Equity benchmark indices recouped all losses and turned green in late trade, with the Nifty 50 rising 22 points on August 7. However, the market breadth remained favourable for bears, with about 1,478 shares under pressure against 1,205 rising shares on the NSE. The sustainability of Thursday's recovery is the key to watch, as frontline indices remained well below short-term moving averages. Below are some short-term trading ideas to consider:
Jay Mehta, Technical Research at JM Financial Services
Ambuja Cements | CMP: 592.35
Ambuja achieved a breakout above a triangular pattern on June 27 and is now holding support near the 50EMA, retesting prior horizontal resistance levels after the breakout. A minor hurdle lies at Rs 606; breaking above this could target Rs 630 and Rs 650. A stop-loss is recommended at Rs 577.
Strategy: Buy
Target: Rs 630, Rs 650
Stop-Loss: Rs 577
TVS Motor Company | CMP: Rs 3,013.4
TVS Motor achieved a strong breakout above a resistance level that had been in place since September 2024. This level was tested on June 27, 2025, but the stock was unable to break above it until August 5, when it finally did so with robust positive volume. Support is at Rs 2,720 (buy on dips till Rs 2,700).
Strategy: Buy
Target: Rs 3,440, Rs 3,700
Stop-Loss: Rs 2,600
Reliance Industries | CMP: Rs 1,389.4
Reliance is near its critical 200EMA support and the horizontal support level from the May 9, 2025 low, forming a dragonfly doji at this level—signaling a potential bullish reversal. The MACD histogram is rising, hinting at a possible positive crossover in upcoming sessions. There has also been a positive volume increase over the last two sessions. A small resistance lies at Rs 1,420; a break above this could target Rs 1,470 and Rs 1,500.
Strategy: Buy
Target: Rs 1,470, Rs 1,500
Stop-Loss: Rs 1,350
Mandar Bhojane, Senior Equity Research Analyst at Choice Broking
BSE | CMP: Rs 2,442.2
BSE is currently exhibiting a strong bullish setup, with technical signals aligning across multiple timeframes. On the daily chart, the stock is forming a Descending Triangle pattern, which typically indicates accumulation and a decline in selling pressure. A decisive close above Rs 2,450, accompanied by strong volumes, would confirm a breakout and could trigger a sharp upward rally.
The stock is trading well above its 100-day and 200-day EMAs, reflecting sustained strength across medium- and long-term time horizons. The RSI stands at 45.47 and is gradually rising, suggesting growing buying interest without entering overbought territory. Additionally, momentum remains favourable, supported by a positive MACD crossover, which further validates the bullish structure.
Traders may adopt a 'buy-on-dips' strategy near Rs 2,370, with a stop-loss at Rs 2,280. Upon a confirmed breakout above Rs 2,450, the stock has the potential to rally towards Rs 2,750 and Rs 2,800.
Strategy: Buy
Target: Rs 2,750, Rs 2,800
Stop-Loss: Rs 2,280
Aditya Birla Capital | CMP: Rs 278.15
Aditya Birla Capital is consolidating just above a key breakout zone, indicating underlying strength. On the weekly chart, the stock has recently broken out from a Cup and Handle pattern—a classic bullish reversal setup. Rising volumes during the consolidation phase highlight growing investor participation, increasing the likelihood of a sustained upside breakout.
A decisive close above Rs 280 would validate the pattern breakout and could trigger strong bullish momentum. The Relative Strength Index (RSI) is at 71.4 and trending upward, indicating robust momentum with room for further upside. On the downside, Rs 265 acts as immediate support, offering an ideal buy-on-dips opportunity for positional traders.
If the breakout sustains with continued buying interest, the stock could potentially rally towards Rs 320 and Rs 350.
Strategy: Buy
Target: Rs 320, Rs 350
Stop-Loss: Rs 260
Cholamandalam Financial Holdings | CMP: Rs 1,849.1
Cholamandalam Financial Holdings has recently reversed from a strong demand zone near the 200EMA, forming a Morning Star candlestick pattern on the daily chart. This bullish reversal pattern, coupled with rising volumes, signals renewed buying interest and suggests a potential trend reversal in favour of the bulls.
From a momentum standpoint, the RSI is at 36.39 and trending upward, also exhibiting a bullish divergence—further strengthening the case for a positive move ahead. On the downside, Rs 1,800 acts as a strong support level, making it a key accumulation zone for traders looking to enter on dips.
If the stock sustains above current levels with continued volume participation, it could rally towards the short-term target of Rs 2,035.
Strategy: Buy
Target: Rs 2,035
Stop-Loss: Rs 1,760
Om Mehra, Technical Research Analyst at Samco Securities
Procter & Gamble Health | CMP: Rs 6,313
Procter & Gamble Health extended its breakout move above the neckline of a well-defined Cup and Handle pattern on the daily chart. The breakout above the Rs 6,200–Rs 6,250 zone was accompanied by a noticeable surge in volume, confirming strong participation and validating the bullish continuation pattern.
The price is now trading well above all key moving averages, including the 9-day, 20-day, and 50-day SMAs. The rounded base formation found strong support near Rs 5,800, with the handle consolidating tightly just below the neckline. This classic setup resolved with a clean breakout, and the subsequent retest of the neckline has been absorbed well.
The RSI has remained steady at 70, and its upward slope may continue in the coming sessions. The MACD is in a strong bullish crossover, with the histogram expanding positively and the fast line accelerating away from the signal line—reinforcing the strength behind the breakout. The earlier resistance near Rs 6,100 now acts as immediate support, and any short-term pullback toward this zone may offer a buying opportunity.
Strategy: Buy
Target: Rs 6,800
Stop-Loss: Rs 6,090
Delhivery | CMP: Rs 465.75
Delhivery surged 8.35% in the current week, registering its strongest weekly performance in recent months and confirming a breakout from a long consolidation band. The stock decisively crossed above the Rs 440–450 supply zone, a level that had consistently capped upside over the past several quarters—marking a trend reversal on the higher time frame.
The rally has been backed by expanding volume, with the stock now trading significantly above both the 20-week and 50-week SMAs. The RSI has entered overbought territory at 76, reflecting robust momentum, although it remains stable with no signs of divergence. The MACD has been in a bullish crossover for several weeks and continues to expand positively.
The breakout zone near Rs 451 now acts as immediate support on any minor pullback. The broader structure suggests that the uptrend may continue, with any dip offering re-entry opportunities.
Strategy: Buy
Target: Rs 510.
Stop-Loss: Rs 445
Eternal | CMP: Rs 301.75
Eternal is attempting to stabilize after breaking out from a rising channel earlier this month. The breakout occurred with strong bullish momentum and volume expansion, lifting the stock decisively above the Rs 290 mark. The stock has entered a healthy retest phase and is now hovering just above the rising trendline. This retest aligns with the 20-day SMA at Rs 290, which has started acting as dynamic support. The long lower wick of recent candles suggests that dips are being absorbed—indicating a possible continuation if support holds.
The RSI currently stands at 63, cooling off from the overbought zone while maintaining a positive slope above the 60 level. This indicates sustained momentum without signs of divergence. Meanwhile, the MACD remains positively skewed. The volume trends remain supportive, with higher accumulation visible on breakout days.
The Rs 295 zone now serves as a critical support base, and any further dips into this zone may provide renewed buying interest.
Strategy: Buy
Target: Rs 328
Stop-Loss: Rs 289
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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