Stocks to buy for the short term: The stock market benchmark Nifty 50 extended losses for the third consecutive session on Thursday amid weak global cues due to persistent uncertainty over a potential US-Iran deal and the reopening of the Strait of Hormuz.
The benchmark index settled below 24,000 (at 24,396), with select metal, banking, and financial heavyweights among the top laggards.
According to Ajit Mishra, SVP of Research at Religare Broking, the 24,350 support level remains crucial, with bulls working to defend it and prevent further deterioration in the near-term structure. At the same time, mixed trends among key index heavyweights are making it difficult to establish a clear directional bias.
“We reiterate our preference for focusing on sectors and themes that remain relatively resilient amid the ongoing index consolidation and utilising market dips selectively to accumulate quality stocks from these outperforming pockets, 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:
Mazagon Dock Shipbuilders | Previous close: ₹2,571 | Target price: ₹2,790 | Stop loss: ₹2,450
After a prolonged corrective phase from its lifetime high, Mazagon Dock shares found support near their long-term moving average (200-week EMA) and staged a healthy recovery.
The stock has now witnessed a breakout above its long-term declining trendline, indicating improving momentum and a potential end to the corrective phase.
“Sustaining above the breakout zone could trigger a fresh up move towards ₹2,800, coinciding with the previous high. On the downside, ₹2,450 and ₹2,400 would act as the immediate support zone. Traders can consider accumulating within the mentioned range,” said Mishra.
Oberoi Realty | Previous close: ₹1,846 | Target price: ₹2,000 | Stop loss: ₹1,765
Mishra pointed out that, following profit-taking from the ₹1,980 to ₹2,000 resistance level, Oberoi Realty shares found support near their previous breakout zone, coinciding with their 50-day EMA, and rebounded strongly.
It subsequently broke out above an intermediate trendline formed during this phase, with volume indicating renewed buying interest.
Mishra added that realty counters have remained resilient and, in line with the sector, Oberoi Realty is also showing sustained strength. The RSI turning positive, along with a bullish crossover, further adds to the positive momentum.
“Given the price action, supportive momentum indicators and sectoral backdrop, one can initiate a long position in the stock within the mentioned range,” said Mishra.
PB Fintech (Policybazaar) | Previous close: ₹1,744 | Target price: ₹1,900 | Stop loss: ₹1,670
Mishra said Policybazaar shares continue to exhibit a robust bullish structure, supported by a decisive recovery from their recent consolidation phase.
The stock has reclaimed and sustained above key moving averages, confirming improving trend strength and renewed buying interest.
“The recent upside breakout, accompanied by higher trading volumes, further validates strengthening momentum and indicates accumulation. Investors may consider accumulating the stock within the recommended buying range,” said Mishra.
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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.
