Equity benchmarks were backed by bulls for the third consecutive session, with the Nifty 50 climbing 0.37 percent on February 18. Market breadth remains in favour of bulls, as a total of 1,586 shares advanced against 1,331 declining shares on the NSE. The market needs to sustain above the downward-sloping trendline for a further upmove. Below are some short-term trading ideas to consider:

Rupak De, Senior Technical Analyst at LKP Securities

Techno Electric & Engineering Company | CMP: Rs 1,151.7

Following a major decline, Techno Electric & Engineering Company has shown initial signs of a structural change. On the daily chart, the recent rise above the key moving averages of 21 EMA and 55 EMA indicates a positive shift in sentiment.

The momentum indicator RSI is trending upward, suggesting strengthening momentum. In the short term, the stock may move towards Rs 1,240. On the downside, support is placed at Rs 1,100; a close below this level could weaken the price outlook.

Strategy: Buy

Target: Rs 1,240

Stop-Loss: Rs 1,100

Elgi Equipments | CMP: Rs 537.25

Elgi Equipments has given a consolidation breakout on the daily chart after several days of congestion. Additionally, it has reclaimed its 200 DMA, indicating an improving trend.

The RSI is trending upward, reflecting strengthening momentum. In the short term, the stock may move towards Rs 580. On the downside, support is placed at Rs 520; a break below this level could weaken the ongoing rally.

Strategy: Buy

Target: Rs 580

Stop-Loss: Rs 520

Bank of Maharashtra | CMP: Rs 69

Bank of Maharashtra has been in a steady uptrend following a multi-timeframe breakout. Dips have been consistently bought into over the past several weeks. Post the recent breakout, the stock appears well-positioned for further upside.

The price is trading comfortably above the 20 DMA, confirming a positive short-term bias. Notably, volumes expanded significantly during the recent upmove, adding conviction to the breakout. Based on the current technical setup, the stock may move towards Rs 74 in the near term. On the downside, support is placed at Rs 67.

Strategy: Buy

Target: Rs 74

Stop-Loss: Rs 67

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Tata Steel | CMP: Rs 209

Tata Steel has broken out of its recent three-session consolidation band of Rs 207–201, backed by a clear spike in volumes, signalling strong participation. The stock continues to trade comfortably above its key short- and long-term moving averages, keeping the broader trend firmly positive.

The RSI, after a brief dip below 60, has rebounded to near 65, indicating strengthening momentum. Additionally, DI remains well above DI- on the ADX, reinforcing a bullish directional bias. Hence, we recommend accumulating the stock in the zone of Rs 210–208 with a stop-loss of Rs 203. On the upside, it is likely to test the level of Rs 225 in the short term.

Strategy: Buy

Target: Rs 225

Stop-Loss: Rs 203

Indian Bank | CMP: Rs 938.15

Indian Bank has given a downward trendline breakout on the daily chart, pointing to a potential continuation of the uptrend. The broader PSU banking pack continues to outperform the Nifty, as reflected in the rising ratio line in the PSU Bank/Nifty ratio chart.

Momentum indicators remain supportive. The RSI is trending higher, DI has crossed above DI- on the ADX, and the MACD is above the signal and zero line. A close above the upper band of the Bollinger Band further reinforces bullish strength. Hence, we recommend accumulating the stock in the zone of Rs 940–930 with a stop-loss of Rs 900. On the upside, it is likely to test the level of Rs 1,005 in the short term.

Strategy: Buy

Target: Rs 1,005

Stop-Loss: Rs 900

Indian Oil Corporation | CMP: Rs 178.74

IOC broke out above its prior swing high zone of Rs 173–175 on February 5 and, after a brief follow-through, retested this swing high zone. Strong buying interest was seen around this swing high zone, highlighting robust demand and buyer dominance at this key level. The zone, which acted as resistance earlier, has now acted as strong support for the stock.

Trend indicators remain supportive. The ADX is rising, signalling strengthening trend momentum. The stock continues to trade above its key short- and long-term moving averages, while the RSI has held above 60, dipping from 75 and turning higher, reinforcing the bullish setup. Hence, we recommend accumulating the stock in the zone of Rs 180–177 with a stop-loss of Rs 170. On the upside, it is likely to test the level of Rs 195 in the short term.

Strategy: Buy

Target: Rs 195

Stop-Loss: Rs 170