The benchmark indices maintained upward journey for third straight session with the Nifty 50 rising 0.27 percent on July 31. The market breadth remained positive as about 1,842 shares saw buying interest compared to 1,147 declining shares on the NSE. The market is likely to continue to move toward previous swing highs given the improving momentum. Below are some short-term trading ideas to consider:

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

BLS E-Services | CMP: Rs 300.65

BLS E-Services decisively surpassed the multi-month resistance zone of Rs 255-260 on a weekly closing basis, accompanied by rising volumes, signalling increased participation in the rally. The daily and monthly Bollinger Band buy signals indicate strengthening momentum.

The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). These averages are also inching higher along with the rise in the stock price, reaffirming the bullish sentiment. The daily, weekly, and monthly Relative Strength Index (RSI) remains in favourable territory, indicating strengthening momentum across all time frames.

Strategy: Buy

Target: Rs 330, Rs 355

Stop-Loss: Rs 288

Hero MotoCorp | CMP: Rs 5,386

On the weekly chart, Hero MotoCorp has decisively surpassed the "downward-sloping trendline" resistance of the past six to eight months on a closing basis, accompanied by rising volumes. This signifies a short-term trend reversal, supported by increased market participation.

The stock is well placed above its 20-, 50-, and 100-day SMAs, confirming the bullish sentiment. The daily and weekly RSI remains in positive territory, reaffirming strengthening momentum. The daily Bollinger Band buy signal also indicates increasing momentum.

Strategy: Buy

Target: Rs 5,600, 5,750

Stop-Loss: Rs 5,250

Jio Financial Services | CMP: Rs 256.45

On the daily chart, Jio Financial Services confirmed a breakout from the "Descending Triangle" pattern at the Rs 250 level, accompanied by strong volumes. This indicates a short-term trend reversal. The bullish crossover of the 20-, 50-, and 100-day SMAs further reaffirms the bullish sentiment.

The daily, weekly, and monthly RSI remains in favourable territory, indicating strengthening momentum across all time frames.

Strategy: Buy

Target: Rs 270, Rs 290

Stop-Loss: Rs 250

Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One

Anant Raj | CMP: Rs 624.5

After delivering a swing breakout above the Rs 595 mark, Anant Raj witnessed some profit booking near the Rs 615-620 resistance zone. However, the selling pressure appears to have been absorbed, suggesting that the stock is well positioned to resume its ongoing uptrend.

The bullish technical setup is further reinforced by the formation of a Bullish Catapult Buy on the daily 0.25% × 3 Point & Figure chart, along with a Super Pattern Buy on the daily 1% × 3 Point & Figure chart. The alignment of these bullish formations across multiple charting systems highlights sustained buying interest and points to a continuation of the upward momentum in the coming sessions. Hence, buying is recommended around Rs 620-624.

Strategy: Buy

Target: Rs 685, Rs 690

Stop-Loss: Rs 580

Anthem Biosciences | CMP: Rs 809.2

Following the consolidation breakout witnessed earlier this year, Anthem Biosciences now appears to be on the verge of a Bullish Symmetrical Triangle breakout on its daily candlestick chart, signalling a likely resumption of its prevailing uptrend. Momentum indicators also support this constructive outlook.

The 14-day RSI has registered a bullish crossover while simultaneously breaking out of its recent trading range, underscoring strengthening momentum and renewed buying interest.

Further reinforcing the bullish setup is the formation of a Follow-through Double Top Buy on the daily 0.25% × 3 Point & Figure chart. The confluence of these bullish signals across multiple charting systems points to improving technical strength and suggests that the stock is well positioned to extend its upward trajectory. Hence, buying is recommended around Rs 805-809.

Strategy: Buy

Target: Rs 900, Rs 925

Stop-Loss: Rs 740

Blue Jet Healthcare | CMP: Rs 626.25

The technical setup for Blue Jet Healthcare appears to be undergoing a meaningful turnaround after a prolonged period of weakness, with the stock now forming a series of higher highs and higher lows. The recent pullback towards the 20-day moving average (DMA) has been healthy in nature.

The bullish outlook is further reinforced by the bullish crossover of the short-term moving averages above the 200-day SMA, indicating strong underlying bullish momentum. Adding further conviction to the improving technical structure is the formation of a Bullish Super Pattern Breakout on the daily 0.25% × 3 Point & Figure chart. Hence, buying is recommended around Rs 620-626.

Strategy: Buy

Target: Rs 690, Rs 700

Stop-Loss: Rs 565

Jatin Gedia, Vice President - Technical Research Analyst at Teji Mandi

Shipping Corporation of India | CMP: Rs 291.45

Shipping Corporation has broken out of an Inverted Head and Shoulders pattern, a classic trend reversal pattern. The breakout was accompanied by above-average volumes, suggesting that it is genuine. The momentum indicator has also witnessed a positive crossover, generating a buy signal.

Thus, the price pattern breakout and the momentum setup suggest that the stock is poised to trade with a positive bias, and any dip towards the neckline at Rs 287 should be used as a buying opportunity.

Strategy: Buy

Target: Rs 312

Stop-Loss: Rs 284

KEI Industries | CMP: Rs 4,999

KEI Industries has attracted buying interest at the 50 percent Fibonacci retracement level (Rs 4,822) of the Rs 3,937-5,708 rally. In terms of price pattern, the stock has broken out of a Falling Wedge pattern, signalling a trend reversal.

Strong volumes indicate renewed buying interest in line with the primary uptrend. The momentum indicator has also triggered a fresh positive crossover, generating a buy signal. Thus, multiple technical parameters suggest that the stock is likely to rise towards Rs 5,224, the previous swing high.

Strategy: Buy

Target: Rs 5,224

Stop-Loss: Rs 4,875

Escorts Kubota | CMP: Rs 3,086

Escorts Kubota had been consolidating in the Rs 2,900-3,000 range over the past four weeks. It has now witnessed a price-volume breakout, signalling the resumption of the next leg of the uptrend.

The momentum indicator has triggered a fresh positive crossover after touching the equilibrium line, suggesting the beginning of a new uptrend. The stock is expected to rise towards Rs 3,224, based on the Fibonacci extension method.

Strategy: Buy

Target: Rs 3,224

Stop-Loss: Rs 3,020