The benchmark indices closed flat after consolidation on May 7, but market breadth remained strong. Around 2,036 shares witnessed buying interest compared to 921 declining shares on the NSE. Consolidation with range-bound trading is likely to continue until the indices trade below the April high. Below are some short-term trading ideas to consider:

Jay Mehta, Technical Research at JM Financial Services

NMDC Steel | CMP: Rs 44.24

NMDC Steel has delivered a strong breakout above a long-term descending resistance trendline on the daily chart. The stock has shown impressive momentum in recent sessions, breaking out with conviction and sustaining the upmove.

The price is now trading above all key EMAs, with upward-sloping averages confirming trend strength. The RSI is in bullish territory near 69, while the DMI and ADX support the bullish bias. The overall structure remains positive, with higher highs and higher lows. Volume expansion on up days supports continued buyer interest.

Strategy: Buy

Target: Rs 48, Rs 52

Stop-Loss: Rs 40.5

Aditya Birla Fashion & Retail | CMP: Rs 67.79

Aditya Birla Fashion has broken out above a prolonged downtrend and resistance trendline with strong bullish candles. The stock has shown multiple bullish reversal signals on the RSI and has successfully reclaimed key moving averages.

The price is now trading above short- and medium-term EMAs with upward slopes. The RSI has turned bullish with positive momentum, while the DMI positive crossover and rising DI support the bullish bias. The structure favours continuation of the upmove. Recent price action indicates strong buying interest at lower levels.

Strategy: Buy

Target: Rs 74, Rs 80

Stop-Loss: Rs 61.8

IRCON International | CMP: Rs 161.35

IRCON has given a strong breakout above a flag-and-pole pattern. The stock has shown impressive strength with a series of bullish candles and has successfully sustained above its short- and medium-term EMAs.

The price is now trading comfortably above key moving averages with upward slopes, confirming trend strength. The RSI has turned bullish and is holding above the 60 level, while the overall structure shows higher highs and higher lows. Recent price action, along with healthy volume expansion, indicates strong buying interest and continuation potential. It is good to add more above the Rs 167.5 level.

Strategy: Buy

Target: Rs 182, Rs 190

Stop-Loss: Rs 149

Hitesh Tailor, Technical Research Analyst at Choice Broking

360 ONE WAM | CMP: Rs 1,111.7

360 ONE WAM is showing strength, as the stock has recently given a falling trendline breakout on the daily timeframe. Post-breakout, the stock witnessed a successful retest near support levels and bounced back sharply, indicating strong buying interest at lower levels.

The stock is also trading above its key EMAs, along with a short-term bullish EMA crossover, which reflects positive trend strength. The RSI is showing strength by taking support near the midpoint zone, signaling sustained bullish momentum.

Strategy: Buy

Target: Rs 1,215

Stop-Loss: Rs 1,055

ION Exchange (India) | CMP: Rs 426.5

ION Exchange has witnessed a breakout from a rectangular channel pattern after a prolonged consolidation phase following the earlier downtrend, indicating a potential trend reversal and fresh bullish momentum. The stock is also trading above its key EMA levels, reflecting sustained buying interest and improving price strength. The overall technical structure remains positive and suggests a favourable buying opportunity at the CMP.

Strategy: Buy

Target: Rs 465

Stop-Loss: Rs 407

Om Mehra, Technical Research Analyst at Samco Securities

RBL Bank | CMP: Rs 345.75

RBL Bank stock has delivered a decisive breakout above the Rs 340–345 resistance band, a zone that had capped the stock on multiple occasions over the past several months. The breakout has come with a strong bullish candle accompanied by a visible expansion in volumes.

The stock is now trading comfortably above all moving averages. A steady sequence of higher lows formed since March 2026 reflects gradual accumulation and an improving trend structure on the daily chart.

The daily RSI is placed near 64 and is trending higher, with the RSI line trading well above its signal line. Volumes expanded meaningfully during the breakout session, lending further strength to the move.

Strategy: Buy

Target: Rs 365

Stop-Loss: Rs 332

HDFC Life Insurance Company | CMP: Rs 625.40

HDFC Life Insurance has staged a sharp recovery after a prolonged corrective phase. The stock has now delivered a decisive breakout above the Rs 610–615 resistance band, a level that had acted as a ceiling during recent recovery attempts. The breakout session was accompanied by an exceptional surge in volumes, with trading activity at more than three times the recent average.

The stock has also reclaimed the 40-day EMA placed near Rs 612, which now shifts into a support role. A positive RSI divergence is clearly visible on the daily chart, reflecting a meaningful pickup in momentum. The MACD has turned positive, with a fresh bullish crossover.

Strategy: Buy

Target: Rs 672

Stop-Loss: Rs 598

Lodha Developers | CMP: Rs 967.35

Lodha Developers is extending gains following a decisive breakout above the inverse head-and-shoulders neckline placed near the Rs 920 zone. The long-term falling trendline that had capped recoveries throughout the prior downtrend has also been decisively breached, reinforcing the shift toward a bullish trend.

The positive crossover of the 20-day SMA above the 50-day SMA reflects the pace of the recovery. The RSI is at 67 and holding above its signal line. Volumes have remained elevated throughout the recovery phase, supporting the ongoing momentum. The real estate sector is also recovering from lower levels, adding further strength.

Strategy: Buy

Target: Rs 1,040

Stop-Loss: Rs 925