Equity benchmarks clocked 1 percent gains on October 16, extending their upward journey for another session, with positive market breadth. A total of 1,666 shares saw buying interest, compared to 1,159 declining shares on the NSE. The market trend remains positive, but consolidation cannot be ruled out after the sharp rally. Below are some short-term trading ideas to consider:
Arun Kumar Mantri, Founder of Mantri FinMart
Eicher Motors | CMP: Rs 6,988
Eicher Motors has been in positive momentum, in line with the overall Auto sector over the past few sessions, and is looking strong above the short-term support zones on the lower side. The stock is currently trading above the major EMAs (21, 50, 100, and 200-day) on daily charts. The Parabolic SAR is trading below the price action on weekly charts, reflecting that the uptrend in the stock will likely remain intact in the medium term. The overall sentiment and price action appear bullish, and minor corrections may provide good opportunities to add to the counter.
Strategy: Buy
Target: Rs 7,130, Rs 7,150
Stop-Loss: Rs 6,785
Marico | CMP: Rs 725.7
Marico has given a breakout from the “Inverted Head & Shoulders” pattern on the daily charts, coupled with strong weekly volumes and price action. The overall trend of the counter appears extremely bullish, with the next target around Rs 780+, potentially surpassing the August highs. On the downside, support lies around Rs 695–700, which marks the current swing lows. Short-term traders may go long in the stock, keeping a stop-loss below Rs 699, for targets of Rs 780+ levels in the near term
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Strategy: Buy
Target: Rs 786, Rs 796
Stop-Loss: Rs 699
SBI Life Insurance Company | CMP: Rs 1,835.7
SBI Life is on the verge of breaking out from medium-term consolidation zones and has shown strong price and volume action in recent times. Among the leading indicators, Parabolic SAR and Heiken Ashi candlesticks indicate a positive trend on both daily and weekly charts. The MACD indicator has crossed above the zero line, showing early signs of bullish momentum.
In addition, the price is rolling just above the middle band of the Bollinger Bands (20,2), with all major moving averages showing upward traction. Short-term traders may consider buying from current levels, keeping a strict stop-loss below Rs 1,792.
Strategy: Buy
Target: Rs 1,954, Rs 1,960
Stop-Loss: Rs 1,792
Hitesh Tailor, Technical Research Analyst at Choice Broking
HDFC Bank | CMP: Rs 994.35
HDFC Bank is exhibiting strong bullish momentum. The stock recently consolidated within a range and has given a strong breakout from a falling trendline, indicating potential for further upside. Rising volumes confirm renewed buying interest, while the price sustaining above the 20, 50, and 200 EMAs highlights continued bullish sentiment. The RSI at 71.12 reflects strong momentum, supporting the ongoing uptrend.
Strategy: Buy
Target: Rs 1,060
Stop-Loss: Rs 960
Bharat Forge | CMP: Rs 1,265.2
Bharat Forge is also showing strong bullish momentum. The stock has formed a well-defined Cup and Handle pattern and is on the verge of a breakout above its resistance zone, indicating potential for a sustained upmove. Rising volumes reinforce the strength of this bullish setup, while the price holding above the 20, 50, and 200 EMAs confirms a positive trend structure. The RSI at 65.05 reflects a bullish crossover, suggesting continued upward momentum.
Strategy: Buy
Target: Rs 1,365
Stop-Loss: Rs 1,215
Ujjivan Small Finance Bank | CMP: Rs 48.99
Ujjivan Small Finance Bank has recently formed a wide trading channel and has given a strong breakout. The stock also successfully retested the breakout zone, and a sustained move above its immediate resistance could indicate potential for further upside. The move is supported by key exponential moving averages acting as support from the downside, adding strength to the setup.
The RSI at 62.81 is gradually trending upward, supporting the bullish price action. A decisive move above Rs 49.20 could fuel the next leg of the rally. Short-term traders may look to initiate fresh buying at current levels.
Strategy: Buy
Target: Rs 54
Stop-Loss: Rs 46.50
Om Mehra, Technical Research Analyst at Samco Securities
Hindustan Unilever | CMP: Rs 2,561.5
Hindustan Unilever has shown a steady recovery from its recent consolidation phase, gaining traction. The stock has reclaimed its short-term moving averages, with the 20-EMA curving upward and converging toward the 50-EMA, indicating improving near-term momentum. On the daily chart, the stock has formed a double-bottom pattern, hinting at a potential base formation after a prolonged sideways move.
The RSI has inched up to 58, displaying renewed strength, while the MACD has turned positive. The rising volume alongside the price advance further validates the ongoing recovery trend.
Strategy: Buy
Target: Rs 2,760
Stop-Loss: Rs 2,595
Ceat | CMP: Rs 3,699
Ceat has given a strong breakout above the Rs 3,580–3,600 zone after multiple sessions of consolidation, accompanied by a sharp rise in volumes. The stock now trades well above the 20-EMA, placed near Rs 3,480, highlighting strength in the ongoing uptrend.
The breakout is also supported by a decisive bullish candle, reaffirming the momentum built over the past few weeks. The RSI has surged to 67, maintaining a positive slope, while the MACD continues to hold a firm bullish crossover. The sustained pattern of higher highs and higher lows reaffirms the strength of the ongoing trend.
Strategy: Buy
Target: Rs 3,900
Stop-Loss: Rs 3,585
Lodha Developers | CMP: Rs 1,194.8
Lodha Developers has broken out of a falling channel pattern after a prolonged corrective phase, signaling a potential trend reversal. The stock has reclaimed the 20-day moving average, positioned near Rs 1,160, and has formed a strong bullish candle. This breakout is supported by expanding Bollinger Bands, indicating renewed volatility on the upside.
The RSI has risen sharply to 56, reflecting improving momentum, while the MACD is on the verge of a positive crossover. The steady increase in volume alongside the price rise highlights the strength of the emerging uptrend.
Strategy: Buy
Target: Rs 1,260
Stop-Loss: Rs 1,160
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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