The benchmark indices fell by one-tenth of a percent on July 22, following a day of half a percent gains. The market breadth was dominated by bears, with 1,548 shares declining compared to 1,105 advancing shares on the NSE. The consolidation phase is likely to continue until the index shows a strong and sustainable close above short-term moving averages. Below are some short-term trading ideas to consider:

Amol Athawale, VP Technical Research at Kotak Securities

HDFC Life Insurance Company | CMP: Rs 763.3

After a decline from higher levels, HDFC Life has rebounded from its support zone on the daily charts. Additionally, a sloping trendline breakout has occurred, accompanied by decent volume activity. The stock is witnessing a steady recovery from lower levels, suggesting the onset of a new bullish trend in the near term. As long as the stock trades above Rs 735, the bullish outlook is likely to continue. If it surpasses this level, the stock could move up to Rs 815.

Strategy: Buy

Target: Rs 815

Stop-Loss: Rs 735

Hindalco Industries | CMP: Rs 690

On the daily chart, Hindalco is forming a rising channel with a higher highs and higher lows pattern. The stock has shown a steady recovery from trendline support levels. Moreover, the RSI indicates potential for further upside momentum, which could fuel a bullish trend in the near future. For positional traders, Rs 665 is a decisive level. If the stock trades above this level, the uptrend is likely to continue, targeting Rs 740. However, if it closes below Rs 665, traders may prefer to exit long positions.

Strategy: Buy

Target: Rs 740

Stop-Loss: Rs 665

Indian Oil Corporation | CMP: Rs 152

After a gradual decline from higher levels, the downward momentum in Indian Oil Corporation (IOC) has halted. On the daily charts, the stock has reversed from its short-term moving average and found support, with decent volume activity. This formation suggests a revival of the uptrend from the current levels. For the next few trading sessions, Rs 145 will be the key trend-deciding level for the bulls. If it sustains above this level, an uptrend toward Rs 163 is likely.

Strategy: Buy

Target: Rs 163

Stop-Loss: Rs 145

Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors

Mahindra and Mahindra | CMP: Rs 3,257.2

Despite the Auto sector closing in the red, Mahindra & Mahindra managed to reach a fresh high of Rs 3,271.90, indicating strength in the stock. Since July 14, the stock has held above its prior day's low on a closing basis and has gained nearly 7%, suggesting a bullish bias. Additionally, the MACD recently gave a bullish crossover, reinforcing a positive outlook for the stock. For the momentum to remain positive, the stock needs to sustain above its fresh high of Rs 3,272, which would further boost bullish momentum. Hence, the current trend for Mahindra & Mahindra remains in favour of the bulls.

Strategy: Buy

Target: Rs 3,375, Rs 3,500

Stop-Loss: Rs 3,160

Swiggy | CMP: Rs 417.15

In the previous session, Swiggy surged over 5% with a rise in volumes, breaking out of a Cup and Handle pattern, with prices closing above the neckline near Rs 412. This pattern has been forming since February 2025. According to the three candlestick rules, the daily trend has shifted to the positive side. Additionally, Bollinger Bands are expanding, signaling that strong momentum may be seen in the upcoming sessions.

However, given the sharp rise over the past two days, the RSI is nearing overbought territory on the shorter time frame. Therefore, buying on dips appears to be a prudent strategy to capitalize on the ongoing trend. A dip toward Rs 410-415 could present a good buying opportunity.

Strategy: Buy

Target: Rs 430, Rs 445

Stop-Loss: Rs 394

FSN E-Commerce Ventures | CMP: Rs 220

Nykaa has been trading in a higher highs and higher lows structure within its upward-sloping channel since March 2025. At the beginning of July 2025, the stock found support at the channel and saw an 11% rise in a short span of time, signaling a strong bullish trend. Currently, the stock is trading near its previous swing high of Rs 220.40.

A decisive break above this level is necessary for upward momentum to continue. If this occurs, the stock is expected to move toward the channel's resistance, near Rs 240. Additionally, the ADX shows readings of 30, suggesting that good positive momentum is likely to persist in the stock.

Strategy: Buy

Target: Rs 230, Rs 240

Stop-Loss: Rs 210

Vinay Rajani, Senior Technical & Derivative Analyst at HDFC Securities

ICICI Prudential Nifty FMCG ETF | CMP: Rs 59.77

The FMCG sector appears to have bottomed out, with many large-cap FMCG stocks turning bullish on short-term charts. FMCG has underperformed the Nifty this calendar year, but a mean reversion and outperformance from the FMCG sector are expected going forward. We recommend going long on ICICI Prudential Nifty FMCG ETF to capitalize on our bullish view of the FMCG sector.

Strategy: Buy

Target: Rs 63

Stop-Loss: Rs 57.50

ICICI Prudential Nifty India Consumption ETF | CMP: Rs 121.66

The NSE Consumption Index has been in a bullish trend, with higher tops and higher bottoms. Several consumption stocks in sectors like telecom, FMCG, and auto form the majority of the weight in this index. The index is currently above all key moving averages. We recommend going long in the ICICI Prudential Nifty India Consumption ETF to capitalize on our bullish view of the consumption sector.

Strategy: Buy

Target: Rs 127

Stop-Loss: Rs 115

Nippon India ETF Hang Seng Bees | CMP: Rs 425.63

The Hang Seng, Hong Kong's equity market benchmark, has been forming higher tops and higher bottoms on the daily chart. The index has surpassed the crucial resistance of the previous swing high at 24,875. It is one of the best-performing indices globally year-to-date, and this trend is expected to continue. We recommend going long in the Nippon India ETF Hang Seng Bees to capitalize on our bullish view of the Hang Seng Index.

Strategy: Buy

Target: Rs 460

Stop-Loss: Rs 405