The benchmark indices extended their losses for another session, with the Nifty 50 falling 0.22 percent on October 28. However, market breadth remained positive, with 1,741 shares advancing against 1,516 declining shares on the NSE. The market may remain range-bound between the current month's high and low. Here are some short-term trading ideas to consider:
Lenskart Solutions has witnessed a breakout above its falling trendline on the daily chart, indicating a potential shift in the prevailing trend from bearish to bullish. Additionally, it has reclaimed both its 20-day and 50-day moving averages, reflecting improving price strength and a positive near-term outlook.
The RSI has also registered a bullish crossover, further reinforcing the strengthening momentum. The combination of these technical indicators suggests that the stock is gaining traction and may sustain its upward momentum in the coming trading sessions, subject to broader market conditions. Buy the stock at around Rs 685-690.
BSE is exhibiting a constructive technical setup, with an inverse head and shoulders pattern visible on the BSE chart. It is currently trading above the neckline, indicating a potential bullish breakout and a possible trend reversal. Notably, this pattern has developed after the stock found support near the crucial 78.6% Fibonacci retracement level, highlighting the significance of this support zone.
Additionally, the RSI has registered a bullish crossover, reinforcing positive momentum. Overall, these technical indicators suggest an improving chart structure and a potentially bullish outlook for the stock. Buy BSE above Rs 3,510.