Equity benchmarks extended gains for another session on October 10, with the Nifty 50 rising 0.4 percent. Market breadth favoured the bulls, as about 1,708 shares witnessed buying interest compared to 1,109 stocks that declined on the NSE. However, the market may witness some correction following Friday’s turmoil in US counterparts. Still, technically, the trend remains upward as long as the index stays above all EMAs. 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 1,870.2
On the weekly timeframe, Tata Communications has confirmed a trend reversal, as it has decisively broken out past the one-year "inverse Head & Shoulder" neckline at the Rs 1,800 level on a weekly closing basis. This breakout is accompanied by strong volumes, reconfirming bullish sentiment. The stock is well placed above its 20-, 50-, 100-, and 200-day SMA, which reinforces the bullish trend. The daily and weekly Bollinger Band buy signals indicate increasing momentum, while the daily, weekly, and monthly strength indicators (RSI) suggest rising strength.
Strategy: Buy
Target: Rs 2,040, Rs 2,130
Stop-Loss: Rs 1,800
IndusInd Bank | CMP: Rs 763.35
Over the past couple of weeks, IndusInd Bank has decisively broken out past an 8–10-week down-sloping trendline on a closing basis. Additionally, it has surpassed the multiple resistance zone of Rs 758 on the daily chart, indicating a strong comeback by the bulls. The stock is trading well above its 20- and 50-day SMA, reinforcing a positive bias. Both daily and weekly RSI indicators are also showing rising strength.
Strategy: Buy
Target: Rs 785, Rs 800
Stop-Loss: Rs 738
Larsen & Toubro | CMP: Rs 3,784
On the daily and weekly charts, L&T has significantly surpassed its consolidation range of Rs 3,740–3,430 on a closing basis. The stock is positioned above its 20-, 50-, 100-, and 200-day SMA, confirming a bullish trend. These moving averages are also gradually rising with the price, further supporting the bullish outlook. The RSI indicators across daily, weekly, and monthly timeframes show increasing strength.
Strategy: Buy
Target: Rs 3,930, Rs 4,050
Stop-Loss: Rs 3,700
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
Central Depository Services | CMP: Rs 1,605.3
CDSL has shown a decent upward movement in the most recent trading session, rebounding from its 200 DSMA and surging above all its key EMAs on the daily chart. This performance indicates a multi-week breakout, supported by strong volumes. Indicators such as SuperTrend suggest continued momentum, making it likely that the counter will maintain its upward trajectory in the near term. Hence, we recommend buying CDSL around Rs 1,600–1,590.
Strategy: Buy
Target: Rs 1,740, Rs 1,780
Stop-Loss: Rs 1,500
ICICI Bank | CMP: Rs 1,380.3
ICICI Bank has experienced a significant correction, dropping below its short-term EMA and entering oversold territory. However, the stock has stabilized near its 200 DSMA, which coincides with the neckline of the previous breakout zone — indicating a potential brief reversal. Moreover, the MACD signal line has recently crossed over positively within the oversold area, suggesting a shift in sentiment toward the bullish side. Therefore, we recommend buying ICICI Bank around Rs 1,370–1,360.
Strategy: Buy
Target: Rs 1,450, Rs 1,470
Stop-Loss: Rs 1,320
Kajaria Ceramics | CMP: Rs 1,242
Kajaria Ceramics has shown notable gains over recent weeks, rising from the 100 DEMA level — which aligns with previous swing lows — indicating strong support. This upward trend is reinforced by positive MACD histogram crossovers, which point to bullish sentiment. Additionally, the stock presents an attractive risk-reward ratio and appears resilient from a short-term perspective. We recommend buying Kajaria Ceramics around Rs 1,230–1,220.
Strategy: Buy
Target: Rs 1,300, Rs 1,320
Stop-Loss: Rs 1,175
Anshul Jain, Head of Research at Lakshmishree Investments
South Indian Bank | CMP: Rs 34.26
South Indian Bank has broken out of a 360-day-long bullish cup and handle pattern on the daily charts, supported by a massive 1,055% surge in volumes compared to the 50-day average. This strong volume expansion signals institutional participation, increasing the likelihood of the breakout sustaining.
A close above Rs 32 has confirmed the breakout, paving the way for a rally towards Rs 45, which aligns with the pattern’s projected target. The overall price structure and momentum indicators remain supportive, suggesting the stock could maintain its upward trajectory in the near term.
Strategy: Buy
Target: Rs 45
Stop-Loss: Rs 31
JK Paper | CMP: Rs 420.6
JK Paper has completed a 64-day cup and handle breakout on the daily charts and has since formed a 5-bar mini coil, indicating tight price compression. On the weekly timeframe, the stock is forming an inside bar candle — a pattern that often precedes a strong directional move.
The broader structure highlights Rs 424.7 as a key breakout level of a larger cup and handle formation. Friday’s bullish move from the 10–20 day EMA spread further strengthens the case for continued upside momentum. With both short- and medium-term setups aligned, a sharp rally towards Rs 483 appears highly probable.
Strategy: Buy
Target: Rs 516
Stop-Loss: Rs 375
AGI Infra | CMP: Rs 287.9
AGI Infra posted a strong weekly close after an aggressive shakeout of weak longs, signaling the resumption of fresh bullish momentum. The stock has broken above its previous all-time high of Rs 281, with a 567% surge in volume compared to the 50-day average — confirming institutional participation.
It has also lifted off cleanly from its 10- and 20-day EMAs, which are now acting as dynamic propellers for the ongoing upmove. Given the strength of the breakout and the accompanying volume expansion, a vertical rally towards Rs 325–Rs 350 appears highly likely in the near term.
Strategy: Buy
Target: Rs 350
Stop-Loss: Rs 245
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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