Stocks to buy for the short term: The domestic stock market clocked healthy gains on Thursday, with the Nifty 50 snapping its seven-session losing streak amid supportive global cues.
Nifty reclaimed 24,200, ending at 24,232, with a decent gain of 0.64%, as investor sentiment improved following a decline in US bond yields after the US Treasury announced measures to increase buybacks of long-duration debt.
A stronger rupee and short covering following the recent correction further supported the recovery.
Technically, the Nifty has rebounded from the 24,000 support after the recent slide.
According to Ajit Mishra, SVP of Research at Religare Broking, the immediate hurdle remains at 24,300–24,400, and a decisive move above this zone could improve the near-term bias and extend the recovery towards 24,600.
On the downside, Mishra believes 24,000 may provide immediate support, while a decisive break below this level could revive the corrective trend.
“Amid the prevailing uncertainty and elevated crude prices, we recommend maintaining a cautious stance on the index and focusing on selective stock-specific opportunities. Participants should prefer relatively stronger stocks and sectors 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:
Shriram Finance | Previous close: ₹1,128.20 | Target price: ₹1,210 | Stop loss: ₹1,090
As per Mishra, Shriram Finance remains firmly placed in a long-term uptrend, with all key moving averages aligned positively, highlighting sustained underlying strength.
After undergoing a multi-month consolidation, the stock has delivered a decisive breakout and resumed its upward momentum.
It subsequently advanced to fresh record highs and has now formed an elevated base above the 20 EMA, creating a fresh buying pivot.
“The formation indicates a potential continuation of the broader uptrend and the start of another leg higher. Given the strong price structure and favourable risk-reward setup, investors may consider accumulating the stock on a cash delivery basis,” said Mishra.
Nippon Life India Asset Management | Previous close: ₹1,232.50 | Target price: ₹1,340 | Stop loss: ₹1,180
Mishra said Nippon Life India Asset Management has maintained its positive price structure, consistently forming higher highs and higher lows.
The stock has sustained above its rising weekly averages, reflecting continued underlying strength.
The recent move above the declining trendline marks a fresh technical breakout, with rising volume adding conviction.
“The overall setup remains favourable for the continuation of the uptrend, and investors may consider accumulating the stock within the recommended buying range,” said Mishra.
The Indian Hotels Company | Previous close: ₹735.85 | Target price: ₹790 | Stop loss: ₹710
Mishra pointed out that The Indian Hotels Company has bottomed out near its 200-week EMA and has witnessed a strong recovery after a prolonged corrective phase lasting over a year.
The subsequent move above the declining trendline marked a significant change in its price structure, reversing the earlier lower-top–lower-bottom formation.
Post-breakout, the stock entered a period of consolidation and built a higher base while holding above the key moving averages.
The recent rebound from the lower end of this base, accompanied by renewed buying interest, suggests that the stock is poised to resume its upward trajectory.
“Backed by a resilient price structure and improving technical setup, the stock appears well placed to extend its upward momentum. Hence, traders may consider initiating fresh long positions 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.
