Equity benchmarks erased their previous day’s gains and closed with 0.7 percent losses on October 30, with subdued market breadth. About 1,682 shares saw selling pressure, while 1,128 shares advanced on the NSE. The market is expected to consolidate further amid range-bound trading before finding firm direction. Below are some short-term trading ideas to consider:
Jay Mehta, Technical Research at JM Financial Services
Tata Power Company | CMP: Rs 409.8
Tata Power Company has broken out above a resistance trendline in place since November 2024 and recently surpassed a triangular consolidation pattern. The latest breakout on Wednesday cleared both the trendline and a tight range, backed by a notable volume surge indicating strong participation. The price finds robust support at Rs 391–394, where all key EMAs converge. Momentum indicators favour a bullish outlook. The ideal buying zone on dips is Rs 403–405.
Strategy: Buy
Target: Rs 422, Rs 435
Stop-Loss: Rs 391
BHEL | CMP: Rs 261.3
Bharat Heavy Electricals has decisively broken out above a consolidation pattern that began in July 2025, fuelled by significant volume expansion and a bullish candlestick formation. The price trades above all key EMAs with upward-sloping trends, signalling strength and potential support on pullbacks. Momentum indicators reinforce the bullish bias. The RSI on the weekly charts has turned upward, while the MACD also suggests incoming momentum on the daily timeframe.
Strategy: Buy
Target: Rs 272, Rs 288
Stop-Loss: Rs 234
Brigade Enterprises | CMP: Rs 1,038.9
After a 34% correction from its June 2025 peak of Rs 1,332, Brigade Enterprises built a base in the Rs 880–980 zone, forming a double bottom. The RSI displayed double positive divergence with higher lows. The price has reclaimed the 200-day EMA, hinting at a trend reversal. Recently, both price and RSI broke out above their ranges, supported by strong positive volume and high delivery percentages. Momentum and trend indicators align with a bullish outlook.
Strategy: Buy
Target: Rs 1,075, Rs 1,136
Stop-Loss: Rs 960
Amruta Shinde, Research Analyst at Choice Broking
BPCL | CMP: Rs 357.6
Bharat Petroleum Corporation is showing strong bullish momentum. The stock recently broke out of a long-term cup and handle pattern and rebounded from lower levels, indicating renewed buying interest. It continues to trade above its 20-day, 50-day, and 200-day EMAs, confirming a well-established uptrend. The breakout above the key resistance level of Rs 350, supported by bullish candle formations, reflects improving market sentiment.
Sustaining this momentum and crossing the major resistance at Rs 376 could lead to a near-term upside target of Rs 395. On the downside, immediate support lies at Rs 345. The RSI is currently at 68.78 and trending upward, suggesting strengthening momentum without entering the overbought zone.
Strategy: Buy
Target: Rs 395
Stop-Loss: Rs 339
NBCC | CMP: Rs 118.37
NBCC is displaying strong bullish momentum. The stock has recently broken out of an ascending triangle pattern with a strong bullish candle and rebounded from lower levels, signalling renewed buying interest. The breakout above the key resistance level of Rs 117.43, supported by bullish formations, indicates improving market sentiment. Sustaining this momentum and surpassing the major resistance at Rs 121.40 could open the path toward a near-term upside target of Rs 128. On the downside, immediate support is placed at Rs 112.40.
The RSI currently stands at 64.78 and is trending upward, suggesting strengthening momentum without yet entering the overbought zone. Additionally, the stock continues to trade above its 20-day, 50-day, and 200-day EMAs, confirming a well-established uptrend.
Strategy: Buy
Target: Rs 128
Stop-Loss: Rs 114
Lemon Tree Hotels | CMP: Rs 168.21
Lemon Tree Hotels has recently rebounded from a key support zone. The stock is on the verge of breaking out from a falling trendline on the daily timeframe, indicating the potential formation of a bullish reversal pattern. In the short term, it appears well-positioned to move towards the Rs 183 level. The Relative Strength Index (RSI) stands at 53.83, reflecting a strengthening trend with ample room for further upside.
Additionally, Lemon Tree Hotels is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the ongoing uptrend. A sustained move above the crucial resistance level of Rs 170 could confirm the breakout and offer an ideal entry point for long positions. On the downside, Rs 164 will act as support for any minor pullback.
Strategy: Buy
Target: Rs 183
Stop-Loss: Rs 161
Om Mehra, Technical Research Analyst at Samco Securities
eClerx Services | CMP: Rs 4,721.3
eClerx Services has witnessed a breakout above the Rs 4,640 zone, accompanied by a notable surge in volumes. The stock continues to maintain a higher-high, higher-low formation, reaffirming the prevailing uptrend.
The short-term moving averages have given a bullish crossover, reflecting renewed momentum. The RSI has strengthened to 65, indicating sustained buying strength, while the MACD remains in positive territory.
The recent price breakout, supported by strong volume and firm indicator alignment, signals a continuation of the upward trend.
Strategy: Buy
Target: Rs 4,940
Stop-Loss: Rs 4,610
Polycab India | CMP: Rs 7,845
Polycab India has broken out of a Darvas box pattern after consolidating for several sessions, supported by a rise in volumes. The stock has remained comfortably above its key moving averages, indicating sustained strength in the ongoing trend. The breakout candle has closed near the day’s high, confirming buying traction. The RSI has climbed to 62 with a steady upward slope, reflecting improved momentum.
The upper Bollinger Band, placed around Rs 7,900, may act as a minor hurdle; sustaining above this level could lead to a new high.
Strategy: Buy
Target: Rs 8,120
Stop-Loss: Rs 7,700
Ashok Leyland | CMP: Rs 140.77
Ashok Leyland is hovering near its all-time high while maintaining a sequence of higher highs and higher lows, reflecting steady trend continuation. The stock remains well-positioned above its key moving averages, which are sloping upward and supporting the prevailing uptrend.
The RSI remains at 58, showing strengthening momentum, while the MACD has turned positive. The ascending trendline connecting recent swing lows remains a dynamic support, maintaining a positive bias for further upside.
Strategy: Buy
Target: Rs 147
Stop-Loss: Rs 137
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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