The market extended profit booking for another session, with the Nifty 50 breaking its six-day winning streak and closing 96 points down on October 24. The market breadth favoured the bears, with 1,800 shares declining against 1,014 advancing shares on the NSE. Rangebound trading is expected to continue until the benchmark indices trade below the previous week’s high. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Tata Communications | CMP: Rs 1,896
On the weekly chart, Tata Communications has experienced a trend reversal as it has confirmed an inverse Head and Shoulders pattern breakout at around the Rs 1,800 level. The recent breakout in the stock is supported by significant trading volumes, indicating strong investor participation. The stock is currently positioned above its 20-, 50-, 100-, and 200-day simple moving averages (SMA), all of which are also trending upward alongside rising prices, reinforcing a bullish outlook.
Additionally, the Bollinger Bands on a weekly basis are providing buy signals, suggesting increased momentum. The weekly and monthly Relative Strength Index (RSI) indicates growing strength as well.
Strategy: Buy
Target: Rs 2,020, Rs 2,180
Stop-Loss: Rs 1,840
Shriram Finance | CMP: Rs 715.5
On the weekly chart, Shriram Finance has confirmed a medium-term trendline breakout at Rs 705 on a closing basis, indicating the stock is currently exhibiting a positive bias, as it is positioned well above its 20-, 50-, 100-, and 200-day simple moving averages (SMA), reinforcing a bullish trend. Weekly Bollinger Band buy signals indicate increased momentum, while the daily, weekly, and monthly strength indicator (RSI) shows rising strength.
Strategy: Buy
Target: Rs 750, Rs 800
Stop-Loss: Rs 695
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
Bharat Forge | CMP: Rs 1,283.9
Bharat Forge has shown a decent upward move in the most recent trading session, rebounding from its 200-day SMA and surging above all its significant EMAs on the daily chart. This recent performance indicates a ‘Cup and Handle’ formation breakout, and with the presence of supportive volumes and indicators such as SuperTrend suggesting continued momentum, the counter is likely to maintain its upward trajectory in the forthcoming period. Hence, we recommend buying Bharat Forge around Rs 1,280–1,260.
Strategy: Buy
Target: Rs 1,380, Rs 1,400
Stop-Loss: Rs 1,200
Bank of Maharashtra | CMP: Rs 58.89
Bank of Maharashtra has experienced a significant resurgence from its 200 DSMA and has now surged above all its significant EMAs on the daily chart. The stock has formed an ‘Inverse Head & Shoulders’ pattern on the daily and weekly timeframes, suggesting a bullish reversal trend. Additionally, the MACD signal line has recently crossed above the zero line, indicating bullish sentiment. Hence, we recommend buying Bank of Maharashtra around Rs 57–56.
Strategy: Buy
Target: Rs 62, Rs 64
Stop-Loss: Rs 53
Vedanta | CMP: Rs 495.6
Vedanta has demonstrated a significant increase over recent weeks, ascending from the 20-day Exponential Moving Average (DEMA) to achieve record highs. The stock has undergone a multi-week breakout from the Rs 480 subzone, suggesting a strong likelihood of sustaining its upward trajectory in the near term. Furthermore, this movement has been reinforced by positive crossovers in the MACD histogram signal, which suggest a prevailing bullish sentiment in the market. Hence, we recommend buying Vedanta around Rs 490–480.
Strategy: Buy
Target: Rs 530, Rs 535
Stop-Loss: Rs 460
Anshul Jain, Head of Research at Lakshmishree Investments
CreditAccess Grameen | CMP: Rs 1,422.5
CreditAccess Grameen has broken out of a 43-day bullish consolidation pattern, which had been acting as a temporary pause in its broader uptrend. The strong breakout close on high volumes signals institutional participation and reinforces bullish sentiment.
Additionally, momentum indicators such as RSI and short-term moving averages are well aligned and acting as propellers for continued upside momentum. The overall structure remains robust, and the stock appears poised for further gains as long as it sustains above the breakout zone.
Strategy: Buy
Target: Rs 1,550
Stop-Loss: Rs 1,370
Edelweiss Financial Services | CMP: Rs 120.61
Edelweiss Financial Services is on the verge of a bullish breakout from a 67-day-long cup and handle pattern, with high-volume candles approaching the neckline at Rs 122. The strong price momentum, coupled with rising institutional participation, suggests a high probability of a sustained breakout and follow-through buying on the upside. Furthermore, moving averages and MACD on higher timeframes are well aligned with the bullish setup, indicating that momentum is likely to continue and that the stock could enter a new upward phase if it sustains above the neckline.
Strategy: Buy
Target: Rs 170
Stop-Loss: Rs 108
Hindustan Copper | CMP: Rs 343.1
Hindustan Copper is consolidating after a high-volume breakout above a 311-day-long rounding base pattern. The stock has held firm for the past 10 sessions, showing clear relative strength as it rallied on the final trading day of the week despite broader market weakness. A move above Rs 355 will confirm a renewed uptrend, opening the path for a rally towards Rs 450 initially.
The overall structure remains strong and bullish, with moving averages and momentum indicators well aligned to support the next leg of the upmove, suggesting sustained strength ahead.
Strategy: Buy
Target: Rs 400
Stop-Loss: Rs 310
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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