The benchmark indices added 0.3 percent gains and maintained an uptrend for three consecutive sessions on January 29, but market breadth turned negative. About 1,717 shares declined against 1,205 advancing shares on the NSE. The market may see range-bound trading ahead of the Union Budget scheduled on February 1. Below are some short-term trading ideas to consider:

Jay Mehta, Technical Research at JM Financial Services

NTPC | CMP: Rs 358.15

The price now trades above all key EMAs with upward slopes. The RSI holds support at 50 on both daily and weekly charts, supporting continued bullish momentum. The structure remains firmly bullish while support holds.

Strategy: Buy

Target: Rs 375

Stop-Loss: Rs 335

Ipca Laboratories | CMP: Rs 1,479.7

Ipca Laboratories broke out from a prolonged triangular consolidation (from January 2–9, 2026), gaining 13.6 percent while broader indices fell around 2.5 percent, showing clear relative strength. The breakout was backed by strong volume. The stock is now retesting the breakout zone and formed a dragonfly doji on January 21, signalling throwback exhaustion. Support has been defended for the third time.

Momentum indicators remain bullish and rising. The price is trading above short-, medium-, and long-term EMAs. Repeated support defence and relative strength point to a high-probability reversal. Adding more above Rs 1,525 could propel the bullish move.

Strategy: Buy

Target: Rs 1,575, Rs 1,680

Stop-Loss: Rs 1,380

NMDC | CMP: Rs 84.6

NMDC broke out above a bullish inverse head-and-shoulders pattern on December 23 from Rs 78.6, rallying to Rs 86.72 before correcting. The pullback found support at the 100-day EMA and successfully retested the breakout zone.

The latest bounce formed a strong three white soldiers pattern with rising positive volume, confirming accumulation. The price trades above all key EMAs with upward slopes. Momentum indicators align bullishly, and the structure favours buyers as long as the 100-day EMA holds.

Strategy: Buy

Target: Rs 92, Rs 98

Stop-Loss: Rs 79

Om Mehra, Technical Research Analyst at Samco Securities

Mishra Dhatu Nigam | CMP: Rs 387.5

Mishra Dhatu Nigam has shown a sharp pickup in momentum and is now attempting to break above a long-standing downward trendline on the daily chart. The stock has moved decisively higher and is trading above its short-term moving average, indicating improving strength. Volumes have remained stable alongside the rise in price.

The daily RSI is placed near 66, highlighting strengthening momentum. The DMI setup shows the positive directional line above the negative line, while the ADX remains elevated, confirming improving trend strength. As long as the stock sustains above the Rs 360 zone, the near-term outlook remains positive.

Strategy: Buy

Target: Rs 415

Stop-Loss: Rs 370

Bharat Petroleum Corporation | CMP: Rs 366.95

BPCL has bounced back from a triple bottom pattern after a corrective phase. The stock is now holding above the previous resistance zone and is attempting to move higher from the Rs 360–365 area. It is trading above its short- and medium-term moving averages and has reclaimed the mid-Bollinger band.

The daily RSI is placed near the 55 level. The rate of change indicator remains in positive territory, supporting the ongoing recovery attempt. As long as BPCL holds above the Rs 355 support area, the near-term outlook remains steady. The stock is also respecting the rising VWAP (volume-weighted average price).

Strategy: Buy

Target: Rs 395

Stop-Loss: Rs 352

BSE | CMP: Rs 2,861.6

BSE has maintained its post-September recovery and is currently trading within a well-defined range on the daily chart. After a sharp advance from the September lows, the stock has spent the last several weeks consolidating between the Rs 2,650 and Rs 2,950 zones, with prices now positioned in the upper half of this range.

The stock continues to trade above its 20-day average near Rs 2,750, indicating that short-term support remains intact. The daily RSI is placed near 60, reflecting steady momentum. The DMI setup shows the positive directional line above the negative line, while the ADX remains low. As long as the stock holds above Rs 2,750, the broader setup remains stable, with a directional move likely only on a decisive range breakout.

Strategy: Buy

Target: Rs 3,080

Stop-Loss: Rs 2,770

Hitesh Tailor, Technical Research Analyst at Choice Broking

Larsen & Toubro | CMP: Rs 3,932.9

Larsen & Toubro continues to exhibit a strong bullish structure in the longer-term trend. On the weekly chart, the stock is maintaining a clear higher high–higher low formation, confirming sustained trend strength. Recently, L&T delivered a breakout above its previous higher high. Post-breakout, the price retraced toward the 50-week EMA, where it found strong support and resumed its upward move, indicating healthy pullback buying and trend validation.

The stock is trading comfortably above its 20-, 50-, 100-, and 200-week EMAs, reinforcing the presence of a robust primary uptrend and positive medium-to-long-term sentiment. On the downside, Rs 3,800 acts as an important support zone, where accumulation activity is visible. The latest weekly candle has engulfed the previous range, reflecting renewed bullish dominance and improving momentum.

Strategy: Buy

Target: Rs 4,270

Stop-Loss: Rs 3,730

Indus Towers | CMP: Rs 441.55

Indus Towers has recently delivered a decisive breakout from its prolonged sideways range, signalling the beginning of a fresh bullish phase. Post-breakout, the stock witnessed a healthy retest of the breakout zone, where it successfully took support aligned with the 50-day EMA and has since started moving higher, indicating strong follow-through buying and improving price structure.

The stock is trading above its key 20-, 50-, 100-, and 200-day EMAs, confirming a well-established uptrend and reinforcing positive short-to-medium-term sentiment. From the recent bottom, Indus Towers is forming a higher high and higher low structure, reflecting sustained demand and trend continuation. On the downside, Rs 425 remains an important support area, where accumulation activity is clearly visible.

Momentum also supports the bullish view, with the RSI placed at 61.89, holding above the midline and turning higher, suggesting strengthening upside momentum.

Strategy: Buy

Target: Rs 480

Stop-Loss: Rs 420

Axis Bank | CMP: Rs 1,363.9

Axis Bank is showing clear signs of strength after registering a decisive breakout above its previous higher high. The breakout is supported by strong volumes, indicating genuine buying interest and improved participation, which enhances the reliability of the move and signals bullish intent.

On the weekly chart, the stock is trading comfortably above its key 20-, 50-, 100-, and 200-week EMAs, confirming a well-established primary uptrend and strengthening medium-to-long-term sentiment. On the downside, the Rs 1,320–1,340 zone emerges as an important support area, aligned with the earlier higher-high breakout region, indicating a classic role reversal from resistance to support and providing a favourable risk-reward setup.

Momentum indicators further support the bullish outlook, with the RSI placed at 69.36, reflecting a strong rising trend and sustained upside momentum without immediate signs of exhaustion.

Strategy: Buy

Target: Rs 1,490

Stop-Loss: Rs 1,300