Equity benchmarks fell sharply for another session, with the Nifty 50 declining 0.61 percent on September 8. Market breadth remained firmly in favour of the bears, with about 1,764 shares declining against 1,492 advancing shares on the NSE. The market is expected to remain under pressure from the bears, with range-bound trading likely in the near term. Here are some short-term trading ideas to consider:
Amol Athawale, VP Technical Research at Kotak Securities
Garden Reach Shipbuilders & Engineers | CMP: Rs 2,525.7
After its declining trend, Garden Reach Shipbuilders is in the accumulation zone where it is trading in a range-bound mode on the daily scale. However, recent bullish activity near the lower boundary of the range is indicating good strength.
The stock is expected to rebound and witness fresh up move from the current levels with a favourable risk and reward perspective. As long as the stock is trading above Rs 2,440, the bullish texture is likely to continue. Above which, the stock could move up to Rs 2,710.