The benchmark indices succumbed to selling pressure following the Union Budget announcement, falling nearly 2 percent on February 1, with weakness visible in market breadth. A total of 1,940 shares declined, against 953 advancing shares on the NSE. The market may consolidate near the previous day’s low after the sharp correction. Below are some short-term trading ideas to consider:

Vinay Rajani, Senior Technical & Derivative Analyst at HDFC Securities

Infosys | CMP: Rs 1,654.3

The primary trend of Infosys remains bullish, with the stock forming higher tops and higher bottoms. Infosys is trading above all key moving averages, and the IT sector has shown resilience during the recent market fall.

Strategy: Buy

Target: Rs 1,780

Stop-Loss: Rs 1,600

Max Healthcare Institute | CMP: Rs 976.7

Max Healthcare has formed a double bottom reversal pattern near Rs 940. The stock has closed above its 5-day EMA, while the daily RSI has exited the oversold zone, indicating a potential bullish trend reversal.

Strategy: Buy

Target: Rs 1,100

Stop-Loss: Rs 940

Aditya Birla Capital | CMP: Rs 329.2

Aditya Birla Capital has breached crucial support levels of its 20- and 50-day EMAs with healthy volume. The stock has also broken down from a consolidation pattern. The weekly RSI has exited the overbought zone, confirming a downward reversal. Sell Aditya Birla Capital February Futures.

Strategy: Sell

Target: Rs 310

Stop-Loss: Rs 342

Rupak De, Senior Technical Analyst at LKP Securities

LTIMindtree | CMP: Rs 6,070.5

LTIMindtree has delivered a consolidation breakout on the daily chart, indicating rising optimism around the counter. The sector looks favourable for the short to medium term, as post-Budget, IT remains the only sector holding on to its gains. Additionally, the stock has closed above the 20-day DMA, confirming a positive bias. Based on the technical setup, the stock could move toward the Rs 6,400–6,600 zone, while on the downside, support is placed at Rs 5,900.

Strategy: Buy

Target: Rs 6,400, Rs 6,600

Stop-Loss: Rs 5,900

Aster DM Healthcare | CMP: Rs 570.40

Aster DM Healthcare appears to be forming a base ahead of a recovery on the daily chart after a sharp correction over the past several weeks. Recently, it found support near the previous congestion zone, strengthening the bullish case. A minor positive divergence is also visible on the daily chart. Overall, the setup points toward a smart recovery in the short term, with potential to move toward Rs 600.

Strategy: Buy

Target: Rs 600

Stop-Loss: Rs 554

Axis Bank | CMP: Rs 1,340.4

Axis Bank has formed a bearish engulfing pattern on the daily chart, indicating waning bullish momentum and the likelihood of additional selling pressure in the short term. Additionally, the RSI has formed a negative divergence near the overbought zone. The trend is expected to remain weak, with potential downside toward Rs 1,270. On the upside, resistance is placed at Rs 1,376.

Strategy: Sell

Target: Rs 1,270

Stop-Loss: Rs 1,376

Jay Mehta, Technical Research at JM Financial Services

NMDC | CMP: Rs 80.38

NMDC broke out above a bullish inverse head-and-shoulders pattern on December 23 from Rs 78.6, rallying to Rs 86.72 before correcting. The pullback found strong support at the 100-day EMA and successfully retested the breakout zone. On January 28, the stock delivered a decisive breakout above a long-term wedge pattern, forming a powerful three white soldiers candle with rising positive volume, confirming accumulation.

The price now trades above all key EMAs with upward slopes. Over the past two sessions, it has retested the wedge breakout zone. Momentum remains bullish, and the structure favours buyers as long as the 100-day EMA holds.

Given the post-Budget sell-off in indices, add positions in a staggered manner and increase exposure only once the price sustains above the Budget day’s high.

Strategy: Buy

Target: Rs 88, Rs 92

Stop-Loss: Rs 76.3

Power Finance Corporation | CMP: Rs 381.5

PFC has broken out above a long-term bullish wedge and sloping channel, supported by strong volumes, indicating solid participation. The stock trades above all key EMAs except the 200-day EMA. In the latest session, following positive Budget 2026 commentary on PFC/REC restructuring, it attempted to break the 200-day EMA but faced some profit booking.

Overall, the bias remains bullish, with higher lows forming and a positive crossover between the 20- and 50-day EMAs. Given the post-Budget sell-off in indices, add positions in a staggered manner and increase exposure only once the price sustains above the Budget day’s high.

Strategy: Buy

Target: Rs 411, Rs 428

Stop-Loss: Rs 356

Jindal Steel | CMP: Rs 1,102

Jindal Steel broke out above its all-time high after consolidating from May 2024 to January 2026, clearing the tough Rs 1,080–1,100 resistance zone (marked multiple times earlier) on strong and rising volumes, indicating genuine participation. The latest session successfully retested the breakout zone without violation.

The stock trades well above all key EMAs with upward slopes, confirming a strong structure. Momentum indicators support a continued bullish bias. Given the post-Budget sell-off in indices, add positions in a staggered manner and increase exposure only once the price sustains above the Budget day’s high.

Strategy: Buy

Target: Rs 1,240, Rs 1,330

Stop-Loss: Rs 1,050

Anand James, Chief Market Strategist at Geojit Investments

Arvind | CMP: Rs 330

Arvind is attempting to form a base near Rs 330 after a strong rebound, creating higher lows within a multi-month range of Rs 305–347. A decisive close above Rs 347 would confirm a range breakout and open up targets of Rs 360–375, while failure near this zone would keep the stock rotational. On the downside, Rs 318–312 remains the immediate support area, followed by a stronger base near Rs 305–297.

Momentum is improving, with the RSI rising above 50 into the 60s and the MACD turning up with a contracting negative histogram, indicating early momentum repair and a developing base.

The technical setup is supported by favourable policy tailwinds from the Union Budget 2026, which announced a five-part, sector-wide push for textiles, covering the National Fibre Scheme, Textile Expansion & Employment Scheme, National Handloom & Handicraft Programme, Text ECON initiative, and SAMARTH 2.0 for skill development. These measures aim to modernise textile clusters, strengthen supply chains, and upgrade workforce capabilities, providing structural medium-term support for integrated textile players like Arvind and reinforcing the stock’s constructive bias on confirmed breakouts.

Strategy: Buy

Target: Rs 360, Rs 375

Stop-Loss: Rs 312

Raymond | CMP: Rs 393.7

Raymond is showing early signs of a short-term turnaround after a sharp corrective phase. On the weekly chart, the stock has formed an inverted hammer, a classic bullish reversal signal when it appears after a decline, indicating rejection of lower levels and emerging buying interest. This pattern suggests that downside momentum may be losing steam, even as the broader trend remains corrective.

Momentum indicators support this view. The MACD histogram is showing clear exhaustion, with negative bars contracting, pointing to waning selling pressure and the possibility of a short-term bounce. While the MACD line remains below the signal line, the improving histogram hints at early stabilisation. The RSI remains subdued but is attempting to base, consistent with a relief rally setup rather than a full trend reversal.

Strategy: Buy

Target: Rs 470

Stop-Loss: Rs 370