The benchmark indices closed the session on September 1 with moderate losses, while market breadth continued to favour the bears. About 2,093 shares declined, compared with 1,131 that advanced on the NSE. Consolidation is likely to continue until the indices make a sustained move above their short-term moving averages. Here are some short-term trading ideas to consider:

Amol Athawale, VP Technical Research at Kotak Securities

Oil and Natural Gas Corporation | CMP: Rs 236.45

Following its declining trend, ONGC reversed from an important support zone. The stock has formed a rounding bottom chart pattern on the daily timeframe and is now in a steady upmove. In addition, momentum indicators are also signalling a strong possibility of a fresh uptrend from the current levels.

For positional traders, as long as the stock trades above Rs 227, the bullish texture is likely to continue. A sustained move above this level could drive the stock towards Rs 252.

Strategy: Buy

Target: Rs 252

Stop-Loss: Rs 227

Infosys | CMP: Rs 1,156

After a short-term correction, Infosys has formed a promising reversal pattern near the 50-day SMA (Simple Moving Average). Currently, the stock is trading near the 20-day SMA and has also formed a bullish candle on the daily charts.

We believe Rs 1,115 will act as a key support zone for traders. As long as the stock sustains above this level, the uptrend could continue towards Rs 1,240. However, a break below Rs 1,115 could change the sentiment. In that case, traders may prefer to exit their long positions.

Strategy: Buy

Target: Rs 1,240

Stop-Loss: Rs 1,115

Cipla | CMP: Rs 1,423

Following its downward trend, Cipla has entered an accumulation phase, moving within a defined range on the daily chart. Recent bullish activity suggests improving strength and rising buying interest. A breakout from the range appears likely in the near term, offering a favourable risk-reward opportunity from the current levels.

For positional traders, Rs 1,370 is a crucial level to watch. Sustaining above this mark could confirm an uptrend and drive the stock towards Rs 1,525. However, a break below Rs 1,370 would make the uptrend vulnerable.

Strategy: Buy

Target: Rs 1,525

Stop-Loss: Rs 1,370

Ashish Kyal, Founder and CEO of Waves Strategy Advisors

Alembic Pharmaceuticals | CMP: Rs 843.85

Alembic Pharmaceuticals has been consolidating within a symmetrical triangle pattern since July 16, 2026. On August 31, the stock took support at the 50-period EMA and reversed sharply from there. In the previous trading session, the stock gained more than 1 percent and closed near the upper converging trendline.

Along with this, following a bullish crossover in the MACD indicator, green histograms have formed above the zero line, providing double confirmation. From a wave perspective, wave 3 of primary wave (3) is currently underway on the upside.

For now, a break above Rs 850 is required for bullish momentum to continue, which could lead to a move towards Rs 910 or higher. The nearest support is around Rs 820.

Strategy: Buy

Target: Rs 910

Stop-Loss: Rs 820

HCL Technologies | CMP: Rs 1,351.4

In the previous session, HCL Technologies showed a strong move of almost 3 percent following days of consolidation and was also among the top contributors to the Nifty IT index. The stock is also likely to be in the final stages of a cup-and-handle pattern. A break above the Rs 1,380 level could confirm a breakout from the pattern.

Along with this, the stock is following a 69-period time cycle, which recently completed on August 14, and is now approaching the previous swing high of Rs 1,380. A further move above this level could turn the cycle bullish and lead prices higher towards Rs 1,430, followed by Rs 1,475. The key support is around Rs 1,325.

Strategy: Buy

Target: Rs 1,430, Rs 1,475

Stop-Loss: Rs 1,325

Caplin Point Laboratories | CMP: Rs 2,711.2

Since June 22, Caplin Point Laboratories had been trading in a narrow range of Rs 2,380-2,700, indicating a phase of accumulation. In the previous session, the stock surged nearly 8 percent and hit a fresh lifetime high of Rs 2,750 despite weakness in the broader indices, highlighting its outperformance.

The stock also witnessed its highest trading volume since May 14, adding confirmation to the breakout. This breakout indicates renewed buying interest. A further move above the previous session's high of Rs 2,750 could push the stock towards a new all-time high of Rs 2,850, followed by Rs 2,950. The key support is around Rs 2,635.

Strategy: Buy

Target: Rs 2,850, Rs 2,950

Stop-Loss: Rs 2,635