Equity benchmarks rebounded with around 1.6 percent gains on April 1, with a strong improvement in market breadth. A total of 2,778 shares saw buying interest compared to 228 declining shares on the NSE. The market may consolidate, with a focus on West Asia war developments. Below are some short-term trading ideas to consider:

Nilesh Jain, VP- Head of Technical and Derivative Research at Centrum Finverse

Chambal Fertilisers & Chemicals | CMP: Rs 446.2

Chambal Fertilisers has established strong multi-month support around the Rs 410 level and has seen a sharp rebound from those levels. It is now nearing a breakout from a descending triangle pattern, with immediate resistance placed at Rs 455.

Momentum indicators are also turning favourable, as the RSI has crossed above the 50 mark with a breakout from its falling trendline, while the MACD has signaled a fresh bullish crossover. Additionally, the stock has reclaimed its short-term 21-day and 50-day moving averages.

Given the overall technical structure, the stock appears well-positioned for a breakout, with potential upside towards Rs 475. Immediate support is seen near the 21-day moving average, around the Rs 430 level.

Strategy: Buy

Target: Rs 475

Stop-Loss: Rs 430

Laurus Labs | CMP: Rs 1,038.8

Laurus Labs has registered a fresh breakout from a symmetrical triangle pattern on the daily chart, indicating a continuation of the prevailing uptrend. It is currently trading comfortably above all its short-term and long-term moving averages, reflecting strong underlying strength.

On the momentum front, the MACD has given a fresh buy crossover, while the RSI has moved above the 55 mark, suggesting that the current upward momentum could sustain further.

Overall, the technical setup remains constructive, with the stock poised for an upward move towards new record highs around the Rs 1,145 level. Immediate support is seen at the 50-day moving average, placed near Rs 1,005.

Strategy: Buy

Target: Rs 1,145

Stop-Loss: Rs 1,005

Ashok Leyland | CMP: Rs 149.11

Ashok Leyland continues to remain in a sustained downtrend, characterized by a consistent pattern of lower tops and lower bottoms. It has recently witnessed a fresh breakdown, accompanied by above-average volumes, indicating intensified selling pressure.

On the derivatives front, the addition of fresh open interest suggests a short build-up, further reinforcing the prevailing negative sentiment. Momentum indicators also remain weak, with the MACD signaling a bearish crossover.

Given the overall technical setup, the stock is likely to extend its decline, with downside potential towards the Rs 138 level.

Strategy: Sell

Target: Rs 138

Stop-Loss: Rs 158

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

BSE | CMP: Rs 2,867.6

BSE has rebounded twice from its 100-day EMA zone of Rs 2,675–2,735 over the past six sessions, reinforcing this level as a strong support base. Momentum indicators are turning favourable, with DI on the verge of crossing above DI- on the ADX, signalling a gradual return of bullish strength.

The Nifty Capital Markets/Nifty ratio line is trending higher after bouncing off its recent support, indicating relative outperformance. Additionally, the RSI sustaining above the 43–44 zone highlights resilience, positioning the stock well to potentially lead the next leg of the rally. Hence, we recommend accumulating the stock in the zone of Rs 2,880–2,850 with a stop-loss of Rs 2,780. On the upside, it is likely to test the level of Rs 3,080 in the short term.

Strategy: Buy

Target: Rs 3,080

Stop-Loss: Rs 2,780

Dr Reddy's Laboratories | CMP: Rs 1,209.6

Dr Reddy's Laboratories has witnessed a breakdown below the Rs 1,245–1,240 support zone on the daily chart after the stock failed to hold on to higher levels. Momentum remains weak, with the RSI slipping below 40 and trending lower, reflecting increasing bearish pressure.

The ADX setup further confirms this bias, as DI- continues to stay above DI , with the gap widening. Additionally, the stock closing below the lower Bollinger Band suggests heightened selling pressure and expansion in volatili...

ty, often seen during strong downward moves, reinforcing a negative outlook in the near term.

Hence, we recommend selling the stock in the zone of Rs 1,210–1,200 with a stop-loss of Rs 1,240. On the downside, it is likely to test the level of Rs 1,120 in the short term.

Strategy: Sell

Target: Rs 1,120

Stop-Loss: Rs 1,240

Rupak De, Senior Technical Analyst at LKP Securities

Vedant Fashions | CMP: Rs 374.35

Vedant Fashions has given a consolidation breakout on the daily chart, suggesting a rise in optimism. It has moved above the 21 EMA, confirming an improving trend. The RSI has also moved out of the oversold zone, indicating strengthening positive momentum.

On the upside, the stock may move towards Rs 390, while immediate support is placed at Rs 364. A fall below this level could weaken the sentiment again.

Strategy: Buy

Target: Rs 390

Stop-Loss: Rs 364

Avenue Supermarts | CMP: Rs 4,271.1

On the daily chart, DMart has given a consolidation breakout, suggesting a rise in optimism. It has moved above the 200 DMA, confirming an improvement in the long-term trend. The RSI has also moved into the high-growth zone, indicating very strong momentum.

On the upside, the stock may move towards Rs 4,600, while immediate support is placed at Rs 4,100. A fall below this level could weaken the sentiment again.

Strategy: Buy

Target: Rs 4,600

Stop-Loss: Rs 4,100