Equity benchmarks bounced back sharply, rising over 1 percent on February 2 after a day of bloodbath. However, market breadth remained negative, with about 1,597 shares declining against 1,312 advancing on the NSE. The market is expected to return to strong momentum, especially after the United States reduced tariffs on Indian goods to 18 percent from 50 percent. Below are some short-term trading ideas to consider after the India–US trade deal:

Aditya Thukral, Founder & Analyst of AT Research & Risk Managers

eClerx Services | CMP: Rs 4,842.4

A falling trendline breakout has been witnessed in eClerx Services, supported by rising volumes along with a breakout in the 14-period RSI. As the stock is now moving out of a consolidation phase, it appears poised to create fresh all-time highs.

The stock price has been consistently trading above the 100-day and 200-day EMAs. Now, as it has also started closing above the 20-day and 50-day EMAs, with all EMAs sloping upwards, it creates a clear-cut opportunity for fresh long positions. The stock price remains in a strong uptrend, marked by the formation of higher highs and higher lows across all timeframes.

Recent volume expansion along with the breakout adds confidence for buyers.

Strategy: Buy

Target: Rs 5,350

Stop-Loss: Rs 4,549

Acutaas Chemicals | CMP: Rs 1,937.2

Acutaas Chemicals prices have been consolidating within a box pattern for the past couple of months, and a breakout with rising volumes was witnessed on January 29. A shakeout of weak hands was also observed in the previous trading session, and prices regaining above the breakout levels with rising volumes suggest a possible immediate rally in the stock.

The stock is consistently trading above all its major exponential moving averages, namely the 20-day, 50-day, 100-day, and 200-day EMAs, and an imminent uptrend has been established with the formation of higher highs and higher lows across all timeframes. Another leg of the uptrend is expected, as uptrend continuation is visible in price action.

Strategy: Buy

Target: Rs 2,250

Stop-Loss: Rs 1,780

JK Tyre and Industries | CMP: Rs 524.5

JK Tyre has been consolidating within a box pattern since the breakout from the previous box pattern. The stock is consistently trading above all its major exponential moving averages—20-day, 50-day, 100-day, and 200-day—and an established uptrend is in place with the formation of higher highs and higher lows across all timeframes.

Now that prices have started moving upward with volume expansion, any breakout above the recent high of Rs 528.95 would conclude another short accumulation phase and add momentum to the upward journey of the stock. Buying on a breakout above Rs 530 is advisable, with a stop-loss below Rs 506 on a closing basis.

Strategy: Buy

Target: Rs 578

Stop-Loss: Rs 506

Arun Kumar Mantri, Founder of Mantri FinMart

Blue Star | CMP: Rs 1,838

Blue Star is currently hovering around strong support zones of Rs 1,800–1,830 on the daily charts, with signs of a breakout formation. Technical indicators are showing strong signals, and a short-term base formation coupled with bullish conditions may attract counter-trend buying at the current juncture.

On the other hand, any price breakout above the Rs 1,850 zone, which is a key resistance level, would suggest continuation of the ongoing trend, while a sustained move above Rs 1,880 may trigger short covering in the counter. Short-term resistance is seen around Rs 1,980–2,000.

Strategy: Buy

Target: Rs 1,995

Stop-Loss: Rs 1,782

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

Mahindra and Mahindra | CMP: Rs 3,463.2

M&M witnessed a strong rebound after taking support near its 200-DEMA, a crucial long-term moving average that often acts as a dynamic support zone. Notably, this level also coincides with a previous breakout area, reinforcing its technical significance.

Adding to the bullish undertone, volumes expanded during the rebound, indicating accumulation at lower levels. On the hourly chart, a clear bullish divergence is visible on the RSI, suggesting that downside momentum is weakening and a potential short-term reversal may be underway.

The confluence of 200-DEMA support, prior breakout alignment, rising volumes, and RSI bullish divergence indicates improving sentiment, with the possibility of further upside if the stock sustains above this key support zone. Traders may consider entering long positions in the Rs 3,470–3,340 zone.

Strategy: Buy

Target: Rs 3,650

Stop-Loss: Rs 3,340

Indian Oil Corporation | CMP: Rs 164.6

IOC has formed a strong base near its 100-DEMA, a level that has acted as a reliable dynamic support in the recent past. The stock has also delivered a decisive trendline breakout, indicating a potential shift in short-term momentum.

On the indicators front, a bullish crossover is visible on the MACD, signalling strengthening upside momentum. Additionally, the stochastic oscillator has reversed higher near the 30 zone without entering deep oversold territory, suggesting underlying buying interest and improving price strength.

The confluence of 100-DEMA support, trendline breakout, MACD bullish crossover, and stochastic reversal points toward a constructive setup, with potential for further upside if the breakout sustains. Traders may consider entering long positions in the Rs 165–163 zone.

Strategy: Buy

Target: Rs 172

Stop-Loss: Rs 159

Supreme Industries | CMP: Rs 3,600.8

Supreme Industries price action has closed decisively above the Williams Alligator indicator, with all three lines (Jaw, Teeth, and Lips) beginning to align and move parallel to each other. This configuration typically signals the emergence of a fresh trending phase, indicating that the “Alligator” is opening its mouth—a classic sign of a potential new upmove.

Adding further strength to the setup, the MACD has delivered a bullish crossover above the zero line, suggesting that momentum has shifted firmly in favour of the bulls and that the broader trend bias remains positive.

The combination of a bullish Alligator alignment and a MACD crossover above the zero axis points toward strengthening upside momentum, provided prices sustain above key support levels. Traders may consider entering long positions in the Rs 3,600–3,550 zone.

Strategy: Buy

Target: Rs 4,000

Stop-Loss: Rs 3,350

Vidnyan S Sawant, Head of Research at GEPL Capital

Ashok Leyland | CMP: Rs 194.4

On the weekly scale, Ashok Leyland has remained in a positive trend since April 2025, consistently sustaining above its key 5-week and 12-week EMAs. During this phase of higher tops and higher bottoms, the stock has displayed a repetitive price behaviour, typically undergoing shallow price corrections of around 5–7 percent.

Such pullbacks are followed by a bottoming-out process, reflecting a classical formation of a healthy and sustainable uptrend. The MACD momentum indicator remains in positive territory and continues to trend higher, indicating ongoing momentum acceleration.

Strategy: Buy

Target: Rs 214

Stop-Loss: Rs 186

Mangalore Refinery and Petrochemicals | CMP: Rs 177.46

On the monthly scale, MRPL has exhibited a bullish polarity shift, wherein the resistance zone formed during the 2008 and 2017 peaks has now acted as a strong support area. The successful retest in March 2025 marked the resumption of the stock’s primary upward trend.

On the weekly scale, the stock continues to form higher bottoms and remains well sustained above its key 12-week and 26-week EMAs. The MACD has also witnessed a bullish crossover, indicating a pickup in momentum and reinforcing the positive trend structure.

Strategy: Buy

Target: Rs 199

Stop-Loss: Rs 168

GE Vernova T&D India | CMP: Rs 3,290.4

GE Vernova T&D has been in a prolonged uptrend since 2023, remaining well positioned above its 20-week and 50-week EMAs, confirming the underlying positive trend. In the current phase, the stock has been range-bound for nearly 25 weeks; however, in Monday’s trading session, it attempted an upside breakout from this range, indicating strong relative strength compared to the broader market.

Additionally, the stock is trading above its key 12-day and 26-day DEMAs, further reinforcing trend strength.

Strategy: Buy

Target: Rs 3,553

Stop-Loss: Rs 3,158