The market is expected to continue rangebound trading in the upcoming sessions. Below are some short-term trading ideas to consider.
FACT formed strong bullish candlestick pattern on the daily timeframe, with above average volumes. Also, the stock traded well above all key moving averages, which is a positive sign.
Fertilizer stocks have performed quite well outside of the recent upswing, with the majority of the stocks rising by 21 percent and 95 percent during the last six months.
Bank of Baroda shares climbed 4.6 percent to Rs 199.10, the highest closing level since August 21, 2015, and formed long bullish candlestick pattern on the daily timeframe for yet another session. The stock has made higher high, higher low formation, with above average volumes.
The overall structure of HBL Power Systems looks lucrative as it trades above its all-important moving averages.
Divis Laboratories shares jumped 10 percent to Rs 3,212, the highest closing level since February 2, and formed strong bullish candle on the daily charts with robust volumes. The strong rally has taken the stock above 50 and 100-day EMA).
Finolex Cables was also in action, rising 5 percent to Rs 586.7 and formed a long bullish candle on the daily charts with above average volumes. The stock has seen a breakout of small downward sloping resistance trend line adjoining November 30 and December 13, 2022, and a long downward sloping resistance trend line adjoining November 22, 2021, and December 13, 2022.