Equity benchmarks remained under pressure for the second consecutive session, with the Nifty 50 falling 0.34 percent on October 21 amid weak market breadth. On the NSE, around 2,838 stocks declined, compared with just 459 that advanced. The bears are likely to remain in control amid consolidation, as the broader market structure continues to look weak. Here are some short-term trading ideas to consider:
Vaishali Patel, Deputy Manager - Research-Technical Department at Jainam
Coforge is exhibiting a strong bullish setup after forming a Cup-and-Handle pattern and breaking above the crucial resistance zone of Rs 1,900–1,920. The stock recently retested the breakout zone and witnessed renewed buying interest, validating the breakout and indicating strong demand at higher levels.
The price action remains firmly above key moving averages, highlighting the strength of the prevailing uptrend. Momentum indicators also continue to support the positive outlook.
The handle formation reflects healthy consolidation following the sharp rally, while the breakout signals a resumption of the primary uptrend. The stock is also trading near its recent swing highs, indicating strong relative strength.