The benchmark indices closed flat with a positive bias on August 10, while market breadth remained directionless for the third straight session. According to reports from Angel One, about 1,549 shares declined compared with 1,518 shares that advanced on the NSE. Range-bound trading is likely to continue until the market sees a trigger from developments in the Middle East. Below are some short-term trading ideas to consider for August 11.
JSW Energy is showing a positive technical setup, trading above both the 21-day EMA (₹559.86) and 200-day EMA (₹534.73), indicating a strong underlying trend. As reported by Angel One, DMI remains bullish with +DI at 27.05 above -DI at 17.19, while RSI at 61.10 confirms healthy momentum. The stock has regained strength after consolidation and is trading above previous swing highs. Traders may consider entering long positions in the ₹570-580 zone with target of ₹620 and stop-loss at ₹555. The improving price structure, supported by strong directional momentum, indicates that buyers remain in control with sustained trading above the recent breakout zone potentially attracting further buying interest.
Hindustan Aeronautics has provided a breakout from the falling trendline with recent rise from the bottom leading to short covering, reducing futures open interest to lower ranges. According to ICICI Securities, the stock is trading well above its VWAP level of ₹4,800 which will act as immediate support. Buy HAL Futures in the range of ₹4,930-4,960 with targets of ₹5,100 and ₹5,200, and stop-loss at ₹4,840. The Nifty Defence sector has also made a strong turnaround recently, which should provide further support to the stock. Options data shows only one key resistance at the ₹5,000 strike with highest Call base, while there has been good Put addition in the ₹4,600-4,900 range, indicating strong support at lower levels.
Indian Railway Catering and Tourism Corporation is showing an interesting equal-length price pattern where the first major decline was approximately 42 percent, while the recent corrective decline is around 41 percent. As reported by Angel One, a clear bullish divergence is visible on the weekly RSI with price forming lower lows while RSI forms higher lows, indicating weakening downside momentum. The RSI has also recovered from the oversold zone, further supporting the possibility of a reversal. Traders may consider entering long positions in the ₹515-525 zone with target of ₹565 and stop-loss at ₹492. The combination of an equal-length decline and bullish RSI divergence makes the current zone technically significant.
Mphasis has provided a breakout from multiple swing resistances with decrease in open interest indicating short covering. According to ICICI Securities, the Nifty IT sector continues its uptrend with maximum pain at ₹2,400, supporting the stock above that level. Buy Mphasis Futures in the range of ₹2,490-2,510 with targets of ₹2,600 and ₹2,640, and stop-loss at ₹2,420. Based on options data, the stock has the highest Call base at the ₹2,500 strike, while there have been good Put additions recently at the ₹2,400-2,600 strikes, which on a cumulative basis are equal to the ₹2,500 Call base, signalling a possible continuation of the uptrend.
GMDC has broken out of a falling wedge pattern, which is a bullish trend-reversal signal. The stock has started forming higher highs and higher lows on the daily chart, indicating that an uptrend may be developing. It is trading above its key daily moving averages, reflecting improving strength and positive sentiment. Buy GMDC Futures in the range of ₹580-633 with targets of ₹633 and ₹660 as resistance levels, while ₹580 remains the key near-term support. MCX India recorded a lifetime high of ₹3,480 in May 2026, following which the stock witnessed a healthy correction. The stock has been forming a Double Bottom pattern around the ₹2,550 level, indicating the possibility of a reversal. A sustained move above the pattern's neckline would provide further confirmation of the bullish setup.
