Equity benchmarks rallied more than 1 percent on October 29 after a couple of days of consolidation, supported by healthy market breadth. Around 2,000 shares advanced on the NSE, compared with 1,272 that declined. While some profit-booking or a brief pause after the sharp rally cannot be ruled out, the near-term trend may remain positive as long as the indices hold above their short-term moving averages. Here are some short-term trading ideas to consider:
Om Mehra, Technical Research Analyst at Samco Securities
Lodha Developers has bounced sharply from the rising trendline support on the daily chart, with the open and the low level remaining identical at Rs 1,005 pointing to the potential for further upside.
The stock has reclaimed the Rs 1,020 mark and is now attempting to move above the zone that capped its gains during the recent corrective phase. Volumes are slightly above the recent average, supporting the recovery attempt. The stock is also holding above the 9 EMA.
The RSI has turned up from near oversold territory and is now at 46, indicating an improvement in momentum after an extended period of weakness.