The benchmark indices rebounded sharply on October 13, with the Nifty 50 rising 1.6 percent amid positive market breadth. On the NSE, around 1,903 stocks advanced, while 1,364 declined. Following the sharp rally, the market may witness some consolidation and profit booking in the near term. Here are some short-term trading ideas to consider:
Rajesh Dashrath Bhosale, Fund Manager - Advisory at Renaissance
Balrampur Chini has demonstrated notable relative strength, correcting far less than the broader market during the recent weakness while trading within a range. On the daily chart, the stock has now broken out of this range and is trading above all key moving averages.
The RSI is above 50, while a pickup in trading volumes supports the breakout, indicating fresh buying interest and the potential for further upside.
Canara Bank is trading within a bullish Wolfe Wave pattern and recently witnessed a strong reversal from the pattern’s price reversal zone (PRZ). The stock is also holding firm at the long-term support of its 200-week simple moving average (SMA), while the hourly chart indicates a strong range breakout.