Stocks to buy for the short term: The Indian stock market extended its losing streak for the fourth consecutive session on Thursday amid rising crude oil prices and persistent geopolitical concerns.
Benchmark Nifty 50 has lost 2% in these four sessions, and is now below 23,900.
Ajit Mishra, SVP of Research at Religare Broking, pointed out that the index has once again retested the lower band of its prevailing consolidation range of 23,800–24,400.
He believes a decisive break below this support could trigger the next leg of the decline towards 23,600, which coincides with the rising trendline support. On the upside, the 24,000–24,150 range may act as the immediate resistance on any rebound.
“Given the mixed earnings outlook, elevated geopolitical risks, and persistent volatility, we continue to advocate a stock-specific approach while maintaining disciplined risk and position management,” said Mishra.
Stock picks for the short term
Ajit Mishra recommends buying the following three stocks for the next 1-2 weeks:
Biocon | Previous close: ₹435.20 | Target price: ₹466 | Stop loss: ₹420
Mishra highlighted that Biocon continues to maintain a robust technical structure, with the stock forming an elevated base above the neckline of its previous consolidation breakout.
It has been attracting consistent buying interest on declines while sustaining comfortably above its key weekly moving averages, highlighting strong underlying demand.
“This phase of healthy consolidation is likely to pave the way for a resumption of the broader uptrend. As long as the stock holds above the ₹420–415 support zone, buying momentum is expected to remain intact,” said Mishra.
“Given the constructive chart pattern and favourable risk-reward profile, traders may consider accumulating the stock within the recommended price range,” Mishra said.
Mahindra and Mahindra | Previous close: ₹3229.70 | Target price: ₹3,450 | Stop loss: ₹3,120
Mishra pointed out that Mahindra and Mahindra (M&M) share price is displaying improving technical momentum, supported by the strengthening outlook for the auto sector, which has been witnessing renewed buying interest after a prolonged base formation.
The stock has established a solid base above a crucial support zone and recently confirmed a breakout from its consolidation range, accompanied by a noticeable rise in trading volumes.
It has also reclaimed its key long-term moving average, indicating a probable trend reversal and the conclusion of the recent corrective phase.
“The stock’s resilience amid broader market volatility, coupled with improving sectoral sentiment, further strengthens the case for continued upside,” said Mishra.
“Considering the favourable technical setup, investors may consider accumulating the stock within the recommended buying range,” Mishra said.
United Spirits | Previous close: ₹1,418 | Target price: ₹1,530 | Stop loss: ₹1,360
As per Mishra, United Spirits has witnessed a meaningful improvement in its technical setup after attracting strong buying interest near its long-term moving average (200-week EMA).
This rebound resulted in a breakout above a falling trendline, signalling a positive shift in the overall trend.
Following the breakout, the stock has sustained comfortably above the breakout zone along with a cluster of key weekly moving averages, reinforcing the bullish price structure.
“It has also developed a strong buying pivot around these support levels, indicating the potential for the prevailing uptrend to continue,” said Mishra.
“In view of the strengthening chart structure and supportive technical indicators, investors may consider accumulating the stock within the recommended buying range,” Mishra said.
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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 the expert, 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.
