Equity benchmark indices bounced back on July 23, rising over 0.6?spite slightly subdued market breadth. A total of 1,336 shares declined, compared to 1,313 shares that gained on the NSE. Buying momentum is expected to strengthen further if the frontline indices sustain above the 20-day EMA in the upcoming sessions. Below are some short-term trading ideas to consider:

Rupak De, Senior Technical Analyst at LKP Securities

Fortis Healthcare | CMP: Rs 823.7

Fortis Healthcare has broken out of a consolidation phase, indicating growing optimism. It is also sustaining above a key moving average, reinforcing the positive momentum. On the daily timeframe, the stock has crossed above the previous swing high, suggesting a bullish setup. In the short term, it may move towards Rs 875. On the downside, support is placed at Rs 800; a breach below this level could shift sentiment to bearish.

Strategy: Buy

Target: Rs 875

Stop-Loss: Rs 800

Bharti Airtel | CMP: Rs 1,943.8

Bharti Airtel has broken out above its recent consolidation zone, signaling a recovery after a sharp correction. It found support near the 50-day EMA and has since rallied, pushing the price above the 21-day EMA. On the daily chart, the RSI is in a bullish crossover, indicating strengthening momentum. In the short term, the stock may move towards Rs 2,050. On the downside, support is placed at Rs 1,900; a break below this level could turn sentiment negative.

Strategy: Buy

Target: Rs 2,050

Stop-Loss: Rs 1,900

Piramal Enterprises | CMP: Rs 1,307.2

Piramal Enterprises is in an uptrend, forming a higher top–higher bottom structure on the daily chart. It has recently formed a bullish engulfing pattern, indicating the potential for a short-term price recovery. Additionally, the price is sustaining above key moving averages, further supporting the positive bias. In the near term, the stock may move towards Rs 1,370. On the downside, support is placed at Rs 1,279; a breach below this level could shift sentiment to bearish.

Strategy: Buy

Target: Rs 1,370

Stop-Loss: Rs 1,279

Sudeep Shah, Vice President and Head of Technical and Derivative Research at SBI Securities

Godrej Agrovet | CMP: Rs 848.6

Godrej Agrovet has given a consolidation breakout on the daily scale. This breakout was supported by robust volume—more than six times the 50-day average volume—indicating strong buying interest by market participants. The 50-day average volume was 2.94 lakh, while on Wednesday, the stock registered a total volume of 20.27 lakh. Currently, the stock is trading above its short- and long-term moving averages. These averages are rising and aligned in the desired sequence. The momentum indicators and oscillators are also suggesting strong bullish momentum in the stock. Hence, we recommend accumulating the stock in the Rs 850–840 zone.

Strategy: Buy

Target: Rs 930

Stop-Loss: Rs 815

Info Edge (India) | CMP: Rs 1,475

Naukri has recently taken support near its 50% Fibonacci retracement level of the prior upward rally (Rs 1,157–1,550). It has formed a double bottom-like pattern near the support zone and started moving higher along with robust volume. Most notably, it has surged above its short- and long-term moving averages. The daily RSI is about to surge above the 60 mark and is in rising mode. Hence, we recommend accumulating the stock in the Rs 1,480–1,470 zone.

Strategy: Buy

Target: Rs 1,580

Stop-Loss: Rs 1,420

Chalet Hotels | CMP: Rs 933.55

On Wednesday, Chalet Hotels took support near the Rs 903 level, which is the confluence of the 50% Fibonacci retracement level of its prior upward rally (Rs 855–949.60) and the 20-day EMA. Thereafter, the stock witnessed a strong rebound along with robust volume. Currently, all the moving averages and momentum-based indicators suggest strong bullish momentum in the stock. Hence, we recommend accumulating the stock in the Rs 935–925 zone.

Strategy: Buy

Target: Rs 1,000

Stop-Loss: Rs 900

Somil Mehta, Head Alternate Research at Mirae Asset Sharekhan

Dr Reddy's Laboratories | CMP: Rs 1,247.4

Dr Reddy's Laboratories has been forming an ending diagonal pattern and is expected to break on the upside for a target of Rs 1,350. The hourly momentum indicator has a positive crossover, forming a positive divergence. We expect the stock to witness a sharp rise over the next few days.

Strategy: Buy

Target: Rs 1,300, Rs 1,350

Stop-Loss: Rs 1,200

Indian Oil Corporation | CMP: Rs 152.35

IOC has broken out of a small consolidation, taking support at the 20-day moving average. The stock is already in an uptrend on the weekly chart and is expected to resume its upward movement. The pattern generally appears in the middle of a trend, taking support at short-term averages. On the hourly chart, the momentum indicator has given a positive crossover, and we expect the stock to witness a sharp rise over the next few trading sessions.

Strategy: Buy

Target: Rs 200

Stop-Loss: Rs 148.50