisers & Chemicals

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Chambal Fertilisers has established strong support around the Rs 410 level and has seen a sharp rebound from those levels. It is now nearing a breakout from a descending triangle pattern, with immediate resistance placed at Rs 455. Momentum indicators are also turning favourable, as the Relative Strength Index (RSI) has crossed above the 50 mark with a breakout from its falling trendline, while the Moving Average Convergence Divergence (MACD) has signaled a fresh bullish crossover. The stock has reclaimed its short-term 21-day and 50-day moving averages.

Laurus Labs

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Laurus Labs has registered a fresh breakout from a symmetrical triangle pattern on the daily chart, indicating a continuation of the prevailing uptrend. It is currently trading comfortably above all its short-term and long-term moving averages, reflecting strong underlying strength. On the momentum front, the MACD has given a fresh buy crossover, while the RSI has moved above the 55 mark, suggesting that the current upward momentum could sustain further.

Ashok Leyland

Ashok Leyland continues to remain in a sustained downtrend, characterized by a consistent pattern of lower tops and lower bottoms. It has recently witnessed a fresh breakdown, accompanied by above-average volumes, indicating intensified selling pressure. On the derivatives front, the addition of fresh open interest suggests a short build-up, further reinforcing the prevailing negative sentiment. Momentum indicators also remain weak, with the MACD signaling a bearish crossover.

BSE

BSE has rebounded twice from its 100-day EMA zone of Rs 2,675–2,735 over the past six sessions, reinforcing this level as a strong support base. Momentum indicators are turning favourable, with DI+ on the verge of crossing above DI- on the ADX, signalling a gradual return of bullish strength. The Nifty Capital Markets/Nifty ratio line is trending higher after bouncing off its recent support, indicating relative outperformance.

Dr Reddy's Laboratories

Dr Reddy's Laboratories has witnessed a breakdown below the Rs 1,245–1,240 support zone on the daily chart after the stock failed to hold on to higher levels. Momentum remains weak, with the RSI slipping below 40 and trending lower, reflecting increasing bearish pressure. The ADX setup further confirms this bias, as DI- continues to stay above DI+, with the gap widening.

Vedant Fashions

Vedant Fashions has given a consolidation breakout on the daily chart, suggesting a rise in optimism. It has moved above the 21 EMA, confirming an improving trend. The RSI has also moved out of the oversold zone, indicating strengthening positive momentum.

Avenue Supermarts

Avenue Supermarts has given a consolidation breakout, suggesting a rise in optimism. It has moved above the 200 DMA, confirming an improvement in the long-term trend. The RSI has also moved into the high-growth zone, indicating very strong momentum.