Equity benchmarks extended their upward journey for the second consecutive session, with the Nifty 50 rising 0.23 percent on October 3, supported by positive market breadth. About 1,888 shares advanced against 924 declining shares on the NSE. The market is expected to gain further strength only if it decisively climbs above the midline of the Bollinger Bands. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Aditya Birla Capital | CMP: Rs 304
With Friday's price action, Aditya Birla Capital registered an all-time high at Rs 305, indicating bullish sentiment. In addition, the stock has also surpassed the multiple resistance zone at Rs 295 on a closing basis, which supports the resumption of the prior uptrend. Above-average volumes signify increased participation.
The stock is well placed above its 20-, 50-, 100-, and 200-day SMAs, which reconfirms a bullish trend. These averages are also inching up along with the price rise, further reinforcing the trend. The daily, weekly, and monthly RSI indicators indicate rising strength.
Strategy: Buy
Target: Rs 321, Rs 338
Stop-Loss: Rs 297
Hero MotoCorp | CMP: Rs 5,550.5
On the daily and weekly charts, Hero MotoCorp has confirmed a small consolidation range breakout at Rs 5,525. Huge volumes on the weekly chart indicate increased participation. Additionally, the stock has confirmed a “pennant” formation breakout, representing a continuation of the prior uptrend.
The stock is well placed above its 20-, 50-, 100-, and 200-day SMAs, which reconfirms a bullish trend. These averages are also inching up along with the price rise, reinforcing the trend. The daily, weekly, and monthly RSI indicators indicate rising strength. The weekly Bollinger Bands buy signal indicates increased momentum.
Strategy: Buy
Target: Rs 5,750, Rs 5,880
Stop-Loss: Rs 5,370
JSW Steel | CMP: Rs 1,161.7
JSW Steel is in a strong uptrend across all time frames, forming a series of higher tops and bottoms, indicating bullish momentum. It is also trending in an up-sloping channel, which reconfirms the positive bias.
The stock is well placed above its 20-, 50-, 100-, and 200-day SMAs, which reconfirms a bullish trend. These averages are also inching up along with the price rise, reinforcing the trend. The daily, weekly, and monthly RSI indicators indicate rising strength.
Strategy: Buy
Target: Rs 1,210, Rs 1,265
Stop-Loss: Rs 1,145
Rajesh Bhosale, Technical Analyst at Angel One
Larsen and Toubro | CMP: Rs 3,733.1
A rare Diamond pattern breakout has occurred on the weekly chart, with prices closing above the key Rs 3,700 level, confirming a multi-month breakout. After consolidating for over a year, heavyweight Larsen & Toubro appears ready to exit its slumber phase and move into a strong trending phase. The momentum RSI has crossed above 60 after several failed attempts, confirming a decisive range shift and reinforcing the bullish outlook.
Strategy: Buy
Target: Rs 4,050
Stop-Loss: Rs 3,580
Can Fin Homes | CMP: Rs 789.65
Can Fin Homes prices had been consolidating within a range for the past three months, but last week’s sharp rally has led to a bullish rectangular channel breakout on the daily chart, supported by strong volumes. At the same time, prices are nearing a decisive trendline breakout connecting the all-time high and the recent top. With RSI lending confirmation, the overall setup points to a strong positive bias in the short to medium term.
Strategy: Buy
Target: Rs 850
Stop-Loss: Rs 759
Shyam Metalics and Energy | CMP: Rs 970.8
For nearly a year, Shyam Metalics struggled to surpass the Rs 950–960 resistance zone, but after multiple failed attempts, a bullish breakout has finally taken place with a strong weekly close. This move is backed by a strong bullish candle accompanied by a surge in volumes. Adding to the strength, the daily RSI has quickly jumped from 40 to 60, highlighting robust positive momentum.
Strategy: Buy
Target: Rs 1,050
Stop-Loss: Rs 929
Anshul Jain, Head of Research at Lakshmishree Investments
Poonawalla Fincorp | CMP: Rs 524.4
Poonawalla Fincorp has broken out of a 319-day bullish rounding pattern and, after a 9-day consolidation, has delivered a strong follow-through move backed by volumes. Both the breakout and the follow-through have witnessed heavy buying interest, signaling strong institutional participation. With momentum indicators firmly aligned on the upside, the stock looks set to extend its rally in the near term. On declines, Rs 500 will now act as a major support level, providing a strong cushion for bulls. Overall, the breakout appears sustainable, with room for further upside.
Strategy: Buy
Target: Rs 650
Stop-Loss: Rs 500
AGI Infra | CMP: Rs 1,387.8
AGI Infra has delivered a strong follow-through move with volumes on the upside after a bullish flag breakout on the weekly charts. The price action suggests that further follow-through is highly likely as the stock remains in peak momentum. Notably, the weekly ADX is signaling a potential acceleration in trend strength, raising the probability of a vertical move. With this momentum backdrop, AGI Infra looks well placed to extend gains and could head toward the Rs 1,600 zone in the near term, supported by strong technical confirmation.
Strategy: Buy
Target: Rs 1,600
Stop-Loss: Rs 1,300
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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