The benchmark indices ended moderately lower, with the Nifty 50 falling 0.14 percent on August 24. Market breadth remained weak, with around 1,680 shares declining compared with 1,458 advancing shares on the NSE. The market is expected to witness further consolidation, with a break of the previous day's trading range likely to be crucial for the next directional move. Below are some short-term trading ideas to consider:

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

Narayana Hrudayalaya | CMP: Rs 1,859.8

Narayana Hrudayalaya has retraced 61.8 percent of its previous move, an important Fibonacci retracement level that often acts as a key support zone. The stock is also forming a hidden bullish divergence on the daily RSI, indicating that underlying momentum is improving despite the recent price correction. This combination suggests that the ongoing decline may represent a corrective phase rather than a complete trend reversal.

The 61.8 percent retracement provides a crucial support area, while the hidden bullish divergence strengthens the possibility of trend continuation on the upside. As long as the stock sustains this support zone, the setup remains constructive. A reversal from current levels, accompanied by improving RSI momentum, could trigger fresh buying interest and support a further upside move. Traders may consider entering long positions in the Rs 1,830–1,860 zone.

Strategy: Buy

Target: Rs 1,975

Stop-Loss: Rs 1,780

Balaji Amines | CMP: Rs 2,224.5

Balaji Amines has witnessed a breakout after a brief consolidation phase, indicating renewed buying interest and improving price momentum. The breakout suggests that the stock has moved above its recent trading range, potentially signalling a continuation of the prevailing trend.

Supporting the positive setup, the RSI has reversed from the 40 level, indicating that momentum is recovering from the lower range and that buyers are gradually gaining strength. A sustained move above the breakout zone could attract further buying interest and strengthen the bullish bias.

Traders can monitor the breakout level as an important support zone, while a failure to sustain above it may lead to a retest of the consolidation range. Traders may consider entering long positions in the Rs 2,180–2,230 zone.

Strategy: Buy

Target: Rs 2,500

Stop-Loss: Rs 2,050

Axis Bank | CMP: Rs 1,236

Axis Bank is showing signs of a potential reversal from the current support zone. A bullish divergence is visible on both the RSI and MACD, indicating improving underlying momentum despite the recent price weakness. The RSI has also recovered from the oversold zone, while the MACD histogram is turning positive, suggesting that selling pressure may be easing. Traders may consider entering long positions in the Rs 1,230–1,240 zone.

Strategy: Buy

Target: Rs 1,300

Stop-Loss: Rs 1,210

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

Cochin Shipyard | CMP: Rs 1,514

Cochin Shipyard has been forming higher highs and higher lows, accompanied by short covering, which is a positive sign in the near term.

The Nifty Defence index has been an outperformer in this series, and going forward, the stock is likely to inch towards the upper end of its range. As per the options data, there is no major hurdle above the Rs 1,500 strike until the Rs 1,600 strike. Hence, Rs 1,580 is the immediate target, while Rs 1,500 is the immediate support. Buy Cochin Shipyard September Futures in the range of Rs 1,520–1,540, with a stop-loss below Rs 1,480.

Strategy: Buy

Target: Rs 1,580, Rs 1,620

Stop-Loss: Rs 1,480

Tata Steel | CMP: Rs 186.3

Tata Steel has fallen significantly from its recent highs and has also seen an addition of short positions. However, there has been a recovery in the Nifty Metal Index, and therefore, a short-covering move in the stock cannot be ruled out.

The stock has formed a short-term base in the Rs 183–184 zone, while the Dollar Index has also been correcting recently and remains well below the 100 mark. This could support a potential bounce in base metals and bullion.

Overall, the data is supportive of a short-term bounce, while the risk-reward ratio is also favourable for a long position. As per the options data, the Rs 170–185 strikes have witnessed Put additions. However, Rs 190 appears to have a higher Call base, which needs to be surpassed for the stock to gain further upside momentum. Buy Tata Steel Futures in the range of Rs 185–188, with a stop-loss below Rs 181.

