Equity benchmarks remained under pressure on October 12, with the Nifty 50 falling 0.7 percent amid weak market breadth. On the NSE, around 1,705 stocks declined, compared with 1,580 that advanced. While the market may attempt a rebound, the sustainability of any recovery remains uncertain given the weak broader market structure. Against this backdrop, here are some short-term trading ideas to consider:
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
Gabriel India has witnessed a bullish breakout following a consolidation phase above its 100-day double exponential moving average (DEMA), indicating improving price strength and the potential continuation of its uptrend. The breakout suggests strengthening buying interest after a period of sideways movement.
Additionally, the Relative Strength Index (RSI) is trading above the crucial 50 mark on both the daily and weekly charts, signalling positive momentum across short- and medium-term timeframes. The combination of the price breakout and positive RSI readings strengthens the bullish technical outlook.
Sustaining above the breakout zone will be crucial to maintaining positive momentum and supporting further upside. However, traders should monitor price action for confirmation of follow-through buying and remain cautious if the stock fails to hold above the breakout level. Traders may consider entering long positions in the Rs 1,380–1,405 zone, with a target of Rs 1,495.