The benchmark indices extended their gains for another session, with the Nifty 50 rising half a percent on October 30 despite weak market breadth. On the NSE, around 2,383 stocks declined against 881 advancing stocks. While the market may extend its upward momentum in the near term, the sustainability of these gains will be crucial to watch. Here are some short-term trading ideas for investors to consider:
Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One
HCL Technologies has signalled a potential trend reversal, as indicated by a breakout from its consolidation range on the daily charts. A golden crossover, with its 20-day exponential moving average (EMA) moving above the 200-day simple moving average (SMA), points to improving momentum and strong near-term tailwinds.
Additionally, a bullish breakout in the Super pattern on its Point and Figure (P&F) chart reinforces the positive technical outlook. On the shorter time frame, the stock has also triggered a bullish swing breakout on the 0.5% Renko charts, offering a risk-adjusted trading opportunity in a stock exhibiting a strong trend. Buy the stock around Rs 1,425-1,428.
Samvardhana Motherson International has a confluence of support in the Rs 148-150 band, marked by the lows of a bullish anchor column on its P&F charts and a previous price breakout on its candlestick charts.