Strategy: Buy

Target: Rs 195, Rs 198

Stop-Loss: Rs 181

Bank of India | CMP: Rs 142

PSU banks have been trading with a negative bias, and Bank of India has been among those that have witnessed short additions. The stock has been consolidating within a range since March 2026, and on each occasion so far, it has been unable to surpass the Rs 150 level and sustain at higher levels. This time, the stock has reversed from the upper end of the range; hence, a correction towards the lower end of the range, at Rs 138–135, cannot be ruled out.

As per the September options data, the Rs 145 and Rs 150 strikes have the highest Call base, which is likely to act as resistance. Sell Bank of India September Futures in the range of Rs 141–143, with a stop-loss above Rs 146.

Strategy: Sell

Target: Rs 138, Rs 135

Stop-Loss: Rs 146

Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan

United Spirits | CMP: Rs 1,555

United Spirits has given a medium-term trendline resistance breakout, indicating a positive shift in the overall price structure. Following the breakout, the stock underwent a brief consolidation phase, which has now been resolved on the upside, further strengthening the bullish outlook.

The stock is also trading above its key moving averages. Going forward, it has the potential to move higher towards the Rs 1,650–1,700 zone over the coming trading sessions. On the downside, Rs 1,500 remains a crucial support level and is expected to provide a strong cushion against any near-term pullbacks.

Strategy: Buy

Target: Rs 1,650, Rs 1,700

Stop-Loss: Rs 1,500

Siemens | CMP: Rs 4,114

Siemens has witnessed a medium-term trendline resistance breakout, highlighting a significant improvement in the overall price trend. Following the breakout, the stock underwent a brief consolidation phase near higher levels and has now resumed its upward move, indicating sustained buying interest.

The stock is trading above its key short- and long-term moving averages, reflecting healthy momentum and a positive technical setup. The stock has the potential to move higher towards the Rs 4,222–4,350 zone in the coming trading sessions. On the downside, Rs 3,950 will be an important support level to watch. Buy Siemens on dips around Rs 4,050–4,070.

Strategy: Buy

Target: Rs 4,222, Rs 4,350

Stop-Loss: Rs 3,950

Chalet Hotels | CMP: Rs 869.55

Chalet Hotels has been witnessing a steady uptrend and has recently broken above a key resistance zone around Rs 865–870, signalling strength in the ongoing move. The stock is trading above its 20-day SMA and 40-day EMA. The momentum indicator has given a bullish crossover on the daily chart, supporting the bullish outlook.

Following a brief consolidation near the breakout level, the stock has resumed its upward journey and appears well positioned for further gains. The stock can move higher towards the Rs 920–945 zone in the coming trading sessions. On the downside, Rs 840 will act as an important support level.

Strategy: Buy

Target: Rs 920, Rs 945

Stop-Loss: Rs 840

Vidnyan S Sawant, Head of Research at GEPL Capital

Muthoot Finance | CMP: Rs 3,209

Muthoot Finance continues to exhibit a strong structural uptrend, supported by a clear polarity shift on the weekly chart, where the previous resistance zone has turned into a strong support area. The stock has also given a breakout from a descending trendline that had been forming since January 2026.

On the daily chart, the stock has formed a Double Bottom pattern near the major support zone, followed by a higher high–higher low formation, accompanied by strong volume participation. This indicates the potential continuation of the uptrend. The RSI is sustaining above 65, reflecting strong positive momentum and supporting a bullish outlook for the medium term.

Strategy: Buy

Target: Rs 3,600

Stop-Loss: Rs 3,000

PTC Industries | CMP: Rs 21,670

PTC Industries continues to exhibit a strong uptrend, with the stock breaking out of a Rising Channel pattern last week and consistently marking fresh life highs, indicating a strong positive undertone. The breakout was supported by substantial volume participation, confirming the strength and credibility of the move.

The stock remains well positioned above its 20-week and 50-week EMAs, highlighting sustained trend strength. Furthermore, the RSI is sustaining above 65, indicating strong positive momentum and supporting the continuation of the bullish trend.

Strategy: Buy

Target: Rs 24,500

Stop-Loss: Rs 20,500