Equity benchmark indices saw significant correction from their day's high and closed moderately higher on September 4. The market breadth turned negative after a three-day positive trend. A total of 1,743 shares declined compared to 1,043 rising shares on the NSE. Rangebound trading is expected to continue in the upcoming sessions. Below are some short-term trading ideas to consider:
Jay Mehta, Technical Research at JM Financial Services
Afcons Infrastructure | CMP: Rs 439.15
Afcons has been moving within a descending triangle pattern since March 2025, reaching a low of approximately Rs 398 after its listing. It retested this level on April 7 and saw a false breakdown below it on July 29, forming a hammer candlestick. The stock has now broken out above the triangle, with a successful retest of the breakout zone. Volume has risen positively in recent sessions and is trading above average.
The price trades above its 20-, 50-, and 100-day EMAs, aligning with momentum indicators that support a bullish outlook. The ADX trend indicator shows increasing bullish momentum, with DMI+ well above DMI- and ADX trending upward. A move above Rs 447 could fuel a stronger rally. The stock exhibits notable relative strength compared to Nifty and broader market indices.
Strategy: Buy
Target: Rs 465, Rs 484
Stop-Loss: Rs 411
National Aluminum Company | CMP: Rs 206.67
NALCO this week broke out above a prolonged consolidation range, which was in play for almost 3–4 months, during which trading volume was below average. The breakout is supported by robust volume, surpassing typical levels, and the stock displays strong relative strength compared to Nifty and the broader market.
Trend indicators point to sustained bullish momentum in the near term. The price is above all key EMAs, which are converging in a tight range, potentially providing solid support ahead. Daily and weekly momentum indicators reinforce the bullish trend, suggesting continuation. Buying at CMP and also accumulating on dips toward the Rs 192–196 support zone could be a good strategy.
Strategy: Buy
Target: Rs 215, Rs 220
Stop-Loss: Rs 182.5
Devyani International | CMP: Rs 179.3
Devyani this week broke out above a tight consolidation zone, where it had been confined for the past six sessions, marked by multiple Spinning Top candlestick patterns signaling indecision. The bulls ultimately prevailed, and the breakout is supported by a surge in positive volume. In recent sessions, several positive volume surges have also been witnessed, reflecting robust buying interest and good accumulation at lower levels.
The stock exhibits strong relative strength, and trend indicators point to sustained bullish momentum. The price is trading above all key EMAs, which are clustering in a tight range to provide solid support. Daily and weekly momentum indicators reinforce a bullish trend, with a move above Rs 182.5 likely to propel further upside.
Strategy: Buy
Target: Rs 195, Rs 206
Stop-Loss: Rs 166.5
Mandar Bhojane, Senior Technical & Derivative Analyst at Choice Broking
IDFC First Bank | CMP: Rs 72.23
IDFC First Bank has recently broken out of a double bottom pattern on the daily chart, supported by strong trading volumes, indicating the emergence of a potential bullish trend. A sustained move above Rs 73 could open the way for short-term targets of Rs 76 and Rs 83.
On the downside, immediate support lies at Rs 70, making it a good level to accumulate on dips. The RSI is currently at 60 and trending higher, reflecting growing buying momentum. For prudent risk management, a stop-loss at Rs 70 is advised to safeguard against unexpected reversals.
Strategy: Buy
Target: Rs 76, Rs 83
Stop-Loss: Rs 67.5
Apollo Hospitals Enterprise | CMP: Rs 7,900
Apollo Hospitals Enterprise has broken out and is currently retesting near a fresh breakout zone on the daily chart, accompanied by a notable rise in trading volumes, indicating strong bullish momentum. A decisive close above Rs 7,950 could open the path toward short-term targets of Rs 8,555.
On the downside, immediate support is placed at Rs 7,750, providing attractive buying opportunities on dips. The RSI stands at 64 and is trending upward, confirming strengthening buying interest. For risk management, a stop-loss at Rs 7,580 is recommended to guard against potential reversals.
Strategy: Buy
Target: Rs 8,555
Stop-Loss: Rs 7,580
KEC International | CMP: Rs 861.15
KEC International has broken out and retested its falling trendline on the daily chart, supported by a notable rise in trading volumes. This breakout indicates the possibility of a bullish reversal. A sustained close above Rs 870 could set the stage for short-term targets of Rs 950.
On the downside, immediate support is placed at Rs 840, offering attractive buying opportunities on dips. The RSI is currently at 58.35 and trending upward, reflecting strengthening bullish momentum. For prudent risk management, a stop-loss at Rs 819 is advised to protect against unexpected reversals.
Strategy: Buy
Target: Rs 950
Stop-Loss: Rs 819
Om Mehra, Technical Research Analyst at Samco Securities
Havells India | CMP: Rs 1,584.70
Havells India extended its recent upward momentum in the latest session after a small pullback. The stock has been consolidating in a broad range over the past few weeks, and the recent up-move has lifted it above all major moving averages, strengthening the short-term trend.
The RSI has moved up to 60, entering bullish territory, while the MACD has given a positive crossover and continues in a strong upward trajectory. These signals, along with a series of higher closes in recent sessions, point toward a continuation of strength.
The stock has also given a strong breakout from the declining trendline on the daily chart and is now holding above the previous resistance zone, which further supports the positive outlook.
Strategy: Buy
Target: Rs 1,650
Stop-Loss: Rs 1,530
Thermax | CMP: Rs 3,341.90
Thermax displayed notable strength in the last session, closing above the 20-SMA for the first time in several weeks. This recovery comes after an extended phase of sideways consolidation near the Rs 3,200 base.
The momentum indicators are also turning favourable. The RSI has improved to 49, edging closer to the neutral line and indicating that strength is gradually returning to the stock. At the same time, the MACD has generated a positive crossover, supported by green histogram bars.
The stock appears to be forming a saucer pattern, which is considered a bullish formation that often precedes a sustained upward move. The rise in volume participation on the hourly chart further adds confirmation.
Strategy: Buy
Target: Rs 3,550
Stop-Loss: Rs 3,250
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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