Equity benchmarks corrected after a day of rally, with the Nifty 50 declining by a third of a percent on August 5, as the market breadth was skewed in favour of bears. About 1,608 shares were under pressure compared to 1,069 shares that advanced on the NSE. The consolidation with a negative bias is expected to persist in the upcoming sessions. Below are some short-term trading ideas to consider:
Amol Athawale, VP Technical Research at Kotak Securities
Bank of Baroda | CMP: Rs 240.65
After a decline from higher levels, Bank of Baroda has rebounded from its support zone on the daily charts. Moreover, there was a sloping trendline breakout along with decent volume activity. The stock is witnessing a steady recovery from lower levels. The upward movement in the stock suggests a new leg of the bullish trend in the near term. As long as the stock is trading above Rs 230, the bullish momentum is likely to continue.
Strategy: Buy
Target: Rs 260
Stop-Loss: Rs 230
ICICI Prudential Life Insurance Company | CMP: Rs 614.75
On the daily timeframe, ICICI Prudential Life had been in a downtrend. It is now in oversold territory and within its demand area. The texture of the chart formation and technical indicators such as the RSI indicate that the stock is very likely to rebound for a new leg of the uptrend from its demand zone. For the next few trading sessions, Rs 590 could be the trend-deciding level for the bulls. If the stock sustains above this level, we can expect a further uptrend towards Rs 660.
Strategy: Buy
Target: Rs 660
Stop-Loss: Rs 590
Tata Consumer Products | CMP: Rs 1,064.8
After the remarkable uptrend of the last few weeks, Tata Consumer Products witnessed a short-term correction from higher levels. However, on the weekly charts, the stock is near an important retracement zone. The chart formation suggests a revival of the uptrend from the current levels. For traders, Rs 1,020 would be the key support level to watch. Above this level, the uptrend could continue towards Rs 1,140.
Strategy: Buy
Target: Rs 1,140
Stop-Loss: Rs 1,020
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
BLS International Services | CMP: Rs 399.55
On the daily timeframe, BLS International Services has been consolidating in a range between Rs 351–392 since June 2025. In the previous session, the stock managed to break out of the upper end of the range, closing near Rs 399. Over the past six trading sessions, the stock has held above the previous candle’s low on a closing basis, which is a positive sign.
After the sharp rise, buying on dips appears to be a wiser strategy for riding the ongoing trend with better risk management. After the breakout, we can expect good momentum on the upside in the upcoming sessions. One can use dips as a buying opportunity.
Strategy: Buy
Target: Rs 420, Rs 438
Stop-Loss: Rs 385
Hero MotoCorp | CMP: 4,546.8
On the daily chart, Hero MotoCorp has been trading within a broader range of Rs 4,150 to Rs 4,490 since May 2025. Since the start of this week, the auto sector has outperformed other sectors, with Hero MotoCorp emerging as one of its key contributors, which is a strong bullish sign. The stock has already broken out of the mentioned range, which is again a positive sign.
Moreover, Bollinger Bands have started to expand, indicating increased volatility, with prices closing above the upper bands, which can further boost positive momentum in the stock. Along with this, the MACD has just witnessed a bullish crossover, providing double confirmation for our stance. The current trend for Hero MotoCorp has shifted in favour of the bulls. One should use dips as a buying opportunity.
Strategy: Buy
Target: Rs 4,700, Rs 4815
Stop-Loss: Rs 4,330
Godawari Power and Ispat | CMP: Rs 200
In the previous session, despite major indices falling, Godawari Power and Ispat managed to gain 1.8%, indicating that bulls are getting active in the stock. Prices have been respecting their upward-sloping trendline since March 2025. Additionally, the stock has managed to retrace 50% of its fall that began in December 2024. With follow-up buying, prices may retrace up to 61.8% of the fall, which comes near Rs 212, coinciding with its previous swing highs. The current trend for GPIL favours the bulls. A break above Rs 202 could further accelerate positive momentum towards Rs 212, followed by Rs 225.
Strategy: Buy
Target: Rs 212, Rs 225
Stop-Loss: Rs 192
Subash Gangadharan, Senior Technical Derivative Analyst at HDFC Securities
Avenue Supermarts | CMP: Rs 4,257.8
Avenue Supermarts (DMart) is in a healthy intermediate uptrend after touching a low of Rs 3,340 in March 2025. Last week, the stock bounced back strongly from the 200-day SMA and cleared its nearby resistances in the process. The stock also traded above the 20-day and 50-day SMAs, with momentum indicators like the 14-day RSI in rising mode and not overbought. This indicates that the uptrend is likely to continue.
Strategy: Buy
Target: Rs 4,700
Stop-Loss: Rs 3,931
BHEL | CMP: Rs 248.25
BHEL has reversed its recent downtrend after touching a low of Rs 230. The stock has comfortably moved above the 200-day EMA on the back of healthy volumes. On the weekly chart, the stock found support near the 20-week and 50-week SMAs, bouncing back this week. Momentum indicators like the 14-day RSI are rising and not overbought, which is favourable for the continuation of the uptrend.
Strategy: Buy
Target: Rs 280
Stop-Loss: Rs 230
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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