The benchmark indices rebounded after a day of consolidation, with the Nifty 50 climbing 0.5 percent on October 29, supported by positive market breadth. About 1,821 shares advanced, compared to 996 declining shares on the NSE. The market needs to surpass the previous day’s high for a further upmove; till then, it may see consolidation. Below are some short-term trading ideas to consider:
Rupak De, Senior Technical Analyst at LKP Securities
Hindustan Petroleum Corporation | CMP: Rs 468.85
HPCL has given a flag pattern breakout on the daily chart, placing it in a bullish zone. The 21EMA, a short-term smoothing tool, is positioned below the current price, confirming a bullish trend.
The RSI has also given a consolidation breakout on the daily timeframe. In the short term, the trend is likely to remain positive, with the potential to rise towards Rs 490. Support is placed at Rs 460, below which the trend might weaken.
Strategy: Buy
Target: Rs 490
Stop-Loss: Rs 460
HUDCO | CMP: Rs 235.68
Housing and Urban Development Corporation has given a narrowing consolidation breakout on the daily timeframe, indicating a rise in optimism around the stock. The price has been sustaining above the 50EMA for the last several days.
The RSI has also given a consolidation breakout on the daily timeframe. In the short term, the trend is likely to remain positive, with the potential to rise towards Rs 250. Support is placed at Rs 227; a fall below this level might end the current positive sentiment.
Strategy: Buy
Target: Rs 250
Stop-Loss: Rs 227
Tata Steel | CMP: Rs 185.19
A massive breakout was seen in Tata Steel, as the stock has broken out from a rounding bottom pattern, creating an opportunity for a decent rally in the short to medium term. The RSI has entered a high-momentum zone, providing a tailwind to price action.
Moreover, the moving averages are well below the price, confirming a bullish trend. On the higher side, the stock may move towards Rs 225, while on the lower side, Rs 174 is likely to act as strong support; a break below this level could lead to a phase of consolidation.
Strategy: Buy
Target: Rs 210, Rs 225
Stop-Loss: Rs 174
Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities
GAIL | CMP: Rs 184.64
GAIL has given an ascending triangle pattern breakout on the daily chart after repeatedly facing resistance around the Rs 181–183 zone. The breakout was backed by strong volumes, confirming renewed buying interest. With Wednesday’s close, the stock trades above its key short- and long-term moving averages, reinforcing the bullish tone.
The RSI has moved above 60, reflecting strengthening momentum and rising buying pressure, while Bollinger Bands are widening, indicating increasing volatility and the start of a trending phase.
Additionally, the Nifty Oil & Gas/Nifty ratio chart has given a downward sloping trendline breakout, signalling sectoral outperformance, with GAIL well-positioned to lead this upmove. Hence, we recommend accumulating the stock in the zone of Rs 185–182.
Strategy: Buy
Target: Rs 195
Stop-Loss: Rs 178
Himadri Speciality Chemical | CMP: Rs 485.75
HSCL has given a Rs 462–478 narrow range breakout after consolidating for the past five sessions. Volumes have been gradually picking up over the last three trading days, lending conviction to the breakout. The RSI has crossed 60, indicating rising bullish momentum, while the price has closed above the upper Bollinger Band, showing strength in the ongoing move.
Additionally, the MACD has moved above the zero line with expanding histogram bars, signalling renewed positive momentum. The stock had earlier faced strong selling pressure near the Rs 485–490 zone, which now becomes a key level to watch.
With price action firm and indicators supportive, the stock looks well-poised to break its key resistance zone and move higher. Hence, we recommend accumulating the stock in the zone of Rs 485–481.
Strategy: Buy
Target: Rs 520
Stop-Loss: Rs 470
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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