Equity benchmarks extended their uptrend for another session, with the Nifty 50 rising 0.65 percent amid positive market breadth. On the NSE, 1,894 shares advanced, compared with 1,345 shares that declined. The market may attempt to extend its upward momentum, but the sustainability of the rally remains a key factor to watch, given the headwinds from elevated crude oil prices. Here are some short-term trading ideas to consider:
Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One
Lemon Tree Hotels continues to find support in the Rs 100–102 band, which serves as a crucial support zone for the stock. The formation of a bullish Anchor Column from this support band, followed by a Double Top Buy signal on the daily 0.25% Point and Figure (P&F) chart, indicates strong buying interest at lower levels and a potential shift in control towards buyers.
Meanwhile, a bullish crossover of the 20-day exponential moving average (DEMA) above the 50-day DEMA points to improving momentum. Hence, buying is recommended in the Rs 113–113.50 range.
The Rs 3,200–3,290 band serves as a strong support zone for Supreme Industries, and the stock continues to attract buying interest in this range. This is supported by the formation of a bullish Anchor Column from the same zone. Additionally, a bullish 100% Pole formation highlights strong demand at lower levels. A Turtle Breakout on the stock's daily 0.25% × 3 Point and Figure chart further indicates that short-term momentum and control may be shifting in favour of buyers.