The benchmark indices closed with moderate losses on September 23, extending the downward move for three days on the trot. The market breadth remained supported by bears. About 1,591 shares declined against 1,181 advancing shares on the NSE. The market may see some more consolidation amid rangebound trading in the upcoming sessions. Below are some short-term trading ideas to consider:
Amol Athawale, VP Technical Research at Kotak Securities
Union Bank of India | CMP: Rs 140.2
On the weekly charts, Union Bank of India is in a rising channel chart formation with a higher high and higher low series pattern. The stock witnessed a steady recovery from trendline support levels. Additionally, the technical indicator RSI is also indicating a further uptrend from current levels, which could boost the bullish momentum in the near future. For positional traders, Rs 135 would be the decisive level. Trading above the same, the uptrend formation will continue till Rs 150. However, if it closes below Rs 135, traders may prefer to exit from trading long positions.
Strategy: Buy
Target: Rs 150
Stop-Loss: Rs 135
Jindal Steel | CMP: Rs 1,062.7
After the remarkable up move of the last few weeks, Jindal Steel witnessed consolidation near the resistance zone. However, after the upward rally, the stock comfortably closed above its breakout zone. The closing above its resistance zone on the daily scale suggests a bullish continuation chart structure and the up move is likely to persist in the coming horizon. For the next few trading sessions, Rs 1,025 could be the trend-decider level for the bulls. If it sustains above the same, we can expect a further uptrend towards Rs 1,140.
Strategy: Buy
Target: Rs 1,140
Stop-Loss: Rs 1,025
Tata Motors | CMP: Rs 701.35
On the weekly scale, post-reversal from the lower levels, Tata Motors is currently in a phase of consolidation for the last couple of sessions. However, recent bullish activity near the demand zone is indicating good strength. The gradual up moves in the stock suggest a fresh leg of bullish trend in the near term. As long as the stock is trading above Rs 675, the bullish texture is likely to continue. Above which, the stock could move up to Rs 750.
Strategy: Buy
Target: Rs 750
Stop-Loss: Rs 675
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Samvardhana Motherson International | CMP: Rs 112
The sharp upside momentum continued on Tuesday in Samvardhana Motherson after a small pause in the trend. The stock price has broken above the bullish flag/pennant-type pattern as per the daily timeframe chart. A bullish pattern like higher highs and lows is intact as per smaller and larger timeframe charts. Volume has started to expand during the upside breakout in the stock price, and the daily 14-period RSI shows a positive indication.
Strategy: Buy
Target: Rs 124
Stop-Loss: Rs 105
Canara Bank | CMP: Rs 121.9
The PSU banking stock Canara Bank has been in a sharp uptrended movement over the last few weeks. We observe a decisive upside breakout of the hurdle of the downsloping trendline at Rs 115 levels on the weekly chart, and the stock price has closed higher. Volume has expanded recently during the upside breakout in the stock price, and the daily 14-period RSI shows a positive indication.
Strategy: Buy
Target: Rs 135
Stop-Loss: Rs 115
NTPC | CMP: Rs 343
NTPC has been in a larger consolidation pattern over the last few months. The stock price has broken above the crucial resistance of the downsloping trendline this week at Rs 340 levels. This action is expected to be a decisive breakout of the larger consolidation pattern in the near term. The volume pattern and weekly RSI show a positive indication.
Strategy: Buy
Target: Rs 375
Stop-Loss: Rs 325
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Hindustan Petroleum Corporation | CMP: 424.3
In the previous session, Hindustan Petroleum Corporation (HPCL) managed to outperform its sector and gained 2.8 percent, which is a sign of strength in the ongoing trend. Since September 8, prices have managed to protect their prior day’s low on a closing basis, which keeps the daily bias on the side of the bulls.
Along with this, the 15-period EMA (Exponential Moving Average) and 30-period EMA have recently witnessed a bullish crossover, which further reinforces a positive outlook for the stock. Additionally, MACD is now trading above the zero line with sustained green histograms above the zero line.
Strategy: Buy
Target: Rs 435, Rs 450
Stop-Loss: Rs 407
Bank of India | CMP: Rs 121.43
Bank of India continued to make higher highs with each passing day, and in the previous session, the stock managed to close in green near the prior swing high of Rs 121.6 levels with a surge in volumes. On the daily chart, the stock, since July 2025, has been witnessing a rounding bottom formation, and currently it is trading near the neckline of the pattern, i.e., near Rs 122 levels.
For now, a decisive break above it is required for a fresh rally to emerge on the upside. Also, ADX is trading at 31 levels, which suggests good momentum is likely to continue in the stock. The current trend for Bank of India is on the verge of a breakout. For now, a decisive break above the Rs 122 level can trigger a trending move towards Rs 127 followed by Rs 132 levels.
Strategy: Buy
Target: Rs 127, Rs 132
Stop-Loss: Rs 117
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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