Stocks to buy for the short term: Market benchmark Nifty 50 ended lower on Monday, 20 July, touching an intraday low of 24,136 during the session. The index, however, pared losses and settled 0.39% lower at 24,238, respecting the support of 24,200.
Experts see it as a positive sign and believe that as long as the index remains above its 21-day EMA around 24,090, every dip is a buying opportunity.
“Despite closing in the red on Monday, positive texture is still intact as prices are finding strong buying from lower levels. As long as prices are trading above 21-day EMA, which aligns near 24090, every dip close to that level will provide an opportunity to create fresh long positions,” said Vishnu Kant Upadhyay, AVP- Research at Master Capital Services.
However, escalating US-Iran tensions, crude oil price volatility and the rupee’s weakness remain key risks for the market, which can drive the Nifty 50 lower.
According to Upadhyay, on the higher side, 24,500-24,600 will continue to act as a stiff resistance. A decisive fall below 24,080 will open the room for further fall towards 23,850.
Stock picks for the short term
Sumeet Bagadia of Choice Broking and Vishnu Kant Upadhyay of Master Capital Services recommend the following six stocks to buy for the next 1-2 weeks.
Expert: Sumeet Bagadia, Executive Director – Technical Research, Choice Equity Broking
Sona BLW Precision | Buy at ₹714.55 | Target price: ₹784 | Stop loss: ₹680
Bagadia pointed out that Sona BLW Precision share price exhibits an aggressive, high-momentum price action structure, surging vertically to register fresh multi-month highs.
The stock is trading well above its short-term 20-day EMA, confirming an accelerated uptrend backed by rising volume spikes. Reflecting intense buying pressure, the daily RSI has entered the overbought zone at 80.41, signalling a strong momentum-driven run where bulls are in absolute control.
“Given this parabolic technical pattern, the stock remains poised to march higher toward the designated target of ₹784, while any minor cooling off should find support above the stop loss placed at ₹680″ said Bagadia.
Colgate Palmolive (India) | Buy at ₹2,113 | Target price: ₹2,320 | Stop loss: ₹2,010
As per Bagadia, Colgate Palmolive (India) shares demonstrate a strong bullish breakout pattern, slicing through multiple cluster exponential moving averages, including the 20, 50, and 100-day EMAs, on significant volume, expanding price action.
The daily RSI has spiked sharply past its midline to settle comfortably at 60.20, indicating a clear shift toward positive momentum.
“With the stock breaking out from a recent consolidation base, it sets up an aggressive bullish trend continuation. This constructive price action points toward a major upside target of ₹2,320 while keeping a tight stop loss at ₹2,010,” said Bagadia.
Emcure Pharmaceuticals | Buy at ₹1,861 | Target price: ₹2,045 | Stop loss: ₹1,770
Bagadia pointed out that Emcure Pharmaceuticals shares exhibit strong bullish price action, reversing sharply after finding robust support near the 50-day EMA.
The stock forms a clear higher-low structure, validated by a powerful green candle signalling a breakout from recent consolidation.
This upward momentum is well-supported by the daily RSI holding firmly at 60.61, indicating room for further gains.
“The overall pattern strongly favours a bullish continuation, establishing a technical target of ₹2,045 while maintaining a strict stop loss at ₹1,770,” said Bagadia.
Expert: Vishnu Kant Upadhyay, AVP- Research at Master Capital Services
Punjab National Bank (PNB) | Buy at ₹111.50 | Target prices: ₹122 and ₹126 | Stop loss: ₹105
As per Upadhyay, PNB share price has confirmed a decisive breakout above a falling trend line on the daily chart, supported by a strong bullish candle and a sharp surge in volumes, signalling a positive shift in momentum.
With this move, the stock has reclaimed all its key moving averages, reinforcing the improving technical setup.
Upadhyay said that earlier, the ₹100 to ₹99 price zone acted as a strong demand area, with prices finding support there on multiple occasions.
The chart structure has now transitioned into a higher-high, higher-low formation, while RSI has surged to 67 after breaking above 57, indicating strengthening bullish momentum, said Upadhyay.
Home First Finance Company India | Buy at ₹1,273 | Target prices: ₹1,370 and ₹1,400 | Stop loss: ₹1,200
As per Upadhyay, Home First Finance Company’s share price has confirmed a breakout from a complex inverse head-and-shoulders pattern, signalling a positive shift in its medium-term trend.
The stock is sustaining above the breakout zone while remaining firmly positioned above all its key moving averages.
The bullish crossover of the 21 EMA and 55 EMA above the 200 EMA further reinforces the strengthening momentum.
“Price action continues to display a well-defined higher high, higher low structure, reflecting a robust uptrend. RSI is holding near 60, indicating sustained buying strength and the potential for further upside,” said Upadhyay.
JSW Steel | Buy at ₹1,257 | Target prices: ₹1,345 and ₹1,360 | Stop loss: ₹1,198
Upadhyay underscored that JSW Steel’s share price has resumed its primary uptrend after breaking out of a consolidation phase, signalling renewed buying interest.
The stock had been consolidating around the cluster of its 21, 55 and 100 EMAs, which also coincided with a key horizontal support zone, highlighting strong demand at lower levels.
The broader chart structure remains firmly positive with a clear pattern of higher highs and higher lows.
“Sustaining above the breakout zone reinforces the bullish outlook and suggests the potential for the ongoing uptrend to extend further,” said Upadhyay.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
