Before sharing my itinerary I would like to give little information about Malwa region of M.P. It's a historical region of west-central India occupying a plateau of volcanic origin. Geologically it refers to the volcanic upland north of the Vindhya Range. It's definition also includes Nimar region south of the Vindhyas.
So whatever may be the definition this is a very beautiful and comparatively unexplored place in India. So here I am helping you to plan your itinerary for 8 days and it goes like-
Bhopal( 1 night)->Bhojpur->Bhimbetka->Panchamari ( 2 nights)->Madhai ( 1 night) ->Hanuwantiya( 1 night)->Omkareshwar->Maheshwar ( 1 night)->Mandu->Indore ( 1 night)