Stocks to buy for short term: The Indian stock market benchmark Nifty 50 extended gains for the second consecutive week, rising about 1.6 per cent for the week ended October 10, largely driven by steady global cues and strong domestic inflows.
On Friday, the index closed at 25,285.35, up 0.41 per cent, inching closer to a psychologically important level of 25,500.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, noted that the index is nearing a significant resistance zone around 25,500, defined by a descending trendline and the upper boundary of a prevailing triangle formation.
According to Patel, the immediate hurdle continues to be at 25,650, the level of the previous swing high. A convincing breakout beyond this band could open the door for fresh lifetime highs in the near term.
Conversely, a failure to surpass this resistance may result in sideways consolidation. On the lower side, the 25,000 – 24,800 region will act as a crucial support base, Patel said.
Meanwhile, the Ban Nifty continued its outperformance, registering a weekly gain of nearly 2 per cent and successfully closing above the 56,000 mark.
“The Bank Nifty index has confirmed a breakout pattern, indicating scope for further upside toward the 57,600 zone. For now, immediate support is seen around 56,000 – 55,500 levels,” said Patel.
Stock picks for the short term
Jigar Patel recommends buying shares of MRPL, Bajaj Auto, and Borosil Renewables for the next one to two weeks.
Mangalore Refinery and Petrochemicals (MRPL) | Previous close: ₹143.85 | Buying range: ₹140–144 | Target price: ₹160 | Stop loss: ₹132
Patel pointed out that MRPL has formed a strong support base around its 200-period EMA and SMA on the weekly chart, signalling a potential upside.
Technical indicators are turning bullish, with the RSI breaking above its trendline, indicating renewed buying momentum.
Furthermore, the MACD has generated a bullish crossover, confirming the positive trend.
Overall, the setup suggests a high-probability buying opportunity for medium-term traders tracking momentum and trend-following indicators.
“Given these signals, traders may consider entering a long position in the price zone of ₹140–144, while maintaining a strict stop-loss at ₹132 to manage risk. The immediate target is set at ₹160, offering a favourable risk-reward scenario,” said Patel.
Bajaj Auto | Previous close: ₹8,946.50 | Buying range: ₹8,800–9,000 | Target price: ₹10,000 | Stop loss: ₹8,450
According to Patel, Bajaj Auto has staged a notable breakout from an inverse head-and-shoulders pattern in September 2025, followed by a successful retest of the neckline, as depicted in the chart.
Several technical factors strengthen the bullish case. The neckline aligns closely with the 200-day exponential moving average (DEMA), providing robust support.
Additionally, the fixed volume range from September 2024 acts as a point of control, representing significant volume-based support (highlighted by the red horizontal line).
The entire price action remains above the Ichimoku Cloud, indicating a sustained uptrend.
“Overall, the setup presents a high-probability buying opportunity for medium-term investors tracking trend and volume-based signals. These combined factors make Bajaj Auto an attractive buy candidate,” said Patel.
“Traders may consider entering in a staggered manner within the ₹8,800–9,000 range, targeting ₹10,000. A stop loss at ₹8,450 on a daily closing basis is recommended to manage risk,” Patel said.
Borosil Renewables | Previous close: ₹642.85 | Buying range: ₹620–645 | Target price: ₹800 | Stop loss: ₹550
Patel said after more than a year of consolidation, Borosil Renewables has successfully broken its long-term trendline, followed by a retest and reversal, confirming the breakout.
The consolidation occurred near the 200-period SMA on the weekly chart, indicating strong underlying support.
Market participation is gradually increasing, as reflected in rising volumes. Technical indicators reinforce the bullish case, with RSI breaking out and the MACD crossing above the zero line, signalling positive momentum.
“Traders may consider buying in a staggered manner within the ₹620–645 range, targeting an upside of ₹800. A stop loss at ₹550 on a daily closing basis is recommended, offering an attractive risk-reward setup for medium-term investors,” said Patel.
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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.
