The benchmark indices gave up some of the gains recorded over the previous two sessions, with the Nifty 50 falling 1.11% on October 19 as bears dominated market breadth. According to reports from Moneycontrol, on the NSE, around 2,526 shares declined while 733 advanced. The market may attempt a rebound, but needs to decisively break above Monday's high to sustain its upward momentum. Until then, the market is likely to remain in a consolidation phase.
ACME Solar Holdings is trading near the 50-day EMA, which coincides with support from the Ichimoku cloud, creating a crucial confluence zone. As reported by Moneycontrol, the daily RSI has formed a hidden bullish divergence, suggesting that the underlying bullish structure remains intact despite the recent price correction. The stock is also displaying an AB=CD harmonic pattern, indicating the possibility of a reversal or resumption of the prevailing trend. Traders may consider entering long positions in the ₹410–420 zone with a target of ₹465 and stop-loss at ₹390. Oriental Hotels is displaying encouraging technical signals with a strong breakout following consolidation just above its 50-day EMA. The bullish outlook is supported by RSI on both daily and weekly charts around or above 60, indicating strengthening momentum, with buy recommendations in the ₹147–150 zone targeting ₹165.
Fortis Healthcare Futures has become significantly oversold with Call open interest highest at the ₹800 strike and maximum pain level at ₹780. According to Moneycontrol, the stock could witness short covering towards its maximum pain level, with buy recommendations in the ₹730–740 range targeting ₹765–780. Blue Star Futures has formed a price base and reversed direction, with options data indicating significant Put base between ₹1,500–1,570. The stock is currently trading above its maximum pain level of ₹1,540, with buy recommendations in the ₹1,560–1,575 range targeting ₹1,620–1,650. Indus Towers has formed a short-term base in the ₹370–380 range and has witnessed some short covering in the futures segment.
PVR Inox is showing strong recovery on the weekly chart with rising volumes and improving momentum, moving above its 50-week EMA near ₹1,114. As reported by Moneycontrol, a positive MACD reading and RSI above 65 indicate strong bullish momentum, with buy recommendations targeting ₹1,650 and stop-loss at ₹1,300. South Indian Bank remains in a strong uptrend trading near record-high levels, with the stock demonstrating resilience despite broader market volatility. The RSI above 65 indicates positive momentum, with buy recommendations targeting ₹64 and stop-loss at ₹49.
KEI Industries Futures fell sharply after hitting a high of ₹5,899 in August, with the decline ending at ₹4,447 in September. According to Moneycontrol, the stock recently reversed from the upper end of a flag pattern and broke below its previous low, with sell recommendations targeting ₹4,245–4,100. Radico Khaitan Futures remains in a corrective phase with bearish weekly momentum indicators, while the daily momentum indicator generated a bearish crossover during Monday's session. Sell recommendations target ₹4,230–4,125 with stop-loss at ₹4,630.
