Equity benchmarks gained strength in late trade after consolidation and closed 0.24 percent higher on the Nifty 50 on July 8, but the market breadth was negative. A total of 1,452 shares declined, compared to 1,192 shares that advanced on the NSE. The consolidation and rangebound trading may continue until the frontline indices decisively surpass the recent swing high. Below are some short-term trading ideas to consider:
Amol Athawale, VP- Technical Research at Kotak Securities
Tech Mahindra | CMP: Rs 1,635.4
After the remarkable up move, Tech Mahindra is taking a breather and has been in consolidation over the last few sessions. The rangebound structure suggests a bullish continuation chart formation. Moreover, the stock has comfortably closed above its breakout levels. Therefore, the stock is likely to resume its uptrend from current levels in the near term. For the next few trading sessions, Rs 1,575 could be the trend-deciding level for the bulls. If it sustains above this level, we can expect a further uptrend toward Rs 1,750.
Strategy: Buy
Target: Rs 1,750
Stop-Loss: Rs 1,575
PFC | CMP: Rs 419.8
After declining from higher levels, Power Finance Corporation rebounded from its retracement zone and witnessed a sharp recovery from the lower levels. Additionally, on the intraday scale, the counter has given a breakout from its sloping channel formation. The reversal move in the counter suggests a new leg of the bullish trend from current levels. As long as the stock trades above Rs 405, the bullish texture is likely to continue. Above this, the counter could move up to Rs 450 levels.
Strategy: Buy
Target: Rs 450
Stop-Loss: Rs 405
Federal Bank | CMP: Rs 213.5
On the weekly scale, Federal Bank is in a rising channel chart formation, with a higher high and higher low series pattern. The counter witnessed a steady recovery from the lower levels. Additionally, the technical indicator ADX is also indicating a further uptrend from current levels, which could boost bullish momentum in the near future.
For positional traders, Rs 206 would be the decisive level. Trading above this level, the uptrend formation will likely continue till Rs 229. However, if it closes below Rs 206, traders may prefer to exit long positions.
Strategy: Buy
Target: Rs 229
Stop-Loss: Rs 206
Subash Gangadharan, Senior Technical Derivative Analyst at HDFC Securities
Chennai Petroleum Corporation | CMP: Rs 734
Chennai Petroleum Corporation is in a healthy intermediate uptrend after touching a low of Rs 433 in early March 2025. Last week, the stock broke out of a range on the back of huge volumes, after recently bouncing from the 20-week SMA. The stock also trades above the 50-week SMA, and momentum readings like the 14-week RSI are in rising mode and not overbought, which augurs well for the uptrend to continue.
Strategy: Buy
Target: Rs 900
Stop-Loss: Rs 660
Honeywell Automation | CMP: Rs 40,870
Honeywell Automation has rallied smartly in recent weeks after forming a double bottom around Rs 37,000. This week, the stock took out its recent highs on the back of above-average volumes. It also closed above key moving averages, and momentum readings like the 14-day RSI are rising and not overbought, supporting the bullish trend. Patterns also look strong on larger weekly and monthly timeframes.
Strategy: Buy
Target: Rs 44,000
Stop-Loss: Rs 38,400
NHPC | CMP: Rs 88
NHPC has reversed its recent downtrend after forming a double bottom around Rs 80. This week, the stock broke out of a narrow range on the back of healthy volumes, and also closed above the 20- and 50-day SMAs. Momentum indicators like the 14-day RSI are rising and not overbought, which bodes well for the continuation of the uptrend.
Strategy: Buy
Target: Rs 95
Stop-Loss: Rs 84
Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors
Valor Estate | CMP: Rs 246.65
In the previous session, Valor Estate rallied 4.8 percent, closing above its previous swing high of Rs 245, which is a strong bullish sign. The stock has been consistently outperforming its peers. Additionally, prices have retraced nearly 78.6% of the fall that began in February 2024, and with follow-up buying, it could fully retrace its prior fall, deriving a long-term target of Rs 286 on the upside.
As the current rise was steep, all indicators are in overbought territory, suggesting that buying on dips may be a prudent strategy to ride the trend. The current trend for Valor Estate is bullish. Use dips as a buying opportunity for potential upside towards Rs 255, followed by Rs 270. On the downside, Rs 233 is the nearest support level to watch.
Strategy: Buy
Target: Rs 255, Rs 270
Stop-Loss: Rs 233
KPR Mill | CMP: Rs 1,209.6
On the daily chart, KPR Mill has consistently managed to hold above its previous day’s low on a closing basis since July 2, suggesting bullish control. Recently, prices dipped toward an upward-sloping trendline, which acted as classic support, after which the stock rallied more than 13%, reinforcing a positive outlook.
Furthermore, the stock has just broken out above the Ichimoku cloud indicator, and with follow-up buying, a fresh rally can be expected. The MACD has also recently witnessed a bullish crossover, providing double confirmation. The current trend for KPR Mill favors the bulls.
A break above Rs 1,230 is crucial for a trending move toward Rs 1,280, followed by Rs 1,330. On the downside, Rs 1,180 is the nearest support.
Strategy: Buy
Target: Rs 1,280, Rs 1,330
Stop-Loss: Rs 1,180
Motherson Sumi Wiring | CMP: Rs 64.6
In the previous session, Motherson Sumi Wiring surged more than 4%, with a significant rise in volumes—the highest in the past six months. On the daily chart, the stock had been forming a small rounding bottom pattern since June 2025, and in the previous session, it broke out of the pattern, closing above the neckline at Rs 62.84.
The daily chart also shows a higher high–higher low structure since April 2025. For the past six trading sessions, prices have protected the previous candle’s low on a closing basis, indicating a strong bullish bias.
The current trend for the stock favours bulls. Use dips towards Rs 63 as a buying opportunity for targets of Rs 66, followed by Rs 68.
Strategy: Buy
Target: Rs 66, Rs 68
Stop-Loss: Rs 61.8
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
