The benchmark indices fell around 1 percent on September 9, extending their downtrend for the third consecutive session. Market breadth remained negative, with about 1,986 shares declining against 1,272 advancing shares on the NSE. The market is likely to see consolidation with a negative bias. Here are some short-term trading ideas to consider:
Urban Company has seen a sigh of relief on Wednesday following a few days of decline on the daily timeframe, suggesting an initial sign of recovery. On the hourly chart, the price has recovered above the 50EMA, indicating a possible improvement in the trend. The hourly RSI is in a bullish crossover.
Besides, the stock has found support around the low of the previous congestion zone and has recovered from those levels. In the near term, the trend might remain positive, with the stock having the potential to rise towards Rs 185. On the lower end, support is placed at Rs 167.
Inox Wind has moved up after a few days of consolidation, pointing towards a rise in bullish sentiment. Besides, the stock is sustaining above the 20EMA on the daily timeframe.
The price has also risen after forming a positive divergence, indicating improving momentum. Overall, the sentiment looks positive for the stock, with the potential to rise towards Rs 81 in the short term. On the lower end, support is placed at Rs 76.