Trade Spotlight: How should you trade HCL Technologies, Titan Company, Kotak Mahindra Bank, Persistent Systems, Adani Ports, and others on November 2?

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 | CMP: Rs 1,428.1 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. Target: Rs 1,520, Rs 1,530 Samvardhana Motherson International | CMP: Rs 156.5

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. The presence of demand in this zone is further validated by multiple bullish formations emerging from the same price range, including a bullish 100% pole and a weak breakout pattern. These formations suggest that strong buying interest continues to emerge at lower levels.

A weak breakout on the 1% Renko charts further reinforces the presence of demand at lower levels. Additionally, the repeated formation of long wicks on the daily candlestick charts indicates potential selling exhaustion. Buy the stock around Rs 154-155. Target: Rs 165, Rs 168 Dixon Technologies (India) | CMP: Rs 11,000 A bearish crossover of the 20-day double exponential moving average (DEMA) below the 200-day SMA, following an earlier bearish crossover of the 20-day EMA below the 50-day EMA, has strengthened the bearish short-term trend in Dixon Technologies.

A follow-through Double Bottom Sell signal on the bearish anchor column indicates a potential resumption of the downtrend. The Renko charts also show a pullback towards the upper boundary of the Donchian Channel, followed by a swing breakdown, providing further confirmation of the bearish trend. Sell the stock around Rs 11,000-11,010. Target: Rs 9,800, Rs 9,750 Jatin Gedia, Technical Research Analyst, VP, Derivatives & Technical Research at Teji Mandi

Titan Company | CMP: Rs 4,436.5 Titan was in a short-term downtrend but has completed a five-wave decline and started recovering, forming higher highs and higher lows on the daily charts. On the weekly charts, the stock has formed a bullish engulfing candlestick pattern, which is considered a potential trend reversal signal. Positive divergence and a bullish crossover in the momentum indicator further suggest a potential buying opportunity.

The stock is expected to retrace towards Rs 4,582-4,697, corresponding to the 38.2% and 50% Fibonacci retracement levels of the decline from Rs 5,187 to Rs 4,209. Target: Rs 4,582, Rs 4,697 Persistent Systems | CMP: Rs 6,048 Persistent Systems had been consolidating within a narrowing range over the past couple of weeks but has now broken out of this range on the upside. The breakout has been accompanied by above-average trading volumes, suggesting a credible breakout and the possible resumption of the primary uptrend.

A bullish crossover in the momentum indicator across the monthly, weekly and daily time frames further reinforces the positive outlook. Considering the price-volume breakout and favourable momentum setup, the stock is expected to move towards Rs 6,595, which represents the 100% Fibonacci extension level of the previous upward wave. Adani Ports and Special Economic Zone | CMP: Rs 1,850 Adani Ports has been in a long-term uptrend.

On the daily charts, the stock has broken out of a bullish flag pattern, indicating the possible resumption of the next leg of its upward move. In the previous trading session, the stock declined towards its 20-hour moving average, around Rs 1,820, and witnessed buying interest at that level. The daily momentum indicator has also registered a positive crossover. Therefore, any dip towards this support level could offer a buying opportunity.

The stock is expected to move towards Rs 1,933, which represents the 100% Fibonacci extension level of the previous upward wave. Vaishnavi Jagtap, Senior Research Analyst – Technical at Axis Direct Kotak Mahindra Bank | CMP: Rs 461.6 With the strong upmove during the current week, Kotak Mahindra Bank has decisively broken above the multiple resistance zone of Rs 450-455, which had capped its upside over the past year, on a closing basis.

This indicates a possible resumption of the previous uptrend. The breakout has been accompanied by strong volumes, signalling increased market participation. The weekly Bollinger Band buy signal further confirms the improvement in buying momentum. The stock is trading comfortably above its 20-day, 50-day, 100-day and 200-day simple moving averages (SMAs). These averages are also trending upwards, reinforcing the bullish technical structure.

Additionally, the daily, weekly and monthly Relative Strength Index (RSI) readings remain in favourable territory, indicating strengthening momentum across all three time frames. Target: Rs 475, Rs 485 Over the past couple of sessions, DLF has decisively broken above the multiple resistance zone around Rs 685, which had capped its upside over the previous three to four months, on a closing basis. The buying momentum has emerged around the 20-day, 50-day and 100-day simple moving averages (SMAs), reinforcing the positive sentiment towards the stock.

The daily Bollinger Band buy signal indicates improving momentum. Furthermore, the daily, weekly and monthly RSI readings remain in favourable territory, suggesting strengthening momentum across all time frames. Target: Rs 715, Rs 745 Infosys | CMP: Rs 1,185 Over the past couple of weeks, Infosys has decisively broken above a downward-sloping trendline resistance around Rs 1,115, which had been in place for the previous six to eight months, on a closing basis.

The breakout has been accompanied by strong trading volumes, indicating increased participation in the rally. The stock has also formed multiple lows around Rs 980, making this an important support zone. Currently, Infosys is trading comfortably above its 20-day, 50-day and 100-day SMAs, reinforcing the bullish technical outlook. The daily, weekly and monthly RSI readings are also in favourable territory, indicating strengthening momentum across all time frames. Target: Rs 1,250, Rs 1,320