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 | CMP: Rs 1,045.8 Lodha Developers has bounced sharply from the rising trendline support on the daily chart. The fact that the opening and low prices were identical at Rs 1,005 points to strong buying interest and 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. Hence, one can consider long positions at the current market price (CMP) of Rs 1,045.8, with an expected move towards Rs 1,120 and a stop-loss at Rs 1,010.
Saregama India | CMP: Rs 536 Saregama India has broken out of the Rs 520–525 resistance zone, which had capped its advances through August and October. The stock is trading well above its MA Ribbon, with all moving averages in bullish alignment, reflecting broad-based strength. Volumes have surged to nearly double the recent average, providing strong confirmation of the breakout. The continuation pattern remains intact.
The RSI has climbed sharply to around 63, indicating a significant improvement in momentum. Hence, one can consider long positions at the CMP of Rs 536, with an expected move towards Rs 580 and a stop-loss at Rs 510. Bajaj Finance | CMP: Rs 938.9 Bajaj Finance has been trading within a well-defined descending channel and is now bouncing from the lower band near Rs 910. The stock recovered sharply from its intraday low to close near Rs 939, indicating a rebound from the lower band.
A positive divergence is visible on the RSI, signalling a potential rebound from lower levels. The MACD histogram has begun contracting, indicating that selling pressure is gradually easing. Hence, one can consider long positions at the CMP of Rs 938.90, with an expected move towards Rs 990 and a stop-loss at Rs 915. Jay Mehta, Technical Research at JM Financial Services Zensar Technologies | CMP: Rs 537.3
Zensar Technologies has given a strong breakout above a descending triangle consolidation pattern. In the latest session, it also broke out of a continuation flag-and-pole pattern, supported by strong volume participation, reinforcing the bullish bias. The stock is trading above its short-, medium- and long-term moving averages. Momentum and trend indicators also support the possibility of further upside.
Target: Rs 580, Rs 615 L&T Technology Services | CMP: Rs 4,182.6 LTTS has given a strong breakout above a triple-bottom consolidation pattern. The stock is trading well above its short-, medium- and long-term moving averages. It has also recently broken above a resistance trendline, confirming bullish continuation and strengthening momentum. Momentum and trend indicators support the possibility of further upside.
Target: Rs 4,428, Rs 4,650 Transformer and Rectifiers India | CMP: Rs 315.8 TARIL broke out of a sloping wedge consolidation pattern around October 14, accompanied by very strong volumes following its earnings announcement. The stock has since retraced to retest the breakout zone and is currently holding above its short- and medium-term moving averages. A reversal candlestick pattern has formed near the retest zone.
Momentum and trend indicators support the continuation of the bullish bias. Target: Rs 336, Rs 345 Hitesh Tailor, Technical Research Analyst at Choice Broking IndusInd Bank | CMP: Rs 868 IndusInd Bank has formed a bullish reversal candle along a multi-year ascending trendline support on the daily chart, after finding strong buying interest in the Rs 830–845 demand zone. The setup reflects an impulsive rebound directly from the long-term rising trendline, with the stock moving higher to test the 50 EMA, which now acts as immediate dynamic resistance.
Meanwhile, the 14-period RSI has turned sharply upwards to 45.29 and crossed above its signal line, confirming that downward momentum is easing as accumulation resumes. A sustained move higher from this major trendline support zone could pave the way for a continued recovery towards the Rs 950–960 supply zone. Maintain a stop-loss at Rs 822 for a target of Rs 960. Great Eastern Shipping Company | CMP: Rs 1,618.8
Great Eastern Shipping Company has registered a decisive breakout above horizontal resistance on the daily chart, clearing the Rs 1,580–1,590 multi-month swing ceiling. The stock continues to display a strong technical structure above its rising moving averages, with the 50 EMA providing firm support to the broader uptrend. Meanwhile, the 14-period RSI has moved firmly into bullish territory at 67.77 and crossed above its signal line, confirming active accumulation and strengthening upward momentum.
A decisive daily close above the previous supply zone validates the breakout structure and opens up the possibility of a rally towards its all-time high resistance levels. Maintain a stop-loss at Rs 1,530 for a target of Rs 1,797. Syrma SGS Technology | CMP: Rs 1,669 Syrma SGS Technology has formed a decisive bullish continuation candle on the daily chart, breaking above a multi-month horizontal consolidation zone near Rs 1,600–1,620.
The setup indicates sustained buying interest around the rising short-term moving average, which has consistently absorbed shallow declines and supported the primary uptrend. Meanwhile, the 14-period RSI has moved sharply into positive momentum territory and crossed above its signal line, confirming strengthening upward momentum and a potential end to the earlier consolidation phase. Sustained trading above the previous resistance zone could pave the way for a further momentum-driven move towards higher price levels. Maintain a stop-loss at Rs 1,560 for a target of Rs 1,890.
