Stocks to buy for the short term: Nifty 50, the domestic stock market barometer, ended significantly higher for the third consecutive session on Wednesday. The index has jumped 627 points, or almost 3%, in the last three days, reclaiming 23,750.
Experts believe the Nifty 50 has been rising largely due to short covering after a sharp decline. However, a sharp jump in crude oil prices driven by the US-Iran war can trigger a profit booking even as technical charts are indicating a further uptrend.
Amol Athawale, VP – Technical Research, Kotak Securities, highlighted that an uptrend continuation formation on intraday charts and a bullish candle on daily charts indicate a further uptrend from the current levels.
“We are of the view that the market has completed one leg of the pullback rally, and we could see some profit booking at higher levels. For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. On the downside, 23,600 and 23,500 would be the immediate support zones, while 23,950–24,000 could act as crucial resistance areas for the bulls,” Athawale said.
Below 23,500, Athawale believes the sentiment may change, and traders may prefer to exit their long positions.
Stock picks for the short term
Titan Company | Previous close: ₹4,146 | Target price: ₹4,440 | Stop loss: ₹4,010
As per Athawale, after declining from higher levels, Titan Company shares found support near their support zone and have staged a steady recovery from the lows.
On the daily chart, it has also broken out of a downward-sloping channel, indicating a potential shift in trend.
The recent price action suggests the beginning of a fresh bullish phase from current levels.
“For the upcoming trading sessions, ₹4,010 will act as a key level to watch. If the stock sustains above this mark, it could extend its upward move toward the ₹4,440 level,” said Athawale.
GMR Airports | Previous close: ₹92 | Target price: ₹99 | Stop loss: ₹89
Athawale highlighted that after a period of decline, GMR Airports shares have reversed from a key demand zone, signalling renewed buying interest.
The stock has formed a double bottom pattern on the daily chart, indicating a potential trend reversal, and is now moving steadily upward.
The RSI also supports a continued bullish outlook, suggesting strengthening momentum.
“As long as the stock sustains above ₹89, the positive trend is expected to remain intact. Maintaining this support could further drive the price higher, with a potential upside target of around ₹99 in the near term,” said Athawale.
Granules India | Previous close: ₹587 | Target price: ₹620 | Stop loss: ₹565
Athawale said following a strong upward rally, Granules India shares are consolidating within a symmetrical triangle pattern on the weekly chart, indicating that bullish momentum may persist in the short term.
Moreover, the stock has formed a higher bottom formation, reflecting underlying strength and the potential for a fresh breakout soon. This structure suggests buyers remain in control despite the pause.
“Provided the stock sustains above ₹565, the upward bias is expected to persist, and a stable hold above this level could open the path for a move toward ₹620 from the current levels,” said Athawale.
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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.
