Equity benchmarks retreated from the previous day’s gains amid consolidation, with the Nifty 50 falling 0.4 percent on profit booking on January 30, as participants turned cautious ahead of the Union Budget on February 1. Market breadth was positive, with about 1,661 shares advancing against 1,238 declining shares on the NSE. The market is expected to remain range-bound with an elevated VIX. Below are some short-term trading ideas to consider:

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Oil India | CMP: 510

The expansion of the weekly Bollinger Bands indicates that the stock is entering a high-momentum phase, while the weekly RSI (14) is trading above 70, confirming strong upward momentum. Additionally, the RSI has crossed above its horizontal resistance at 60, further validating the breakout and underscoring the bullish bias.

Strategy: Buy

Target: Rs 550, Rs 600

Stop-Loss: Rs 480

Bajaj Auto | CMP: Rs 9,597.5

On the weekly chart, Bajaj Auto is trending within a rising channel, recently finding support at the lower band and now moving toward the upper band. It has also surpassed a key horizontal supply zone in the Rs 9,300–9,400 range, signalling further strength. The stock is comfortably trading above its 20-, 50-, and 200-day SMAs, confirming a robust primary bullish trend.

The weekly upward structure, along with the expanding upper Bollinger Band, points to a gradual upside continuation. Additionally, the weekly RSI is trending higher and holding above its reference line, reinforcing a positive bias.

Strategy: Buy

Target: Rs 10,000, Rs 10,250

Stop-Loss: Rs 9,300

Union Bank of India | CMP: Rs 180.76

On the weekly chart, Union Bank of India has staged a decisive breakout above the medium-term horizontal resistance at Rs 173, supported by a notable surge in trading volumes, signalling strong accumulation. The stock is firmly positioned above its 20-, 50-, 100-, and 200-day SMAs, confirming a robust primary uptrend.

The weekly RSI (14) is trending in the bullish zone around 70, reflecting strong momentum while remaining below extreme overbought levels, thereby reinforcing the positive outlook.

Strategy: Buy

Target: Rs 195, Rs 210

Stop-Loss: Rs 173

Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One

Astra Microwave Products | CMP: Rs 982.6

Astra Microwave Products has experienced a substantial rebound from the previous swing low in the Rs 865 sub-zones over the last couple of trading weeks. The technical structure has turned positive, with a positive crossover seen in the MACD histogram around the zero line, which has propelled the stock above the cluster of its short- and medium-term EMAs.

Additionally, the double-bottom formation adds to the bullish quotient, suggesting continued growth potential in the near term. Hence, buying Astra Microwave Products around Rs 970–960 is recommended.

Strategy: Buy

Target: Rs 1,100, Rs 1,120

Stop-Loss: Rs 865

CG Power and Industrial Solutions | CMP: Rs 584

CG Power has undergone a corrective phase of over 30 percent from its recent high of Rs 800 sub-levels and plunged below all its major EMAs to re-test the previous swing low around the Rs 520 sub-zones. However, the recent traction from the support zone and oversold territory portrays an early signal of reversal in the near term.

Also, the 14-week RSI and MACD histograms are aligned with the pullback momentum in the stock, suggesting a strong risk–reward ratio. Hence, buying CG Power around Rs 580–570 is recommended.

Strategy: Buy

Target: Rs 640, Rs 670

Stop-Loss: Rs 525

Oil and Natural Gas Corporation | CMP: Rs 269

ONGC has demonstrated a substantial consolidation breakout after an elongated period, propelling the stock above all its significant EMAs and indicating a bullish bias. Additionally, the SuperTrend has turned bullish, signalling a buy, and the accompanying volume spurt has added conviction.

The technical indicators are strongly aligned with price momentum, indicating a bullish outlook for the near term. Hence, buying ONGC on dips around Rs 260 is recommended.

Strategy: Buy

Target: Rs 290, Rs 300

Stop-Loss: Rs 240

Anshul Jain, Head of Research at Lakshmishree Investments

Ujjivan Small Finance Bank | CMP: Rs 65.37

Ujjivan Small Finance Bank has delivered a decisive breakout from a massive 318-week IPO base near Rs 60, marking a major long-term structural shift. The stock has now sustained above the breakout level for three consecutive weeks, confirming acceptance and reducing the risk of a false move.

The price structure across timeframes is constructive, with daily, weekly, and monthly moving averages tightly aligned and rising, acting as a strong launchpad on dips. Momentum indicators remain supportive, and volume behaviour suggests steady institutional participation rather than speculative churn.

Any retracement back toward the Rs 60 breakout zone offers a favourable risk–reward opportunity to add long positions. As long as this level holds on a closing basis, the stock is well positioned for an upside extension toward the Rs 75 zone in the near to medium term.

Strategy: Buy

Target: Rs 75

Stop-Loss: Rs 60

Lupin | CMP: Rs 2,152.8

Lupin is on the verge of resolving a major 50-week rectangle on the weekly chart, with the upper boundary placed near Rs 2,180. The right side of the structure has tightened sharply, with volumes drying up—a classic precursor to an expansion move. This contraction suggests supply exhaustion rather than distribution.

Moving averages across timeframes have flattened and are beginning to turn up, while momentum indicators are transitioning from neutral toward a bullish trajectory. Price acceptance near the range high keeps the setup constructive.

A clean breakout and sustained move above Rs 2,180 would confirm pattern resolution and is likely to trigger a swift move toward the Rs 2,400 zone. Risk–reward favours the upside at this inflection point, with failure to break out likely leading only to further consolidation rather than an immediate breakdown.

Strategy: Buy

Target: Rs 2,400

Stop-Loss: Rs 2,100