The benchmark indices witnessed consolidation and mild profit booking after a sharp seven-session rally, ending moderately lower on November 8 despite healthy market breadth. Around 2,581 shares advanced on the NSE, while 663 declined. The market is expected to remain range-bound in the near term, although the broader market structure continues to remain strong. Here are some short-term trading ideas for investors and traders to consider:
Mahesh Ojha, Vice President Research and Business Development at Kantilal Chhaganlal Securities
Hindalco Industries appears to have completed its corrective phase and triggered a decisive structural reversal on the daily chart. Supported by robust buying interest, the stock broke out of its multi-week consolidation range and moved towards Rs 954, successfully reclaiming key short-term moving averages.
This strong upside move has shifted the daily market structure back into a clear buy-on-dips configuration, suggesting that accumulation may be complete and the broader uptrend is poised to resume. Buy Hindalco in the Rs 950–955 range.
DCB Bank is displaying a strong bullish reversal structure on its daily chart. After undergoing a healthy technical correction, the stock tested the lower boundary of its long-term ascending channel and a crucial structural support zone.