The benchmark indices staged a strong rally on October 15, with the Nifty 50 rising 1.66 percent despite weak market breadth. On the NSE, 2,011 shares declined, compared with 1,234 that advanced. Improving momentum could help the market extend its upward trajectory, but the sustainability of the rally remains a key factor to watch. Here are some short-term trading ideas to consider:
Astral has broken out above a bullish pole-and-pennant continuation pattern on the 75-minute chart. Before the breakout, the stock formed a double-bottom pattern accompanied by positive divergence in the momentum indicator.
The stock is trading above key moving averages. The recent rally was supported by strong volumes, indicating healthy buying participation. Momentum and trend indicators continue to support a bullish bias.
Tega Industries staged a strong breakout in September on the weekly chart, emerging from a long-term triangular consolidation pattern on robust volumes. On the daily chart, the stock is currently trading near its 20-day exponential moving average (EMA) while holding above its medium- and long-term moving averages, indicating a healthy retracement.
Trading volumes have remained low during the pullback, supporting the view that the move represents a constructive correction. On the weekly chart, the stock is approaching a retest of the breakout zone. Momentum and trend indicators remain supportive of the bullish outlook.