The benchmark indices fell about half a percent on July 23, extending their downtrend to a fourth consecutive session, with market breadth firmly favouring the bears. On the NSE, 2,063 shares declined, compared with 910 shares that advanced. Bears are likely to tighten their grip on the market further amid a weakening technical structure and escalating geopolitical tensions. Below are some short-term trading ideas to consider.

Jay Mehta, Technical Research at JM Financial Services

SBI Life Insurance Company | CMP: Rs 1,853.5

SBI Life Insurance has given a breakout above a triangular pattern on the 75-minute timeframe. Post-breakout, price has retraced to the support trendline and is now showing positive traction. On the daily chart, it has formed a structure of higher lows and higher highs.

The stock is trading above its short- and medium-term moving averages while remaining just below the long-term moving average. Momentum and trend indicators are in bullish territory, supporting further upside.

Strategy: Buy

Target: Rs 1,945, Rs 1,982

Stop-Loss: Rs 1,775

Piramal Pharma | CMP: Rs 180.83

Piramal Pharma has broken out above a long-term resistance trendline that was in place since January 23, 2025. Price is now trading above short-, medium-, and long-term moving averages. After the breakout, it has retraced to the trendline for a retest.

On the daily chart, it has also broken out above a bullish continuation head-and-shoulders pattern, with volume picking up near the breakout zone, indicating strong participation. Momentum and trend indicators support continued bullish bias.

Strategy: Buy

Target: Rs 194.86, Rs 203

Stop-Loss: Rs 171.45

SBI Cards and Payment Services | CMP: Rs 622.05

SBI Card has formed a bullish reversal pattern on the daily chart and given a breakout above the Rs 629 level with very strong volume participation. Price is currently retracing toward the support zone for a retest and is holding near the 20-day and 50-day EMAs. Trend and momentum indicators are in bullish territory and support continuation of the up move. This retest zone should be utilized as a buying opportunity.

Strategy: Buy

Target: Rs 680, Rs 697

Stop-Loss: Rs 609.3

Om Mehra, Technical Research Analyst at Samco Securities

Tata Consumer Products | CMP: Rs 1,107.7

Tata Consumer Products has been consolidating and has formed a double bottom pattern. The recent session has seen the stock reclaiming its 20-day SMA, placed near Rs 1,100, with a gain of over 1 percent. Volumes are running slightly above the recent average, indicating steady participation in the recovery.

The RSI has crossed back above the 50 mark, reflecting improving momentum. The MFI, placed at 65, indicates strong accumulation at lower levels.

Strategy: Buy

Target: Rs 1,170

Stop-Loss: Rs 1,075

Bajaj Holdings and Investment | CMP: Rs 10,636

Bajaj Holdings stock has bounced sharply from the Supertrend support, placed at Rs 10,250 on the daily chart, with Thursday's session delivering a strong bullish candle and gaining over 2 percent. The stock continues to trade above its 20-day and 50-day SMAs.

The stock is now attempting to reclaim the Rs 10,650 zone, which has acted as a resistance level on multiple occasions. The RSI has moved higher to around 54, reflecting improving momentum from the lower end of the range. The higher high formation on the daily chart remains intact.

Strategy: Buy

Target: Rs 11,200

Stop-Loss: Rs 10,300

Ramkrishna Forgings | CMP: Rs 584

Ramkrishna Forgings stock has been respecting a rising trendline on the daily chart since June, forming a series of higher highs. The stock has bounced sharply from the 20-day and 50-day SMA zone in recent sessions, indicating underlying strength. The volumes have surged over the last two sessions, suggesting strong participation in the ongoing rally. The RSI has turned higher to around 56 from 49, reflecting improving momentum.

Strategy: Buy

Target: Rs 630

Stop-Loss: Rs 555

Sumeet Bagadia, Executive Director – Technical Research at Choice Equity Broking

Lloyds Metals and Energy | CMP: Rs 1,930.6

Lloyds Metals remains in a strong structural uptrend, trading well above all its key moving averages, confirming sustained bullish momentum. The stock has recently broken out of a prolonged consolidation range near 1,835 with strong price action, indicating fresh buying interest and continuation of the prevailing uptrend, while the formation of higher highs and higher lows further strengthens the bullish outlook.

The RSI at 63.94 reflects healthy momentum with room for further upside before entering overbought territory. Based on the current technical setup, the trade can be considered with a stop-loss at Rs 2,600 and a target of Rs 3,000, favouring trend continuation as long as the breakout level holds.

Strategy: Buy

Target: Rs 2,122

Stop-Loss Rs 1,834

Global Health | CMP: Rs 1,378.2

Medanta is maintaining a strong bullish trend, trading comfortably above all its key moving averages, reflecting sustained buying momentum. The stock has formed a flag and pole continuation pattern after a sharp upward rally, followed by a healthy consolidation, and has now broken out above the flag resistance with improving volumes, signalling the resumption of the prevailing uptrend.

The RSI at 66.83 indicates healthy bullish momentum with room for further upside before entering the overbought zone. Based on the current technical setup, the trade can be considered with a stop-loss at Rs 1,300 and a target of Rs 1,500, as long as the breakout level remains intact.

Strategy: Buy

Target: Rs 1,498

Stop-Loss: Rs 1,318