The benchmark indices corrected after a two-day winning streak, with the Nifty 50 falling 0.76 percent amid weak market breadth. About 1,915 shares declined, compared with 1,377 advancing shares on the NSE. The market may consolidate within the previous week's wide trading range in the short term. Here are some short-term trading ideas to consider:
PNB Housing Finance has given a breakout from a falling wedge pattern on the daily chart, suggesting a strong rise in optimism around the stock. The 20-EMA and 50-EMA are in a bullish crossover, indicating a positive setup.
Besides, the RSI on the daily chart has given a breakout from a falling channel, further supporting the positive outlook. The short-term outlook appears positive, with the stock potentially reaching Rs 1,200. On the lower end, support is placed at Rs 1,100.
Adani Green Energy has given a breakout from a downward consolidation pattern on the daily chart, suggesting a strong rise in optimism around the stock. Additionally, it has reclaimed the 50-EMA on the daily timeframe, confirming an improvement in sentiment. Trading volumes have remained high lately, indicating strong participation.
Besides, the RSI on the daily chart has given a breakout from a falling channel, further supporting the positive outlook. The short-term outlook appears positive, with the stock potentially reaching Rs 1,410. On the lower end, support is placed at Rs 1,300.