Equity benchmarks ended moderately higher after a range-bound trading session on November 12, while market breadth remained in favour of the bulls. Around 1,837 stocks advanced, compared with 1,471 declining stocks on the NSE. The market may witness further consolidation until the Nifty 50 decisively breaks above Wednesday's high. Here are some short-term trading ideas for investors and traders to consider:
Hitesh Tailor, Technical Research Analyst at Choice Broking
Phoenix Mills has witnessed a strong breakout above the Rs 2,170 level, forming a Rounding Bottom pattern with a large bullish candle accompanied by rising volumes. The stock is trading above its 20-day, 50-day and 200-day EMAs, indicating strong bullish momentum.
Sustaining above Rs 2,170 will keep the positive outlook intact, with an upside target of Rs 2,550 and a stop-loss at Rs 2,158.
Paytm has given a strong breakout from its recent sideways trading range, supported by healthy volumes, and is trading at an all-time high. The breakout above the upper Bollinger Band, along with an RSI reading of 71.46, indicates strong bullish momentum.