The benchmark indices closed a range-bound session moderately lower on May 6, with the Nifty 50 falling by one-third of a percent, accompanied by weakening market breadth. A total of 2,171 shares declined, compared to 409 advancing shares on the NSE. The market is expected to continue consolidating within last Friday's trading range. Below are some short-term trading ideas to consider:

Amol Athawale, VP Technical Research at Kotak Securities

Colgate Palmolive | CMP: Rs 2,621.4

After a remarkable up move over the past few weeks, Colgate Palmolive witnessed a short-term correction from higher levels. However, on the daily charts, the stock has rebounded from its important retracement zone. The formation suggests a revival of the uptrend from current levels. For traders, Rs 2,530 would be the key support level to watch. Above this level, the uptrend structure could continue towards Rs 2,810.

Strategy: Buy

Target: Rs 2,810

Stop-Loss: Rs 2,530

Coromandel International | CMP: Rs 2,284.1

On the weekly charts, Coromandel International is forming a rising channel pattern with a series of higher lows. Additionally, the Relative Strength Index (RSI) is indicating a further uptrend from current levels, potentially boosting bullish momentum shortly. As long as the stock trades above Rs 2,200, the bullish structure is likely to continue. Above this, the stock could move up to Rs 2,440.

Strategy: Buy

Target: Rs 2,440

Stop-Loss: Rs 2,200

Eicher Motors | CMP: Rs 5,515

Following a decline from higher levels, Eicher Motors has rebounded from its support zone and is witnessing a steady recovery. On the daily charts, the stock is trading near the breakout line of its sloping channel formation. The recent upmove suggests a likely breakout and a new leg of the bullish trend from current levels. In the near term, Rs 5,310 is the support zone. Above this, the upward rally could continue towards Rs 5,890.

Strategy: Buy

Target: Rs 5,890

Stop-Loss: Rs 5,310

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

Ceat | CMP: Rs 3,575.9

In the previous session, Ceat gained more than 4 percent, supported by rising volume, and made a lifetime high of Rs 3,627.90. On the daily timeframe, the stock is forming a rounding bottom pattern. Currently, prices are trading near its neckline at Rs 3,578.80. A daily close above this level can confirm a breakout of the pattern.

The stock has protected prior day's low on a closing basis since April 8, showcasing strength in the ongoing trend. However, after the sharp rally, the RSI is now in the overbought zone, so the possibility of dips cannot be ruled out. Such dips can be used as buying opportunities. In summary, the trend for Ceat is bullish. Use dips towards Rs 3,490–3,470 as buying opportunities for a move towards Rs 3,700, followed by Rs 3,840, as long as Rs 3,410 holds on the downside.

Strategy: Buy

Target: Rs 3,700, Rs 3,840

Stop-Loss: Rs 3,410

Elecon Engineering | CMP: Rs 593.6

On the daily chart, Elecon Engineering, after reversing from the lower Bollinger Bands, saw a sharp rally toward the upper bands, gaining more than 56 percent in one month. Since April 28, not a single candle has closed below the prior candle’s low—a positive sign.

The ADX (Average Directional Index) is reading 34, above the crucial 25 level, validating the increasing positive momentum. Prices have also retraced 62.8 percent of the entire fall that began in October 2024, and are now expected to retrace up to 78.6 percent, near Rs 660. In summary, the trend is bullish. A break above Rs 605 can lift prices to Rs 630, followed by Rs 660. On the downside, Rs 580 is the nearest support.

Strategy: Buy

Target: Rs 630, Rs 660

Stop-Loss: Rs 580

Chambal Fertilisers and Chemicals | CMP: Rs 726.65

Over the past week, Chambal Fertilisers consolidated in a range of Rs 664 to Rs 707. In the previous session, prices closed above the range with a volume spike, making a fresh high of Rs 742, a strong bullish sign. On the daily chart, the stock took support at the Ichimoku cloud baseline in April, and rallied more than 26 percent in under a month.

With all indicators now in the overbought zone, one should avoid chasing highs and instead use dips to enter the trend. In summary, the trend remains positive. Use dips as buying opportunities targeting Rs 745, followed by Rs 770, as long as Rs 695 remains protected on the downside.

Strategy: Buy

Target: Rs 745, Rs 770

Stop-Loss: Rs 695

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Max Healthcare Institute | CMP: Rs 1,156

After rangebound movement over the last month, Max Healthcare Institute has shown a sustainable upside bounce this week. The stock is attempting an upside breakout of a down-sloping trendline at Rs 1,170. Volume is starting to expand during the breakout attempt, and the daily 14-period RSI is showing positive signals.

Strategy: Buy

Target: Rs 1,250

Stop-Loss: Rs 1,110

Newgen Software Technologies | CMP: Rs 1,078.2

Newgen Software has been in a larger rangebound phase over recent months. The recent dip was sharply reversed, resulting in a sustainable upside bounce. The stock is now attempting an upside breakout from the broader consolidation zone and is crossing key moving averages on both the daily and weekly timeframes. Volume and RSI patterns suggest more upside ahead. The overall chart pattern signals a long trading opportunity. Positional buying is advised.

Strategy: Buy

Target: Rs 1,165

Stop-Loss: Rs 1,020

National Aluminium Company | CMP: Rs 154.88

After range-bound movement in the last few sessions, National Aluminium Company has started to weaken, breaking below the consolidation range at Rs 155. The stock is currently at the edge of a decisive downside breakout. The larger bearish pattern of lower tops and bottoms remains intact on the daily chart, and further decline is expected. The daily 14-period RSI is showing a negative signal. Consider a positional short in NALCO for the next 1–2 weeks.

Strategy: Sell

Target: Rs 143.50

Stop-Loss: Rs 160