The benchmark indices closed flat after a range-bound trading session on July 16, with weakness in market breadth. About 1,673 shares declined, compared to 1,307 advancing shares on the NSE. The market is expected to trade within the previous week's range, and a decisive breakout on either side is needed for a firm directional move going forward. Below are some short-term trading ideas to consider:

Jay Mehta, Technical Research at JM Financial Services

Deepak Nitrite | CMP: Rs 1,741.8

Deepak Nitrite has corrected significantly from its all-time high of Rs 3,200 to around Rs 1,280. From this base, the stock is forming a bullish inverse head-and-shoulders reversal pattern. During the pattern formation, the rallies were supported by strong volumes.

In recent sessions, the price briefly slipped below the 200-day EMA but quickly reclaimed it with strong volume participation. Both momentum and trend indicators support a bullish bias. The stock is trading above its key EMAs, reinforcing the bullish outlook.

Strategy: Buy

Targets: Rs 1,855, Rs 1,900

Stop-Loss: Rs 1,610

Kajaria Ceramics | CMP: Rs 1,241.8

Kajaria Ceramics has broken above a key resistance trendline in recent sessions. It has also formed a bullish pole-and-pennant pattern on the daily timeframe while consolidating near the 20-day EMA, followed by a breakout above it. The breakout was backed by strong volume participation, indicating bullish continuation.

The stock is trading above all key moving averages, while both trend and momentum indicators support a bullish bias, with a strong uptrend in place.

Strategy: Buy

Target: Rs 1,325, Rs 1,400

Stop-Loss: Rs 1,176

Sobha | CMP: Rs 1,493

Sobha gave a breakout above a bullish head-and-shoulders pattern on July 10. The stock is currently consolidating near the breakout zone while successfully retesting it. It is trading above all key moving averages.

Strong volumes during the breakout indicate healthy buyer participation. Trend and momentum indicators remain in bullish territory. On the weekly chart, the stock is forming a strong bullish technical pattern, supported by robust volume participation.

Strategy: Buy

Target: Rs 1,645, Rs 1,680

Stop-Loss: Rs 1,428

Om Mehra, Technical Research Analyst at Samco Securities

CESC | CMP: Rs 166.01

CESC has been trading within a well-defined descending channel and formed a bullish engulfing pattern near the Rs 158 level at the lower band of the channel.

The following session confirmed the formation, with the stock gaining more than 1.5 percent and closing near Rs 166 on Thursday, indicating that the lower band of the channel is holding as a support zone.

Volumes in the latest session remained slightly above the recent average, supporting the recovery attempt from the channel base. Hence, one can consider long positions at the current market price (CMP) of Rs 166.01, with a target of Rs 180 and a stop-loss at Rs 158.

Strategy: Buy

Target: Rs 180

Stop-Loss: Rs 158

UPL | CMP: Rs 625.85

UPL has confirmed a double-bottom pattern on the daily chart. The latest session formed a strong bullish candle, with the opening price and the day's low both at Rs 597, indicating that the stock moved higher from the opening without any intraday weakness.

The stock gained nearly 4.8 percent on Thursday and reclaimed its 20-day SMA, placed near Rs 594, during the session. Volumes surged to nearly twice the recent average, providing strong confirmation of the breakout.

A positive divergence is visible on the RSI, while the MACD has turned positive with a fresh bullish crossover, further supporting the recovery. Hence, one can consider long positions at the CMP of Rs 625.85, with a target of Rs 670 and a stop-loss at Rs 592.

Strategy: Buy

Target: Rs 670

Stop-Loss: Rs 592

Kaynes Technology India | CMP: Rs 3,438.8

Kaynes Technology has been following a rising trendline on the daily chart since June, forming a series of higher lows after the sharp correction. The stock gained more than 3 percent on Thursday, forming a strong bullish candle, and is now trading above its 20-day and 50-day SMAs.

The stock is attempting to break above the previous resistance zone that has capped gains over the past several weeks. The RSI is placed near 57 and is trending higher, with a positive divergence visible on the daily chart. Meanwhile, the MACD histogram continues to expand in positive territory, indicating strengthening momentum.

Hence, one can consider long positions at the CMP of Rs 3,438.80, with a target of Rs 3,780 and a stop-loss at Rs 3,270.

Strategy: Buy

Target: Rs 3,780

Stop-Loss: Rs 3,270

Hitesh Tailor, Technical Research Analyst at Choice Broking

Deepak Fertilisers & Petrochemicals Corporation | CMP: Rs 1,601.1

Deepak Fertilisers is exhibiting a strong bullish structure, with a well-defined higher high-higher low formation supported by a rising parallel channel, reflecting sustained buying momentum. The stock has recently taken support near the confluence of its 20-day and 50-day EMAs, followed by a sharp rebound, reaffirming the strength of the prevailing uptrend.

Additionally, the RSI has respected its midpoint support and turned higher, indicating renewed positive momentum while leaving ample room for further upside. With the price comfortably holding above key moving averages and the broader trend remaining constructive, the setup continues to favour bullish continuation.

Based on this technical confluence, traders may consider buying the stock at Rs 1,601.

Strategy: Buy

Target: Rs 1,750

Stop-Loss: Rs 1,525

Ramkrishna Forgings | CMP: Rs 589.7

Ramkrishna Forgings has delivered a clean breakout above a multi-month falling trendline on the daily chart, confirming a structural shift from a corrective phase to a fresh bullish cycle as the stock reclaims key moving averages. The chart structure indicates a strong breakout from the downward channel, backed by a significant surge in trading volumes that validates the sustainability of the move and establishes a robust support base in the Rs 560-570 zone.

The RSI, at 59.77, is rising sharply from its median line, reflecting strengthening bullish momentum with ample room to advance before reaching overbought territory. Based on this breakout, traders can consider initiating long positions with a stop-loss at Rs 560 and an initial target of Rs 650, offering a favourable risk-to-reward ratio as the new uptrend gathers momentum.

Strategy: Buy

Target: Rs 650

Stop-Loss: Rs 560

SRF | CMP: Rs 2,889.3

SRF has broken out above a long-term descending trendline after undergoing a period of healthy consolidation, marking a significant trend reversal. The breakout is well supported by the cushion of its rising exponential moving averages (EMAs).

The price action shows a strong bullish candle emerging from the consolidation zone, effectively turning the earlier resistance into a reliable support base in the Rs 2,720-2,750 zone. The RSI, at 63.62, is rising steadily within bullish territory, indicating strengthening buying momentum while remaining comfortably below overbought levels.

Backed by this confluence of a structural breakout and favourable moving average alignment, traders can consider long positions with a stop-loss at Rs 2,750 and a target of Rs 3,150, offering an attractive risk-to-reward ratio for trend continuation.

Strategy: Buy

Target: Rs 3,150

Stop-Loss: Rs 2,750