Equity benchmarks slipped nearly 1 percent on January 23, with the Nifty 50 now trading below all key moving averages. Market breadth was favourable for bears, with about 2,233 shares declining against 702 advancing shares on the NSE. Consolidation with range-bound trading is expected to continue over the next few sessions. Below are some short-term trading ideas to consider:

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Tech Mahindra | CMP: Rs 1,701.1

On the daily and weekly charts, Tech Mahindra is trending higher, forming a series of higher tops and bottoms, indicating a short- to medium-term uptrend. On the weekly chart, the stock has confirmed a down-sloping trendline breakout at the Rs 1,640 level along with huge volumes, indicating increased participation.

The stock is well placed above its 20-, 50-, 100- and 200-day SMA, which reconfirms the bullish trend. The daily, weekly and monthly strength RSI is in positive territory, signalling rising strength. The daily and weekly Bollinger Band signals indicate increased price movement.

Strategy: Buy

Target: Rs 1,800, Rs 1,850

Stop-Loss: Rs 1,640

Bank of India | CMP: 159.65

On the weekly chart, Bank of India has confirmed a “multiple resistance” breakout at the Rs 154 level on a closing basis, along with huge volumes, which signifies bullish sentiment. The stock is well placed above its 20-, 50-, 100- and 200-day SMA, and these averages are also inching up along with rising prices, which reconfirms a bullish trend. The weekly and monthly strength RSI is in positive territory, signalling rising strength.

Strategy: Buy

Target: Rs 180, Rs 185

Stop-Loss: Rs 154

PG Electroplast | CMP: Rs 510.35

On the daily and weekly charts, PG Electroplast is in a downtrend, forming a series of lower tops and bottom formations. It has also decisively broken a 5–6 month up-sloping trendline on a closing basis, along with huge volumes, indicating selling pressure. The stock is sustaining below its 50-, 100- and 200-day SMAs, which reconfirms a short-term downtrend.

The daily, weekly and monthly strength indicator RSI remains weak, indicating continued weakness in the recent downturn. Investors should consider exiting long positions as well as initiating fresh shorts in this stock.

Strategy: Sell

Target: Rs 470, Rs 450

Stop-Loss: Rs 550

Rajesh Bhosale, Technical Analyst at Angel One

Hindustan Unilever | CMP: Rs 2,409.50

While the benchmark index Nifty ended the week with a decline of around 2.5 percent, Hindustan Unilever acted as a defensive outperformer, gaining nearly 2 percent during the week and exhibiting strong relative strength.

On the daily chart, prices are forming a bullish Inverse Head and Shoulders pattern and are placed above all major moving averages, which supports the buy view. Additionally, the smoothened RSI has generated a fresh buy signal, with a bullish crossover above its signal line on both the daily and weekly charts. Hence, we recommend buying Hindustan Unilever in the range of Rs 2,410–2,400.

Strategy: Buy

Target: Rs 2,550

Stop-Loss: Rs 2,330

Max Financial Services | CMP: Rs 1,599

Max Financial Services has been trading in a range over the past three months and, after failing to cross the Rs 1,750 mark on two occasions, has now breached key support levels, confirming a topping-out formation in the form of a Double Top.

Prices have also slipped below the crucial 89 DEMA, which earlier acted as support and now signals a change in polarity. On the indicator front, the RSI remains in the negative zone, further reinforcing the sell view. Hence, we recommend selling Max Financial Services around Rs 1,595.

Strategy: Sell

Target: Rs 1,500

Stop-Loss: Rs 1,640

Anshul Jain, Head of Research at Lakshmishree Investments

Shriram Finance | CMP: Rs 1,003.55

Shriram Finance is forming a classic pole-and-flag structure on the daily chart, with the flag marked by low-volume sideways consolidation between Rs 961 and Rs 1,025.6. The contraction reflects healthy digestion after a strong impulsive pole, not distribution. Institutional volumes during the pole were clearly accumulative, lending credibility to the continuation setup.

A pre-emptive long around Rs 1,003 offers a front-running opportunity with a favourable risk–reward ratio ahead of confirmation. However, real momentum acceleration will only emerge on a decisive breakout above Rs 1,025. A sustained breach of this ceiling is likely to unleash sharp follow-through buying, projecting an initial upside toward the Rs 1,100 zone. Until then, the flag structure remains constructive, with dips likely to be absorbed rather than sold.

Strategy: Buy

Target: Rs 1,100

Stop-Loss: Rs 960

Bank of Maharashtra | CMP: Rs 65.63

Bank of Maharashtra is on the verge of resolving a powerful 371-day rounding base, with a very shallow handle making it a textbook cup-and-handle structure. The base has seen clear institutional accumulation, while the right-side development shows tight price action with sharply dried-up volumes, signalling calm before expansion. This contraction reflects absorption, not supply.

The breakout pivot is precisely placed at Rs 67.63, and a decisive breach with follow-through would confirm momentum ignition. Given the strength of the base, the move is likely to be fast and directional. On confirmation, the stock can propel toward the Rs 78–79 zone initially. With a pre-budget tailwind building across PSU banking names, the risk–reward favours an upside resolution, while failure to clear the pivot would only delay, not negate, the broader bullish structure.

Strategy: Buy

Target: Rs 79

Stop-Loss: Rs 62

Union Bank of India | CMP: Rs 172.77

Union Bank of India has delivered a decisive breakout from a massive 2,002-day VCP (Volume Contraction Pattern) structure, marking a major long-term trend shift. Post breakout, the stock has paused into an eight-day tight flag, acting as a pit stop rather than exhaustion. This brief consolidation has allowed short-term indicators and momentum to cool off without damaging the structure.

Moving averages across daily and weekly charts remain bullishly aligned and continue to act as a launchpad. The setup signals stored energy ahead of expansion. A clean breakout and sustain above Rs 176 would trigger the next momentum leg, opening an initial move toward Rs 189. Beyond that, the multi-year high near Rs 220 becomes the next logical zone where profit booking may emerge. Until then, the structure favours continuation over consolidation.

Strategy: Buy

Target; Rs 189, Rs 220

Stop-Loss: Rs 164