Shares to buy for the short term: The Indian stock market has been trading in a range almost since June, primarily due to persisting uncertainty surrounding a potential India-US trade deal, the unimpressive start of Q1 earnings, and the stretched valuation of the domestic market.
The Nifty 50, on Tuesday, July 22, traded with nominal gains amid mixed global cues. While the index traded above 25,100 in the morning session, experts say a close above 25,150 may offer short-term relief.
However, even in the current rangebound market, experts see stock-specific opportunities across segments.
Vishnu Kant Upadhyay of Master Capital Services and Hardik Matalia of Choice Broking suggested six stocks to buy for the next two to three weeks. Do you own any?
Expert: Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services
ICICI Bank | Previous close: ₹1,465.80 | Target prices: ₹1,520, and ₹1,550 | Stop loss: ₹1,410
ICICI Bank has registered a decisive breakout from a prolonged consolidation range, supported by a wide-range bullish candle and consistent above-average volumes, signalling strong accumulation.
The stock remains firmly positioned above its short and long-term moving averages, reflecting bullish alignment.
The structure highlights higher lows, and the breakout confirms trend continuation. RSI is sustaining above 60, indicating underlying strength without entering overbought territory.
“The technical setup favours a continued positional up-move, backed by strong price action and momentum confirmation,” said Upadhyay.
Muthoot Finance | Previous close: ₹2,683.20 | Target price: ₹3,200 | Stop loss: ₹2,520
Muthoot Finance has registered a breakout above a multi-week consolidation range, marked by a strong bullish Marubozu candle on elevated volumes, signalling aggressive demand absorption.
Muthoot Finance’s price structure reflects a well-defined sequence of higher highs and lower lows, supported by a bullish alignment of key moving averages (20, 50, 100-DMA).
“Sustained positioning above the breakout zone reinforces trend continuation. RSI hovering near 65 indicates sustained momentum, while ADX confirms underlying trend strength,” Upadhyay said.
Triveni Turbine | Previous close: ₹665.65 | Target prices: ₹730 and ₹750 | Stop loss: ₹620
Triveni Turbine has exhibited a structurally bullish setup, marked by a breakout from a multi-month consolidation zone on strong volumes.
A recent golden crossover, where the 50 EMA has crossed above the 200 EMA, reinforces medium- to long-term bullish momentum.
Triveni Turbine’s price action remains firm, supported by bullish candlestick formations and sustained trading above all major EMAs.
RSI is trending near 70, indicating strength, while MACD is in a positive crossover.
“The overall chart structure signals trend reversal and scope for continued upside,” said Upadhyay.
Expert: Hardik Matalia, Derivative Analyst, Choice Broking
National Aluminium Company | Previous close: ₹194.99 | Target prices: ₹215 and ₹218 | Stop loss: ₹185.50
After witnessing a bounce from lower levels, National Aluminium has entered a consolidation phase within a defined range.
It is now on the verge of breaking out of this range, indicating a potential shift toward renewed upward momentum.
The RSI stands at 61.03 and is trending upwards after a positive crossover, reflecting growing bullish strength.
Matalia pointed out that the stock is hovering near but comfortably above all its key moving averages, which provides technical support and adds credibility to the ongoing trend.
“A sustained move above the ₹197 mark would confirm the breakout and could open the door for a fresh upward leg. Traders can consider initiating long positions at the current market price of ₹194.99, with a stop-loss placed at ₹185 to maintain a favourable risk-reward profile. On the upside, the stock has the potential to move toward the ₹215– ₹218 target range in the near term,” said Matalia.
UPL | Previous close: ₹713.75 | Target prices: ₹785 and ₹800 | Stop loss: ₹680
UPL remains in a strong overall uptrend, consistently forming higher highs and higher lows on the daily timeframe.
After undergoing a phase of wide-range consolidation, the stock has now given a decisive breakout above the consolidation zone, signalling a potential continuation of its bullish trajectory.
The RSI stands at 70.23 and is strongly trending upwards, indicating robust buying momentum and increased strength in the current move.
UPL is also trading comfortably above all its key moving averages, further validating the strength of the ongoing trend and reinforcing the bullish outlook.
“With Monday’s breakout, the stock has signalled the beginning of a fresh leg of rally. Traders can consider initiating fresh long positions at the current market price of ₹713.75, with a stop-loss set at ₹680 to maintain a favourable risk-reward ratio. On the upside, the stock holds potential to move towards the ₹785– ₹800 target range in the near term,” said Matalia.
Schaeffler India | Previous close: ₹4,282.20 | Target prices: ₹4,650 and ₹4,700 | Stop loss: ₹4,100
Schaeffler India, after witnessing a strong bounce from lower levels, has entered a phase of healthy consolidation near the highs.
On the daily chart, it is forming a classic Cup and Handle pattern, typically a bullish continuation setup, indicating the possibility of a breakout in the near term.
The RSI is currently at 62.63 and is trending upwards, suggesting improving momentum and rising bullish sentiment.
Schaeffler India is also trading above all its key moving averages, which reinforces the strength of the prevailing uptrend and provides technical support for further gains.
The stock is now on the verge of breaking out of the Cup and Handle formation. A successful breakout above the pattern neckline could trigger a fresh rally in the stock.
“Traders can consider initiating fresh long positions at the current market price of ₹4,282.20, with a stop-loss placed at ₹4,100 to maintain a favourable risk-reward ratio. On the upside, the stock has the potential to move towards the ₹4,650– ₹4,700 target range in the near term,” Matalia said.
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Disclaimer: This story is for educational purposes only. 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.
