Equity benchmarks extended their gains on November 2, rising nearly 1.7 percent amid positive market breadth. On the NSE, approximately 2,254 shares advanced against 1,050 declining shares, reflecting broad-based buying interest. The market is expected to maintain its positive bias, supported by strengthening technical indicators and easing crude oil prices. Here are some short-term trading ideas for investors and traders to consider:
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi
TVS Motor is showing encouraging signs of a potential bullish reversal after breaking above its falling trendline, indicating an improvement in its underlying price structure. Additionally, the stock is finding support within the Ichimoku cloud, suggesting that buyers are attempting to establish a strong base.
Momentum indicators are also turning favourable, with the daily Relative Strength Index (RSI) successfully reclaiming the crucial 50 mark after facing resistance around this level on multiple occasions. This indicates improving bullish momentum and strengthens the possibility of further upside. Traders may consider initiating long positions in the Rs 4,150–4,220 zone.
Tata Power is showing encouraging signs of a potential bullish reversal, with a three-point bullish divergence emerging on the daily chart. This indicates improving underlying momentum and suggests that selling pressure may be gradually weakening.