The benchmark indices extended gains for another session, with the Nifty 50 up 0.55 percent on February 23. However, market breadth remained weak, with about 1,581 shares declining against 1,361 shares that saw buying interest on the NSE. The market may consolidate after two days of gains, as the VIX signals caution for bulls. Below are some short-term trading ideas to consider:

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

Tata Chemicals | CMP: Rs 714.45

Recently, Tata Chemicals has formed a strong base near its Monthly Floor Pivot support, indicating solid demand at lower levels. The stock has now broken out of its regression channel, and the Pearson’s R value stands at 0.96, which reflects a very strong trending structure with high correlation to the regression slope.

This breakout is supported by strong volume participation, suggesting buying interest and improving momentum. As long as the price sustains above the pivot support zone, the overall bias remains positive. Traders may consider entering long positions in the Rs 710–705 zone, with a target of Rs 780.

Strategy: Buy

Target: Rs 780

Stop-Loss: Rs 680

IRCTC | CMP: Rs 639.45

Recently, Indian Railway Catering and Tourism Corporation was trading in a Bollinger Band squeeze, indicating a phase of low volatility and consolidation. Now, the price has broken out of the band with strong volume expansion, signalling the start of a potential expansion move.

The DMI setup remains positive, with DI above –DI, while the ADX has started to move upward, suggesting strengthening trend momentum and the possibility of sustained upside. Traders may consider entering long positions in the Rs 640–635 zone, with a target of Rs 702.

Strategy: Buy

Target: Rs 702

Stop-Loss: Rs 612

Colgate Palmolive India | CMP: Rs 2,196

Colgate-Palmolive (India) has closed above the Alligator indicator, with all three lines aligned and moving parallel, indicating a strong trending structure and continuation bias. The DMI setup remains positive, with DI above –DI, while the ADX is moving upward, suggesting strengthening trend momentum.

Additionally, a bullish crossover in the MACD further supports the upside view and confirms improving price momentum. Considering the alignment of multiple indicators, the setup favours a bullish outlook. Traders may consider entering long positions in the Rs 2,205–2,180 zone, with a target of Rs 2,450.

Strategy: Buy

Target: Rs 2,450

Stop-Loss: Rs 2,045

Jay Thakkar, Head of Derivatives and Quant Research and Vice President at ICICI Securities

Nippon Life India Asset Management | CMP: Rs 375.45

NTPC has provided a breakout from sideways consolidation, with an increase in open interest in the futures segment indicating long buildup. This stock has relatively lower leverage in the market; hence, there is a higher chance of upward continuation.

As per the options data, there has been a good buildup in Calls at the Rs 370 and Rs 380 strikes; however, there has been equally strong buildup in Puts at the Rs 370 and Rs 380 strikes as well. Above the Rs 380 level, there is no major development until the Rs 400 strike, so there is a good chance of an upside move once the stock moves beyond Rs 380.

The stock is trading well above Rs 370, which is the maximum pain level, indicating good short-term support. Buy NTPC March futures in the range of Rs 375–377.

Strategy: Buy

Target: Rs 390, Rs 400

Stop-Loss: Rs 365

Eicher Motors | CMP: Rs 8,038.5

Eicher Motors provided a clean breakout post its results, and since then the overall trend has been upward and bullish. Since the breakout, open interest has increased in the futures segment, which is a positive sign for the bulls. There have been significant additions in Puts in the March series up to the Rs 8,500 strike; hence, that is the second target.

The stock has managed to close above Rs 8,000, which is the maximum pain level and an immediate support. Buy Eicher Motors March futures in the range of Rs 8,070–8,090.

Strategy: Buy

Target: Rs 8,350, Rs 8,500

Stop-Loss: Rs 7,800

IREDA | CMP: Rs 127.23

Indian Renewable Energy Development Agency has formed a falling wedge pattern, which is a bullish reversal pattern. However, there has also been an increase in open interest, which is a bearish sign, so either the trend has to continue or reverse. In the past few trading sessions, as the February expiry is approaching, open interest has fallen, indicating a higher possibility of short covering.

There is significant Call open interest at the Rs 125 and Rs 130 strikes in the March series, which is a concern in the short term. However, once the stock breaks above those levels, there is no major hurdle until Rs 140 on an immediate basis. Buy IREDA March futures in the range of Rs 123–125.

Strategy: Buy

Target: Rs 135

Stop-Loss: Rs 120

Vidnyan S Sawant, Head of Research at GEPL Capital

KIMS | CMP: Rs 717.45

Krishna Institute of Medical Sciences has been exhibiting a strong and well-defined uptrend since 2021, consistently forming a pattern of higher highs and higher lows that reflects sustained structural strength. The stock recently showed a bullish mean reversion from its 100-EMA, indicating firm buying support at key trend levels.

Momentum indicators further reinforce the positive outlook, as the MACD has registered a bullish crossover, signaling improving strength. Additionally, the daily chart structure has been gradually strengthening, suggesting that short-term price action is aligning with the broader uptrend.

Strategy: Buy

Target: Rs 825

Stop-Loss: Rs 670

City Union Bank | CMP: Rs 291

City Union Bank has maintained a strong structural uptrend following its multi-year breakout in November 2025. The stock continues to advance steadily, with declines finding support near the 20-week EMA, while the rising 50-week EMA signals a sustained positive trend.

Additionally, the stochastic indicator has delivered a bullish crossover, further reinforcing the constructive outlook.

Strategy: Buy

Target: Rs 320

Stop-Loss: Rs 279

Nippon Life India Asset Management | CMP: Rs 985

Nippon Life India Asset Management, on the weekly timeframe, continues to signal trend continuation within its established uptrend. Following a polarity shift, the 2020–2021 trendline provided support in February 2025, reaffirming the stock’s upward trajectory.

In the recent phase, it has once again exhibited a polarity shift, with the December 2024 swing top now acting as support and shaping a double-bottom formation. The rebound from this demand zone, coupled with prices holding firmly above the key 20- and 50-week EMAs, underscores underlying strength. Additionally, the MACD indicator has registered a bullish crossover, further reinforcing the positive outlook for the stock.

Strategy: Buy

Target: Rs 1,103

Stop-Loss: Rs 945

Canara Bank | CMP: Rs 156.44

Canara Bank, on higher timeframes, has confirmed a multi-year breakout from a cup-and-handle pattern in September 2025, aligned with the 2010 swing top, highlighting robust structural strength. In the recent phase, the stock has shown bullish mean reversion from the 20-week EMA, indicating renewed buying interest. Additionally, the RSI is holding near 60, signaling sustained bullish momentum and reinforcing the positive trend outlook.

Strategy: Buy

Target: Rs 169

Stop-Loss: Rs 150