Stocks to buy for the short term: The Indian stock market benchmark, Nifty 50, experienced high volatility on August 7, after US President Trump announced an additional 25 per cent tariff on Indian imports to the US. The index, however, ended with mild gains, snapping its two-day losing run.
Ajit Mishra, SVP of research at Religare Broking, underscored that although tariff-related concerns triggered fresh volatility, the Nifty managed to hold above the 24,450 mark on a closing basis.
This reaffirms the significance of this level as a strong support — the lower band of the previous consolidation range that had earlier led to a rally.
Mishra believes a decisive move above the 24,800 could pave the way for a further rebound towards the 25,000 mark.
“Amid the prevailing uncertainty, we continue to advise a cautious approach and prefer maintaining hedged positions,” said Mishra.
Stock picks for the short term
Indian Bank | Last traded price (LTP): ₹647.65 | Buy | Target price: ₹710| Stop loss: ₹615
After a prolonged consolidation phase in the form of a rectangle pattern, Indian Bank shares broke out above the upper resistance band, signalling the start of a fresh up move.
However, following the breakout, it underwent a time-wise correction, forming a new base above the pattern’s neckline.
This base-on-base formation reflects a healthy base-building process and resilience amid the broader market correction.
The formation of a buying pivot, along with sustained closes above the 20-week EMA, confirms the resumption of the primary uptrend.
Jindal Steel Power | LTP: ₹999.50 | Buy | Target price: ₹1,080 | Stop loss: ₹960
Jindal Steel has recently signalled the end of its corrective phase by breaking out above the descending trendline.
This was accompanied by a breakout from a tight rectangular consolidation pattern, supported by rising volumes—further reinforcing the bullish outlook.
Jindal Steel is now trading above its 20-week EMA, adding to the positive bias.
Moreover, the successful retest and rebound from the support zone suggest strong upside momentum following this period of sideways consolidation.
TVS Motor Company | LTP: ₹3,013.40 | Buy | Target price: ₹3,300 | Stop loss: ₹2,880
TVS Motor stands out as one of the top performers within the auto pack and is currently trading at all-time high levels, reflecting a sustained bullish structure.
The price action continues to form a higher high–higher low pattern, confirming a strong uptrend, supported by key short- to medium-term moving averages.
TVS Motor registered a breakout from a cup and handle pattern, accompanied by a notable rise in volumes—further validating the bullish continuation signal.
Given the robust chart setup and a favourable sectoral backdrop, we expect the prevailing strength to persist and the positive momentum to extend further.
Read all market-related news here
Disclaimer: This story is for educational purposes only. 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.
