The benchmark indices advanced 0.3 percent on August 20, continuing their uptrend for the fifth straight session with positive market breadth. A total of 1,553 shares saw buying interest, compared to 1,164 shares that were under pressure on the NSE. The market may retain its gradual upward trajectory, given healthy technical indicators. Below are some short-term trading ideas to consider:
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking
Tata Consumer Products | CMP: Rs 1,105.3
Tata Consumer has given a breakout from a falling wedge pattern on the daily chart, indicating a bullish reversal. It has also crossed above all key short-term and long-term moving averages, further strengthening the positive outlook. We anticipate the stock to surpass the immediate resistance at Rs 1,110 and move towards the Rs 1,170 level in the near term.
Strategy: Buy
Target: Rs 1,170
Stop-Loss: Rs 1,068
Jindal Steel and Power | CMP: Rs 1,016.3
Jindal Steel continues to find support along its rising trendline and recently achieved a multi-month breakout above the Rs 1,008 level. It is trading firmly above all key short-term and long-term moving averages, reflecting strong underlying strength. Moreover, momentum indicators and oscillators on the daily chart have confirmed a bullish crossover, reinforcing the positive bias. Given this setup, we expect the stock to move towards a new all-time high near Rs 1,100 in the near term.
Strategy: Buy
Target: Rs 1,100
Stop-Loss: Rs 975
Cummins India | CMP: Rs 3,318.4
Cummins India is forming a saucer bottom pattern on the chart, signaling a gradual accumulation phase and potential trend reversal. On the derivatives front, a strong buildup of long positions indicates positive market sentiment. Furthermore, momentum indicators and oscillators remain in buy mode on both the daily and weekly charts. Considering this technical setup, the stock is poised for continued upside in the short term, and adopting a buy-on-dips approach is advisable.
Strategy: Buy
Target: Rs 4,100
Stop-Loss: Rs 3,650
Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities
Mphasis | CMP: Rs 2,835.5
On Wednesday, the Nifty IT index emerged as a clear outperformer among frontline indices, registering a robust gain of over 2.7%. This marks a significant technical development, as the index has decisively crossed above its 20-day EMA for the first time since July 9, indicating a potential shift in short-term momentum.
Among individual stocks, Mphasis stood out with a breakout from a symmetrical triangle pattern on the daily chart. This breakout is backed by a noticeable increase in trading volumes, lending credibility to the move and suggesting strong market participation.
Technically, the stock is now trading above both its short-term and long-term moving averages. Momentum indicators are also supporting the bullish narrative. The daily RSI is on the verge of crossing the 60 mark, and its upward trajectory reflects improving strength in price action. This confluence of price breakout, volume confirmation, and supportive trend and momentum indicators suggests that Mphasis may be poised for further upside in the near term. Hence, we recommend accumulating the stock in the Rs 2,840-2,820 zone.
Strategy: Buy
Target: Rs 3,050
Stop-Loss: Rs 2,740
Swiggy | CMP: Rs 421
Swiggy marked a swing high of Rs 429.90 on July 24, and thereafter witnessed a minor correction. During this phase, volume activity remained mostly below average—indicating a lack of aggressive selling pressure and suggesting the correction was a healthy consolidation. The correction halted near the 100-day EMA, after which the stock has resumed its upward movement.
Currently, Swiggy is on the verge of a Stage-2 Cup pattern breakout on the daily chart—a bullish continuation pattern that typically signals the start of a fresh uptrend.
Notably, Wednesday’s trading session saw volumes rise above the 50-day average, a sign of accumulation and growing investor interest ahead of the breakout. Technically, the stock is trading above all its key moving averages, which are aligned in a bullish sequence, further reinforcing trend strength. Momentum indicators are supportive—the daily RSI is in bullish territory and continues to rise, indicating improving price strength. Hence, we recommend accumulating the stock in the Rs 425-420 range.
Strategy: Buy
Target: Rs 460
Stop-Loss: Rs 408
FACT | CMP: Rs 1,014.5
Fertilizers and Chemicals Travancore has shown encouraging price action by establishing a strong base near its 100-day EMA, which acted as a key support during the recent consolidation. Following this base formation, the stock witnessed a sharp rebound, supported by higher-than-average volumes—indicating renewed buying interest and improving sentiment.
Currently, the stock is trading over 10% above its 100-day EMA and more than 12% above its 200-day EMA, underscoring the strength of the ongoing uptrend. This significant distance from key moving averages reflects strong bullish momentum, suggesting the stock is comfortably within a well-defined upward trajectory.
Adding to the positive setup, the daily RSI has surged past the 60 mark for the first time since June 2025, signaling a shift in momentum and validating the current rally. Hence, we recommend accumulating in the Rs 1,020-1,010 zone.
Strategy: Buy
Target: Rs 1,100
Stop-Loss: Rs 980
Rupak De, Senior Technical Analyst at LKP Securities
Infosys | CMP: Rs 1,496
For the first time in several sessions, Infosys managed to reclaim the 21-EMA on the daily chart. Following the recent correction, the stock has shown a healthy uptick, accompanied by decent volumes. The RSI has formed a hidden positive divergence on the daily timeframe. Based on this technical setup, the uptrend is expected to continue in the short term.
Strategy: Buy
Target: Rs 1,600
Stop-Loss: Rs 1,460
Bikaji Foods International | CMP: Rs 797.4
Bikaji Foods has moved higher after a brief correction on the hourly timeframe. It has also given a swing high breakout on the daily chart, indicating the possibility of a strong price move. The RSI is in a bullish crossover and is trending higher. Based on this technical setup, the stock’s uptrend is expected to continue in the short term.
Strategy: Buy
Target: Rs 850
Stop-Loss: Rs 774
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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