The market witnessed sharp selling pressure on October 8, with the Nifty 50 declining 1.64 percent amid bearish market breadth. About 2,813 shares declined against 491 advancing shares on the NSE. The market may attempt a rebound, but sustained buying interest will be crucial for any meaningful recovery and a broader shift in market structure from bearish to bullish. Here are some short-term trading ideas to consider:
Om Mehra, Technical Research Analyst at Samco Securities
PNB Housing Finance has been consolidating within a narrow range over the past couple of weeks and has now rebounded from its support zone. The previous resistance zone has turned into firm support, with the stock holding above its 20-day simple moving average (SMA).
The stock continues to form higher highs, keeping the broader uptrend intact. The latest upmove has also been accompanied by rising volumes, indicating stronger market participation.
The RSI has turned sharply higher from the lower end of its range and is now near 55, while the MACD has turned positive following a fresh bullish crossover, signalling improving momentum.