The benchmark indices saw pressure at higher levels in the later part of the session and closed flat with a positive bias on January 16, with weak market breadth. A total of 1,675 shares declined against 1,233 advancing shares on the NSE. Consolidation with rangebound trading may continue for a few more sessions. Below are some short-term trading ideas to consider:

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

Punjab National Bank | CMP: Rs 132.36

On the weekly chart, Punjab National Bank is trending higher, forming a series of higher tops and bottoms, indicating bullish sentiment. It has also surpassed the multiple resistance zone of Rs 126 levels on a closing basis, along with huge volumes, indicating increased participation.

The stock is well placed above its 20-, 50-, 100-, and 200-day SMA, which reconfirms the bullish trend. The daily, weekly, and monthly strength RSI is in positive territory, which signals rising strength.

Strategy: Buy

Target: Rs 142, Rs 155

Stop-Loss: Rs 128

JK Cement | CMP: Rs 5,885

With a weekly closing, JK Cement has confirmed a past 6–7 weeks’ down-sloping trendline breakout at Rs 5,750 levels on a closing basis, indicating a short-term trend reversal. A bullish crossover of the 20- and 50-day SMAs reconfirms the short-term bullish trend. The daily and weekly strength RSI is in positive territory, which signals rising strength.

Strategy: Buy

Target: Rs 6,200, Rs 6,450

Stop-Loss: Rs 5,650

UPL | CMP: Rs 790.15

For the past couple of years, UPL has been trending higher, forming a series of higher tops and bottoms, indicating a sustained uptrend. With the current close, the stock is approaching the “multiple resistance zone” breakout of Rs 820–830 levels. Any sustainable move above the same may trigger fresh upside momentum toward Rs 900–950 levels.

The stock is well placed above its 20-, 50-, 100-, and 200-day SMA, and these averages are also inching up along with rising prices, which reconfirms a bullish trend. The daily and monthly strength RSI is in positive territory, which signals rising strength.

Strategy: Buy

Target: Rs 830, Rs 900

Stop-Loss: Rs 760

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

IDBI Bank | CMP: Rs 104.55

IDBI Bank has experienced profit booking post the breakout over a multi-week resistance and has retested the neckline in the previous week. The technical structure remains robust, with the cycle of higher highs intact in the counter and the stock comfortably placed near the 20 DEMA.

Additionally, the SuperTrend parameter indicates a bullish outlook, and the recent correction provides an opportunity to reiterate bullish positions from a short- to medium-term perspective. Hence, we recommend buying the stock around Rs 102–100.

Strategy: Buy

Target: Rs 118, Rs 122

Stop-Loss: Rs 92

Inox Green Energy Services | CMP: Rs 189.38

Inox Green Energy has undergone a corrective phase of nearly 30 percent from its lifetime high post the formation of an ‘Inverted H&S’ on daily charts, and with the recent plunge, the counter has retested the neckline. Simultaneously, there has been a ‘bullish divergence’ between the RSI and price action, that too at the neckline and the 200 DSMA, suggesting the initiation of a counter-trend in the stock price in the near period. Hence, we recommend buying the stock around Rs 185–180.

Strategy: Buy

Target: Rs 220, Rs 240

Stop-Loss: Rs 160

Mishra Dhatu Nigam | CMP: Rs 357.85

Mishra Dhatu Nigam has demonstrated substantial consolidation near its significant EMAs in the last couple of weeks. Additionally, the counter is in a ‘symmetrical triangle’ formation on the broader timeframe and witnessed a volume spurt near the lower band, which has pushed the counter to a higher zone in the recent period.

Also, the technical indicators are strongly aligned with the price momentum, indicating a bullish outlook for the near term. Hence, we recommend buying the stock around Rs 350.

Strategy: Buy

Target: Rs 385, Rs 400

Stop-Loss: Rs 320

Anshul Jain, Head of Research at Lakshmishree Investments

Tech Mahindra | CMP: Rs 1,670.5

Backed by strong earnings, Tech Mahindra has broken out of a 46-week bullish VCP (volatility contraction pattern) structure near Rs 1,633, signaling a clear shift in trend strength. The stock closed right at the key resistance of Rs 1,684, highlighting this level as the immediate trigger zone. Volume expansion through the base and breakout confirms institutional participation, while rising daily and weekly moving averages underline improving momentum alignment.

A sustained move above Rs 1,684 would unlock a sharper upmove toward the prior all-time high of Rs 1,756.85, which now looks more like a minor pause than a ceiling. Beyond that, the broader VCP pattern projects an extended upside toward the Rs 1,900 zone. Risk–reward remains favourable as long as the price holds above the breakout base, with pullbacks likely to be shallow and absorbed.

Strategy: Buy

Target: Rs 1,900

Stop-Loss: Rs 1,600

HCL Technologies | CMP: Rs 1,698

HCL Technologies has confirmed a decisive breakout from a 29-week bullish cup-and-handle pattern near Rs 1,695, marking a clear trend acceleration. The standout feature is the right side of the pattern forming a tight flag, adding momentum fuel for bulls. The handle also represented the first controlled pullback into rising 10-, 20-, and 50-week moving averages, which are now acting as a strong launchpad.

Breakout volumes have expanded sharply, signaling institutional participation and conviction. The price structure across timeframes remains constructive, with risk–reward favourably skewed higher. As long as the stock holds above the breakout zone, follow-through momentum can drive an initial move toward the Rs 1,825–1,938 band. Failure to sustain above the moving average cluster would be the key invalidation.

Strategy: Buy

Target: Rs 1,825, Rs 1,938

Stop-Loss: Rs 1,640

Force Motors | CMP: Rs 20,565

Force Motors has delivered a clean breakout from a 20-week rectangle formation near Rs 20,500, signaling a resumption of its primary uptrend. The consolidation was constructive, with the price resting firmly on rising 10-, 20-, and 50-week moving averages, which have now aligned to form a strong launchpad. The breakout structure reflects absorption rather than distribution, keeping trend strength intact across timeframes.

Volume behaviour remains supportive, indicating steady participation rather than speculative excess. As long as the stock sustains above the breakout zone, momentum is likely to extend further. The immediate upside projection points toward the Rs 22,500 zone, where partial resistance may emerge.

Risk–reward remains favourable while the price holds above the rectangle base, with any pullback toward rising averages expected to attract demand rather than trigger supply.

Strategy: Buy

Target: Rs 22,500

Stop-Loss: Rs 19,500