The benchmark indices extended weakness for the third consecutive session, though they showed significant recovery from the day’s low to close 17 points down on November 7. The market breadth was balanced, with 1,428 shares advancing against 1,415 declining shares on the NSE. The consolidation amid range-bound trading may continue, with Friday’s low likely acting as support. Below are some short-term trading ideas to consider:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Chennai Petroleum Corporation | CMP: Rs 1,016.3
On the weekly chart, Chennai Petroleum Corporation price movements have confirmed a ‘Rounding Bottom’ formation breakout at around Rs 940 level on a closing basis, indicating bullish sentiments. The rising volumes over the past couple of weeks signify increased participation.
The daily and weekly ‘Bollinger Band’ buy signals indicate increased momentum. The daily and weekly strength indicator RSI shows rising strength. The stock is well placed above its 20, 50, 100, and 200-day SMAs, and these averages are also inching up along with the price rise, reconfirming the bullish trend.
Strategy: Buy
Target: Rs 1,130, Rs 1,200
Stop-Loss: Rs 970
Astral | CMP: Rs 1,557.3
On the weekly chart, Astral has confirmed a ‘down-sloping trendline’ breakout at Rs 1,465 on a closing basis, along with huge volumes, which confirms a short-term trend reversal. The stock is well placed above its 20, 50, 100, and 200-day SMAs, and these averages are also inching up along with rising prices, reconfirming a bullish trend. The daily ‘Bollinger Band’ buy signals indicate increased momentum. The daily, weekly, and monthly strength indicator RSI shows rising strength.
Strategy: Buy
Target: Rs 1,660, Rs 1,750
Stop-Loss: Rs 1,520
BSE | CMP: Rs 2,678.3
On the daily chart, BSE has decisively surpassed the past five months’ ‘multiple resistance’ zone breakout at the Rs 2,585 level on a closing basis, indicating resumption of the prior uptrend. This breakout is accompanied by huge volumes, signaling increased participation. The daily ‘Bollinger Band’ buy signals indicate increased momentum. The stock is well placed above its 20, 50, 100, and 200-day SMAs, reconfirming a bullish trend. The daily and weekly strength indicator RSI shows rising strength.
Strategy: Buy
Target: Rs 2,860, Rs 2,920
Stop-Loss: Rs 2,585
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
ICICI Bank | CMP: Rs 1,343
ICICI Bank has shown a significant correction over the past couple of trading weeks, retesting the bullish gap below the 200-day SMA on the daily chart. The recent correction has led indicators to plunge, though there has been a positive divergence between the price action and the 14-day RSI, suggesting a counter-trend move.
Additionally, the risk-reward ratio at the current zone seems favourable, creating an opportunity from a medium-term perspective. We recommend buying ICICI Bank around Rs 1,330–1,320.
Strategy: Buy
Target: Rs 1,400, Rs 1,420
Stop-Loss: Rs 1,280
ICICI Prudential Life Insurance Company | CMP: Rs 615.35
ICICI Prudential Life has experienced a decent resurgence from its cluster of EMAs and has now surged above all its significant EMAs on the daily chart. The stock has shown a consolidation breakout from a pivotal support level within an elongated consolidation zone.
Additionally, the MACD signal line has recently crossed near the zero line, followed by a positive crossover of the 14-day RSI, indicating bullish sentiment. Hence, we recommend buying ICICI Prudential Life around Rs 610.
Strategy: Buy
Target: Rs 650, Rs 660
Stop-Loss: Rs 585
Steel Authority of India | CMP: Rs 141
SAIL has demonstrated a significant increase over recent weeks, ascending from the 50-day Exponential Moving Average (DEMA). The stock has undergone a multi-week breakout from the Rs 135 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, suggesting prevailing bullish sentiment in the market. Hence, we recommend buying SAIL around Rs 138–135.
Strategy: Buy
Target: Rs 152, Rs 156
Stop-Loss: Rs 127
Anshul Jain, Head of Research at Lakshmishree Investments
Angel One | CMP: Rs 2,616.4
Angel One has confirmed a bullish flag pattern breakout above Rs 2,550, backed by a strong 120 percent surge in volume against the 50-day average — a clear sign of institutional interest. The 23 percent flagpole height adds conviction to the move, suggesting momentum is building for a sustained rally.
With RSI and other momentum indicators aligning perfectly with the bullish setup, the breakout above Rs 2,550 is likely to hold. This structure provides a solid launch pad for continued upside, supported by both price action and participation strength.
Strategy: Buy
Target: Rs 2,850
Stop-Loss; Rs 2,520
Multi Commodity Exchange of India | CMP: Rs 9,430.5
MCX has broken out of a well-formed rounding pattern, with the right side showing healthy development and strength. On Friday, the stock smartly swept the box low near Rs 8,975, shaking out weak longs before bouncing sharply on strong institutional volumes — a classic sign of stronger hands taking control.
A sustained move above Rs 9,650 would confirm an additional breakout, opening the path toward an immediate upside target of Rs 10,500. With moving averages perfectly aligned in support of the bullish trend, the setup looks primed for continuation, serving as a solid launchpad for the next leg higher.
Strategy: Buy
Target: Rs 10,500
Stop-Loss: Rs 9,300
Shipping Corporation of India | CMP: Rs 266.45
After a strong 25 percent rally following its cup-and-handle breakout, SCI is now consolidating within a bullish flag pattern — a healthy pause within an uptrend. Friday’s candle indicates a pre-emptive breakout attempt, supported by a noticeable rise in volumes, hinting at renewed buying interest.
A sustained move above Rs 270 will likely confirm the breakout, setting up an initial target near Rs 294, followed by a secondary target around Rs 320. The structure remains constructive, and as long as the stock holds above key support zones, momentum traders can look for continuation on the upside.
Strategy: Buy
Target: Rs 294, Rs 320
Stop-Loss: Rs 255
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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