Equity benchmarks rebounded after a couple of days of correction, closing with moderate gains on November 3, with positive market breadth. About 1,599 shares were supported by bulls, while 1,226 shares were under pressure on the NSE. The consolidation amid range-bound trading may continue in the upcoming sessions due to a lack of triggers. Below are some short-term trading ideas to consider:
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
Oil India | CMP: Rs 437
Oil India has recently witnessed a decisive breakout after consolidating in the range of Rs 405–428. The breakout occurred above the Ichimoku Cloud, aligning with both the 200-day EMA and 200-day SMA — indicating strong underlying trend confirmation.
The MACD has also given a bullish crossover above the zero line, suggesting the start of fresh upward momentum. Notably, the breakout was accompanied by a sharp rise in trading volumes, reinforcing the move’s authenticity. Traders may consider entering long positions in the Rs 438–428 zone.
Strategy: Buy
Target: Rs 490
Stop-Loss: Rs 400
Aurobindo Pharma | CMP: Rs 1,158.6
Aurobindo Pharma has registered a strong breakout after consolidating in the range of approximately Rs 1,075–1,130. The stock has moved above the Ichimoku Cloud and the 50-day EMA, signaling a firm shift in momentum and confirmation of a bullish trend.
Adding to the optimism, the MACD indicator has displayed a positive crossover above the zero line, pointing toward renewed buying interest. The breakout was supported by a noticeable surge in trading volumes, validating the strength of the move. Traders may consider entering long positions in the Rs 1,160–1,140 zone.
Strategy: Buy
Target: Rs 1,270
Stop-Loss: Rs 1,090
Life Insurance Corporation of India | CMP: Rs 919.9
A strong consolidation phase in LIC is observed near the 200-day Exponential Moving Average (DEMA), indicating the formation of a solid base. This was followed by a breakout above the Ichimoku Cloud, accompanied by a notable surge in volumes, confirming renewed buying interest and the strength of the breakout.
Additionally, the MACD indicator has given a bullish crossover above the zero line, reinforcing the shift in momentum toward the upside. Considering these technical signals, the setup suggests that bullish momentum is likely to continue in the coming sessions, with the stock poised for further upside if it sustains above the breakout zone. Traders may consider entering long positions in the Rs 920–910 zone.
Strategy: Buy
Target: Rs 985
Stop-Loss: Rs 880
Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities
Petronet LNG | CMP: Rs 285
Petronet LNG seems to have formed a short-term base in the range of Rs 275–280 levels. It has managed to surpass the consolidation, and it has witnessed some short covering as well, due to which the stock prices have moved up.
A further up-move is also likely on account of short covering, and the risk–reward ratio is quite in favour of the bulls. There have been significant Put additions at Rs 270 and Rs 280 strikes, and the PCR (Put-Call Ratio) is trading well above 1 at 1.33, which is also a bullish sign in the near term. Buy Petronet LNG Futures in the range of Rs 285–287.
Strategy: Buy
Target: Rs 300, Rs 307
Stop-Loss: Rs 275
Godrej Properties | CMP: Rs 2,307.5
Godrej Properties has been consolidating within a range of Rs 50–70, and in that process, it has formed a symmetrical triangular pattern, which is a continuation pattern. There was significant short build-up in the stock, and it was in tandem with Nifty Realty, as the overall sector had witnessed the short build-up.
The sector has witnessed short covering, and the stock, too, has witnessed the same. The Nifty Realty sector is now trading at a three-month high, and within that, Godrej Properties is now likely to provide a breakout from this consolidation on account of short covering. As per the options data, there were good Put additions at the Rs 2,300 strike as well as Call unwinding at the Rs 2,320 strike, and both Put together indicate a short-term up-move in the stock. Buy Godrej Properties Futures in the range of Rs 2,335–2,325.
Strategy: Buy
Target: Rs 2,400, Rs 2,430
Stop-Loss: Rs 2,285
Punjab National Bank | CMP: Rs 123.52
The Nifty PSU Bank Index continues to shine, and it has been forming higher highs and higher lows, which is a positive sign for the bulls. Most stocks within it have witnessed long additions in the futures segment, which is also a positive sign; hence, the short-term outlook for the sector as well as its stocks is positive.
As far as PNB is concerned, it has also witnessed long build-up in futures and has taken off its multiple swing resistance of Rs 118 levels, which has now become a critical support in the near term. The Rs 120 strike has witnessed significant Call unwinding, and the Rs 123 to Rs 125 strikes have seen huge Put additions, indicating that the bulls are aggressive and the stock has higher upside potential in the near term. Buy PNB Futures in the range of Rs 123–125.
Strategy: Buy
Target: Rs 132, Rs 136
Stop-Loss: Rs 117
Vidnyan S Sawant, Head of Research at GEPL Capital
Larsen & Toubro | CMP: Rs 3,980.5
Larsen & Toubro has been in a sustained uptrend, with each correction finding support near the 100-week EMA, reflecting a strong and healthy trend. In the current month, the stock has given a decisive breakout from a 20-month consolidation phase with a strong bullish candlestick, indicating the resumption of its primary uptrend.
Volume has surged above the 20-week average, confirming strong participation, while the RSI is trending higher, signaling accelerating bullish momentum and further upside potential.
Strategy: Buy
Target: Rs 4,258
Stop-Loss: Rs 3,860
Bharat Airtel | CMP: Rs 2,074
Bharat Airtel has been in a strong structural uptrend, consistently forming higher tops and bottoms, reflecting sustained bullish momentum. The stock has repeatedly taken support near its 20-week EMA, showing healthy bullish mean reversions. On the monthly scale, it has broken out of a three-month consolidation, while on the weekly scale, it has also cleared a 16-week range with a strong volume surge, confirming accumulation.
The RSI shows a bullish crossover, indicating renewed momentum. Overall, the stock remains well-positioned to extend its uptrend as long as it sustains above the breakout zone.
Strategy: Buy
Target: Rs 2,281
Stop-Loss: Rs 1,991
Cummins India | CMP: 4,379.7
Cummins India has been in a strong structural uptrend since forming a crucial bottom in April 2025 near the 100-week EMA and 61.8% Fibonacci retracement level. From there, the stock resumed its primary upward trajectory, consistently forming higher tops and bottoms. It has shown notable resilience through market consolidations and, in the last week of the October series, hit a new lifetime high, confirming the continuation of its long-term bullish trend.
The RSI is trending higher, signaling momentum strength, while weekly volumes have surged above the 20-week average, indicating renewed institutional buying interest.
Strategy: Buy
Target: Rs 4,686
Stop-Loss: Rs 4,245
Hindustan Petroleum Corporation | CMP: Rs 484.1
Hindustan Petroleum Corporation has been in a strong uptrend since breaking out of its ascending triangle pattern, marking the start of a sustained rally. Recently, the stock broke out of a broad consolidation phase with a strong bullish candle and a sharp rise in volume above the 20-week average, reinforcing buying strength.
It has also registered a new all-time high this week, reflecting continued outperformance. The RSI remains above 60, currently near 65, confirming persistent bullish momentum and a positive outlook.
Strategy: Buy
Target: Rs 552
Stop-Loss: Rs 464
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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