The market attempted to extend the previous day's rally but selling pressure in late trade pulled it down to close marginally lower on October 9. However, the market breadth remained positive due to buying in the broader space, with about 1,708 shares advancing against 802 declining shares on the NSE. Volatility is expected to continue in the market, with support at the current week's low. Below are some trading ideas for the near term:

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas

Cipla | CMP: Rs 1,680.5

Cipla has broken out of a five-week consolidation on the upside. This breakout has been accompanied by above-average volume, and the daily momentum indicator is on the verge of providing a positive crossover on the daily charts, which is a bullish sign. Thus, one can go long on the stock.

Strategy: Buy

Target: Rs 1,785, Rs 1,850

Stop-Loss: Rs 1,630

Tech Mahindra | CMP: Rs 1,658.8

Tech Mahindra has been consolidating in a range for the past five weeks. We expect this consolidation to break out on the upside, as the daily momentum indicator has triggered a positive crossover, signaling a buying opportunity. Therefore, one can go long on the stock.

Strategy: Buy

Target: Rs 1,750, Rs 1,825

Stop-Loss: Rs 1,600

Vidnyan S Sawant, Head of Research at GEPL Capital

Anant Raj | CMP: Rs 738.65

Anant Raj has exhibited a robust price structure on the monthly scale, consistently maintaining its upward trend. After breaking out of the multi-year swing high from 2008 in May 2024, the stock has entered a new phase of outperformance relative to broader indices. On the weekly scale, it has consistently traded above its key moving averages, the 12-week and 26-week EMAs (Exponential Moving Averages). Additionally, the rising momentum indicators reflect price growth supported by strong underlying momentum, signaling sustained bullish potential. Looking ahead, the stock has the potential for an upside target of Rs 865, with a recommended stop-loss at Rs 680 on a closing basis to manage risk.

Strategy: Buy

Target: Rs 865

Stop-Loss: Rs 680

CDSL | CMP: Rs 1,471.85

Since breaking out of the Flag pattern in June 2023, Central Depository Services (CDSL) has consistently maintained a formation of higher tops and higher bottoms. In recent price action, the stock has shown a bullish mean reversion from the 12-week EMA, and on the daily scale, it has seen buying interest from a double-bottom formation. This suggests that the stock is poised for a faster retracement and is likely to continue its upward trajectory. Looking ahead, the stock shows potential for an upside target of Rs 1,720, with a recommended stop-loss at Rs 1,350 on a closing basis to manage risk.

Strategy: Buy

Target: Rs 1,720

Stop-Loss: Rs 1,350

Mahindra and Mahindra | CMP: Rs 3,153

Since March 2023, Mahindra and Mahindra have shown remarkable resilience in their price action, consistently forming higher tops and higher bottoms. Despite challenging market conditions, the stock has maintained stability within a well-defined range, underscoring its strength and relative performance. Notably, trading volume has surged above the 21-week average, signaling increased investor interest. On a daily scale, the stock has exhibited a polarity shift from the consolidation zone established in June 2024. Looking ahead, the stock shows potential for an upside target of Rs 3,627, with a recommended stop-loss at Rs 2,960 on a closing basis to manage risk.

Strategy: Buy

Target: Rs 3,627

Stop-Loss: Rs 2,960

Hindalco Industries | CMP: Rs 727.55

Hindalco has exhibited a pattern of higher tops and higher bottoms since 2022, consistently holding its position above the 26-week EMA, indicating a healthy upward trend. A positive structural development was first observed in August 2024 when the stock experienced a polarity shift from the March 2022 swing high. In recent price action, another polarity change has been witnessed from the June 2024 swing high, suggesting that the stock is likely to experience strong price growth. Looking ahead, there is potential for further upside, with a target of Rs 845. To manage risk effectively, it's advisable to set a stop-loss at Rs 685 on a closing basis.

Strategy: Buy

Target: Rs 845

Stop-Loss: Rs 685

Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities

ADF Foods | CMP: Rs 318

ADF Foods has maintained its bull run for a long time, with prices rising within a channel through the formation of higher highs and higher lows. This week, a fresh breakout has been observed, as the stock marked its all-time high of Rs 324.50. The price-volume action, accompanied by a rectangle pattern breakout, suggests further upside potential. Therefore, one can accumulate the stock on dips to the Rs 310 level, expecting an upside to Rs 350-355, with a downside support zone of Rs 305-300.

Strategy: Buy

Target: Rs 350, Rs 355

Stop-Loss: Rs 270

Exide Industries | CMP: Rs 519

After marking its all-time high of Rs 620.35 in June, Exide experienced a series of profit bookings and retraced back toward its 200-day EMA on daily charts. Technically, the stock formed a double bottom and has once again caught renewed bullish momentum. This week, a fresh breakout has been observed above the key resistance level of Rs 510, accompanied by long build-up and rising volumes. Therefore, one can accumulate the stock in the range of Rs 510-520, expecting an upside to Rs 585-590, with a downside support zone of Rs 495-500.

Strategy: Buy

Target: Rs 575, Rs 580

Stop-Loss: Rs 470

EIH | CMP: Rs 407.4

Since the last two months, EIH has been consolidating in the range of Rs 360-390, with rangebound moves at its 200-day EMA keeping the stock in a consolidation phase. This week, fresh momentum has been witnessed, as the stock has given a breakout above the Inverted Head & Shoulders pattern on short-term charts. On broader charts, a fresh upward move has been observed above the falling trendline of a downward-sloping channel. Therefore, one can accumulate the stock in the range of Rs 400-405, expecting an upside to Rs 455-460, with a downside support zone of Rs 385-390.

Strategy: Buy

Target: Rs 455, Rs 460

Stop-Loss: Rs 370