The benchmark indices were caught in a bear trap, with the Nifty 50 falling 2.6 percent on March 23 following global weakness. Market breadth was weak, with about 2,827 shares declining against 213 advancing shares on the NSE. However, hopes of Iran war de-escalation may drive a sharp market rebound in the upcoming session. Below are some short-term trading ideas to consider:

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Infosys | CMP: Rs 1,256.8

Infosys has been quite resilient in the last few trading sessions, as it has not declined despite the negative trend in the Nifty, which is a positive sign in the near term.

There has been a significant build-up of short positions in the stock, as the overall sector has been under pressure, leading to negative sentiment. Hence, a short-covering rally cannot be ruled out. Buy Infosys Futures in the range of Rs 1,240–1,250.

Strategy: Buy

Target: Rs 1,320, Rs 1,350

Stop-Loss: Rs 1,210

Bharat Petroleum Corporation | CMP: Rs 271.3

There have been significant short positions in BPCL due to the recent rise in crude oil prices amid ongoing geopolitical tensions. There has also been an increase in Call writing, due to which the PCR (Put-Call Ratio) has fallen sharply and reached an oversold region.

With the monthly settlement nearing and a decline in international crude oil prices, there is a high probability of short covering. Hence, one can buy BPCL for the short term. Buy BPCL Futures in the range of Rs 270–273.

Strategy: Buy

Target: Rs 285, Rs 295

Stop-Loss: Rs 264

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

Aurobindo Pharma | CMP: Rs 1,278.7

After several weeks of consolidation, Aurobindo Pharma has finally given a decisive breakout, indicating a potential resumption of upward momentum. The stock had been trading in a narrow range, building a base before the recent move higher. From a technical perspective, the setup looks constructive, as multiple indicators are aligning in favour of the bulls.

The Directional Movement Index (DMI) is showing a positive bias, suggesting strengthening upward momentum. At the same time, the Relative Strength Index (RSI) has moved above the 60 mark, which typically signals strong buying interest and improving trend strength. Additionally, the MACD has delivered a bullish crossover above the zero line, further confirming the positive trend and indicating a shift in momentum toward the upside. Traders may consider entering long positions in the Rs 1,280–1,260 zone, with a target of Rs 1,390.

Strategy: Buy

Target: Rs 1,390

Stop-Loss: Rs 1,235

Larsen and Toubro | CMP: Rs 3,342.4

Although Larsen and Toubro has witnessed an extended decline, the RSI is not making fresh lower lows, indicating that selling momentum is gradually weakening. This positive divergence suggests that bears are losing control despite continued price pressure.

Additionally, the MACD is in an extremely oversold zone, which typically signals exhaustion in the ongoing downtrend. When both these indicators align, it often points toward early signs of a reversal or at least a technical pullback.

Hence, the current setup is hinting at a possible bounce-back or short-term recovery, as momentum indicators start stabilising near oversold territory. Traders may consider entering long positions in the Rs 3,400–3,350 zone, with a target of Rs 3,600.

Strategy: Buy

Target: Rs 3,600

Stop-Loss: Rs 3,250

Vidnyan S Sawant, Head of Research at GEPL Capital

Power Grid Corporation of India | CMP: Rs 302.1

Power Grid Corporation has exhibited a breakout from a pennant triangular pattern on the monthly scale during the February series. Following this breakout, the stock has resumed its primary uptrend and is demonstrating strong relative strength compared to broader market volatility. Additionally, the MACD momentum indicator is positioned above its equilibrium line, indicating improving upside momentum.

Strategy: Buy

Target: Rs 332

Stop-Loss: Rs 290

CCL Products India | CMP: Rs 1,067.9

CCL Products India has remained relatively stable despite broader market volatility. On the weekly scale, the stock continues to maintain a structure of higher highs and higher lows, while sustaining well above its 12-week and 26-week EMAs, indicating a strong underlying trend.

On the daily scale, the stock is forming a rounding bottom pattern, which reflects a constructive bullish structure. Additionally, the stochastic indicator is showing a pickup in momentum, signalling a potential continuation of the upward move.

Strategy: Buy

Target: Rs 1,196

Stop-Loss: Rs 1,024

Prime Focus | CMP: Rs 283.2

Prime Focus, on the weekly scale, is forming a consistent higher high–higher low structure while remaining well placed above its 12-week and 26-week EMAs, indicating strong relative strength in the current market environment.

On the daily scale, the stock has witnessed a bullish mean reversion from the 50-DEMA, suggesting a continuation of the prevailing uptrend. Additionally, the MACD momentum indicator is trending upward, reflecting sustained positive momentum.

Strategy: Buy

Target: Rs 325

Stop-Loss: Rs 272

Power Finance Corporation | CMP: Rs 398

PFC has been exhibiting strong relative strength along with robust structural development. On the higher timeframe, the stock confirmed a breakout from a flag-and-pole pattern during the February series, signalling a resumption of its primary uptrend.

On the weekly scale, the stock is currently retesting a sloping trendline drawn from the 2024 swing top, which may act as a key support zone. Additionally, the MACD momentum indicator remains above its equilibrium line, indicating sustained and strengthening bullish momentum.

Strategy: Buy

Target: Rs 426

Stop-Loss: Rs 382

Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan

NMDC | CMP: Rs 75.09

NMDC has broken a two-month consolidation on the downside, along with a bearish crossover on the daily chart. Additionally, the stock has also broken the 200 DMA, which is at Rs 75.75. The overall setup indicates a likelihood of a correction towards the Rs 72–70 levels. Hence, we advise selling March Futures between Rs 76 and Rs 76.60.

Strategy: Sell

Target: Rs 72, Rs 70

Stop-Loss: Rs 80

Adani Green Energy | CMP: Rs 816.45

Adani Green Energy has broken down from a bearish flag pattern, indicating a continuation of the downtrend. Additionally, the stock has given a bearish crossover on the daily momentum indicator and is trading below key daily averages. Hence, we advise selling March Futures between Rs 830–837.

Strategy: Sell

Target: Rs 785, Rs 765

Stop-Loss: Rs 870

Crompton Greaves Consumer Electricals | CMP: Rs 233.2

Crompton Greaves Consumer has consolidated below key daily averages and given a breakdown from a flag pattern, indicating bearish trend continuation in the short term. Additionally, the stock has closed below 61.8 percent of the previous up move, confirming that the counter-trend bounce within a larger downtrend is over and that a fresh leg of correction has started. Sell Crompton March Futures between Rs 238–239.

Strategy: Sell

Target: Rs 220, Rs 215

Stop-Loss: Rs 248