Equity benchmarks extended their downtrend for a third straight session on July 22, accompanied by weakening market breadth. On the NSE, about 2,120 shares came under pressure, while 875 shares advanced. The market is likely to witness further weakness in the near term amid rising oil prices and escalating geopolitical tensions. Below are some short-term trading ideas to consider:

Rupak De, Senior Technical Analyst at LKP Securities

Nestle India | CMP: Rs 1,493.6

Nestle India stock has risen above the previous swing high on the daily chart, backed by a sharp expansion in volume. The momentum indicator RSI is in a bullish crossover, indicating strong price momentum.

Besides, the price has been trading comfortably above the critical moving average. Sentiment around the stock looks very positive, with the potential to rise towards Rs 1,560 in the short term. On the lower end, short-term support is placed at Rs 1,444, below which the stock might lose its momentum..

Strategy: Buy

Target: Rs 1,560

Stop-Loss: Rs 1,444

GlaxoSmithKline Pharmaceuticals | CMP: Rs 2,552.8

GlaxoSmithKline Pharma stock has given a falling trend line breakout on the daily chart, indicating strengthening buying interest and improving bullish sentiment. The trend remains positive as the price continues to sustain above the crucial 50-day EMA, reinforcing the underlying strength.

Additionally, the momentum oscillator is in a bullish crossover, suggesting positive price momentum. Based on the current technical setup, the stock appears well-positioned for a meaningful upmove, with the potential to rally towards Rs 2,700 in the near term. On the downside, a stop-loss should be maintained below Rs 2,440.

Strategy: Buy

Target: Rs 2,700

Stop-Loss: Rs 2,440

Apollo Micro Systems | CMP: Rs 404.9

Apollo Micro Systems stock has given a downwards consolidation breakout on the daily chart, indicating strong buying momentum. The trend remains positive as the price continues to sustain above the crucial 50-day EMA, reinforcing the underlying strength.

Additionally, the momentum oscillator is in a bullish crossover, suggesting positive price momentum. Based on the current technical setup, the stock appears well-positioned for a meaningful upmove, with the potential to rally towards Rs 430 in the near term. On the downside, a stop-loss should be maintained below Rs 390.

Strategy: Buy

Target: Rs 430

Stop-Loss: Rs 390

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Delhivery | CMP: Rs 467.6

Delhivery has witnessed a failed breakout after breaching a horizontal trendline on July 1, as the stock was unable to sustain higher levels amid persistent selling pressure. The breakdown below the 20-day and 50-day EMAs signals deterioration in the short-term trend. The RSI has declined sharply from 72 to the 40 mark, highlighting a significant loss of bullish momentum and strengthening bearish sentiment.

Additionally, the DI- has crossed above the DI with the gap between the two widening, indicating increasing seller dominance. The current technical structure suggests weakness is likely to persist unless the stock decisively reclaims key moving averages. Hence, the selling is recommended in the zone of Rs 470-465 with a stop-loss of Rs 480. On the downside, it is likely to test the level of Rs 440 in the short term.

Strategy: Sell

Target: Rs 440

Stop-Loss: Rs 480

AU Small Finance Bank | CMP: Rs 980.2

AU Small Finance Bank has faced strong resistance around the Rs 1,080–1,090 zone on two occasions, resulting in a sharp loss of momentum and a subsequent decline. The stock has slipped below its 20-day, 50-day, and 100-day EMAs, indicating a weakening price structure. The RSI has fallen below the 40 mark and continues to trend lower, reflecting strengthening bearish momentum.

Adding to the negative outlook, the MACD has slipped below the zero line with expanding red histogram bars, signaling increasing selling pressure. Unless the stock reclaims key resistance levels, the prevailing technical setup suggests bears are likely to remain firmly in control. Hence, the selling is recommended in the zone of Rs 985-975 with a stop-loss of Rs 1,005. On the downside, it is likely to test the level of Rs 915 in the short term.

Strategy: Sell

Target: Rs 915

Stop-Loss: Rs 1,005

Vaishali Patel, Deputy Manager - Research- Technical Department at Jainam

RR Kabel | CMP: Rs 2,432.4

RR Kabel continues to exhibit a positive long-term trend despite witnessing a healthy corrective phase after its sharp rally. The stock remains well positioned above its 50-day and 200-day EMAs, indicating that the broader bullish structure remains intact. After facing resistance near the Rs 2,550 zone, the stock entered a consolidation phase and formed a falling trendline, reflecting short-term profit booking within the prevailing uptrend.

The stock has now broken above the falling trendline, signalling a potential end to the recent corrective phase and the resumption of the primary uptrend. The breakout has been accompanied by a recovery above the 20-day EMA, while the moving averages continue to maintain a positive alignment, supporting the bullish outlook.

Strategy: Buy

Target: Rs 2,517

Stop-Loss: Rs 2,354