Equity benchmarks extended their northward journey for the third consecutive session, with the Nifty 50 rising 0.7 percent on November 12. The market breadth turned positive, as about 1,774 shares advanced against 1,074 declining shares on the NSE. Crossing the October high is expected to be crucial for further market uptrend. Below are some short-term trading ideas to consider:
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking
Adani Ports and Special Economic Zone | CMP: Rs 1,506.9
Adani Ports registered a fresh breakout from an ascending triangle pattern at Rs 1,490 and closed firmly above it. The move was accompanied by higher-than-average volumes, reinforcing the bullish setup. On the downside, immediate support from the rising trendline is positioned near Rs 1,435, which is likely to cushion any minor pullbacks.
From a derivatives perspective, healthy short covering further strengthens the positive sentiment. Considering these factors, the stock is expected to move toward Rs 1,630 in the near term.
Strategy: Buy
Target: Rs 1,630
Stop-Loss: Rs 1,435
Jio Financial Services | CMP: Rs 309.5
Jio Financial Services is on the verge of breaking out from a symmetrical triangle pattern on the daily chart. It has moved above both the 21-day and 50-day moving averages (DMAs), which coincide around the Rs 307 level, signaling the continuation of its bullish trend.
On the derivatives front, short covering has been observed, further reinforcing the positive outlook. Technically, the RSI has crossed above the 50 mark and also broke the falling trendline, supporting the bullish momentum. Based on this setup, the stock looks poised for an upward move toward Rs 331, with immediate support near Rs 298.
Strategy: Buy
Target: Rs 331
Stop-Loss: Rs 298
HDFC Life Insurance Company | CMP: Rs 783.1
HDFC Life Insurance has given a breakout from a falling channel on the daily chart, supported by higher-than-average volumes, confirming the strength of the breakout. The conservative target for this pattern is around Rs 840, while the 50-day moving average (50-DMA) offers strong support near the Rs 750 level. Additionally, the stock’s position above all key short-term and long-term moving averages indicates robust and sustained bullish momentum.
Strategy: Buy
Target: Rs 840
Stop-Loss: Rs 750
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities
LTIMindtree | CMP: Rs 5,893.5
Over the past two trading sessions, the Nifty IT index has been strongly outperforming the frontline indices, signaling renewed strength in the technology space. The ratio chart of Nifty IT versus Nifty has broken out of a consolidation phase, indicating a potential continuation of this outperformance.
Among individual stocks, LTIMindtree has delivered a notable technical breakout from a falling channel pattern on the daily chart, supported by robust volumes, which adds conviction to the move. Currently, the stock is trading above its key moving averages, and the daily RSI has also broken out of its consolidation zone, reinforcing bullish momentum. Considering this chart structure, we recommend accumulating LTIMindtree in the Rs 5,900–5,850 zone.
Strategy: Buy
Target: Rs 6,300
Stop-Loss: Rs 5,690
Central Depository Services | CMP: Rs 1,655.3
On Wednesday, CDSL delivered a significant technical breakout by crossing a downward-sloping trendline on the daily chart, supported by strong volumes that confirm the move. Currently, the stock is trading above its key moving averages, which have started to edge higher—a clear bullish signal.
Momentum indicators are also aligned positively, with the daily RSI in bullish territory and trending upward, while the MACD histogram has turned positive, reinforcing the strength of the breakout. Hence, we recommend accumulating the stock in the Rs 1,660–1,640 zone.
Strategy: Buy
Target: Rs 1,770
Stop-Loss: Rs 1,600
Shipping Corporation of India | CMP: Rs 269.85
After hitting a high of Rs 280.50, Shipping Corporation of India witnessed a throwback, which was arrested near its 20-day EMA. Following this pause, the stock has resumed its upward move and is now on the verge of breaking out of a falling trendline on the daily chart. Technical setups remain firmly bullish, with all key moving averages trending higher and momentum indicators supporting the positive bias.
The daily RSI is comfortably placed in the bullish zone, further strengthening the outlook. Given this setup, we recommend accumulating the stock in the Rs 270–267 zone.
Strategy: Buy
Target: Rs 290
Stop-Loss: Rs 258
Rupak De, Senior Technical Analyst at LKP Securities
Great Eastern Shipping Company | CMP: Rs 1,159
GE Shipping has given a rounding bottom breakout on the daily chart, indicating rising optimism around the stock. Moreover, the price has also moved above the recent consolidation. The RSI is in a bullish crossover, indicating positive momentum.
On the higher end, it is likely to move toward Rs 1,240, while support on the lower end is placed at Rs 1,130.
Strategy: Buy
Target: Rs 1,240
Stop-Loss: Rs 1,130
Welspun Living | CMP: Rs 139.32
Welspun Living has started forming a higher top–higher bottom pattern on the daily chart, following an earlier downtrend. On the daily timeframe, the stock has reclaimed the 21-EMA with higher volume. The trend is likely to remain positive as long as it stays above Rs 134, while on the higher end, the price might move toward Rs 155.
Strategy: Buy
Target: Rs 155
Stop-Loss: Rs 134
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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