The benchmark indices remained under pressure, with the Nifty 50 falling more than half a percent amid weak market breadth. On the NSE, 2,347 stocks declined, compared with 891 that advanced. Markets are likely to remain range-bound in the near term, warranting a cautious approach. Here are some short-term trading ideas to consider:
Om Mehra, Technical Research Analyst at Samco Securities
Granules India has been consolidating near the Rs 800–820 support zone after it corrected from the recent highs. The stock has formed a double bottom pattern on the daily chart, indicating a potential reversal from this level. The past two sessions have seen steady closes near the base, reflecting gradual accumulation at lower levels. The RSI is placed near 45 with a positive divergence visible on the daily chart.
The volumes remain neutral, though a sustained move above Rs 825 could push the stock higher. Hence, one can consider long positions at the CMP of Rs 817.
Federal Bank has broken above the Rs 340–345 resistance zone, which had capped the stock on multiple occasions, with recent sessions showing a strong sequence of higher closes.