Equity benchmarks extended their winning streak for the fifth consecutive session, with the Nifty 50 rising 0.63 percent on November 4, supported by strong market breadth. On the NSE, around 2,518 stocks advanced, while 776 declined, reflecting broad-based buying interest. The market is expected to maintain its positive momentum, supported by an improving broader technical structure. Here are some short-term trading ideas for investors and traders to consider:
Adani Green Energy has reclaimed both its short-term and long-term moving averages on the daily chart, with its latest closing price hovering near the swing-high resistance zone.
Additionally, a positive divergence on the RSI indicates improving momentum, suggesting that the stock could resume its broader uptrend following the recent corrective phase. The overall technical setup remains encouraging, and a sustained upward move could take the stock towards its next upside target of Rs 1,450.
GAIL India has broken out of a prolonged consolidation phase and reclaimed its 100-week SMA after facing repeated resistance at this level for an extended period. This development indicates a potential improvement in its long-term price structure.
Additionally, the RSI has witnessed bullish crossovers on both the daily and weekly charts, signalling strengthening momentum across timeframes. The combination of a long-term breakout and improving momentum suggests renewed buying interest, with the stock poised for further upside towards Rs 200.