Stocks to buy for the short term: A day after suffering strong losses, the Indian stock market is expected to see positive momentum on Tuesday, March 24, amid signs of easing US-Iran tensions, a decline in crude oil prices, and positive global cues.
On Monday, the Sensex crashed 1,837 points, or 2.46%, to close at 72,696, while the Nifty 50 plunged 602 points, or 2.6%, to settle at 22,512.
Experts say the Nifty 50 has near term support in the range of 22,000 – 21,800, while immediate resistance is now near 22,700 – 22,800 levels.
While the near-term market outlook remains hazy, experts recommend buying quality stocks at the current juncture.
Vishnu Kant Upadhyay of Master Capital Services and Hitesh Tailor of Choice Broking recommend the following five stocks to buy for the next 1-2 weeks, highlighting their favourable technical setup.
Stock picks for the short term
Expert: Vishnu Kant Upadhyay, AVP Research Advisory, Master Capital Services
Reliance Industries | Previous close: ₹1,407.80 | Target prices: ₹1,490 and ₹1,535 | Stop loss: ₹1,330
Upadhyay pointed out that Reliance Industries’ share price is exhibiting relative strength as it has largely avoided the broader market selloff, maintaining a stable price structure.
The stock is consolidating within a narrow range while forming higher lows, indicating gradual accumulation and underlying demand. Price continues to hold near key moving averages, reflecting structural stability.
The tightening price action suggests volatility contraction, often preceding expansion. RSI is stabilising near the mid zone, indicating momentum reset.
“Sustenance of this structure places the stock on the verge of a potential breakout, supporting a bullish bias,” said Upadhyay.
Power Grid Corporation of India | Previous close: ₹302.10 | Target prices: ₹321 and ₹340 | Stop loss: ₹284
Upadhyay pointed out that the Power Grid Corporation’s share price is witnessing a bullish reversal setup after breaking out above a declining trendline, signalling a shift in trend structure.
Post breakout, the stock is consolidating near higher levels, indicating absorption of supply and base formation.
Price continues to hold above the 20 EMA, reflecting strong short-term momentum and relative outperformance amid broader market weakness.
“The structure is transitioning into higher highs and higher lows, while RSI remains in the bullish zone. Stable volumes during consolidation suggest strength, supporting the likelihood of continuation on a breakout from the current range,” said Upadhyay.
Archean Chemical Industries | Previous close: ₹612.15 | Target prices: ₹660 and ₹680 | Stop loss: ₹560
Upadhyay underscored that Archean Chemical shares have registered a breakout from a rising channel, indicating continuation of the prevailing uptrend and expansion in price structure.
Post breakout, price is sustaining above key moving averages, with short-term EMAs turning upward and aligning positively, reflecting strengthening momentum.
The structure is evolving into a higher-high, higher-low formation, reinforcing the bullish bias.
RSI is trending above the 60 level, suggesting momentum strength.
“The breakout is supported by volume expansion, while subsequent price action remains stable, indicating absorption of supply and supporting further upside continuation,” said Upadhyay.
Expert: Hitesh Tailor, Technical Research Analyst, Choice Broking
Power Grid Corporation of India | Previous close: ₹302.10 | Target price: ₹325 | Stop loss: ₹289
As per Tailor, the Power Grid Corporation’s share price is exhibiting improving strength after a prolonged sideways consolidation, where it formed a base and staged a rebound.
The stock has confirmed a breakout above its previous lower high on the daily chart and is sustaining above the breakout zone, which now acts as immediate support aligned with the 20-day EMA, indicating a shift in short-term trend.
Additionally, a recent golden crossover reinforces the bullish undertone, while RSI at 58.20 continues to hold above the 50 mark, reflecting positive momentum.
“Based on this technical setup, short-term traders may consider buying at the current market price with a stop loss at ₹289 for a target of ₹325, while adhering to disciplined risk management,” said Tailor.
Strides Pharma Science | Previous close: ₹910.40 | Target price: ₹980 | Stop loss: ₹870
Tailor pointed out that Strides Pharma Science is exhibiting strengthening price action after a phase of sideways consolidation, where it established a firm base near an accumulation zone and rebounded.
The stock is sustaining above its 50-day EMA and trading above key 50, 100, and 200 EMAs, reflecting a well-established uptrend.
Momentum remains supportive, with RSI at 58.08 holding above the 50 mark, indicating sustained bullish bias.
“Based on this constructive setup, short-term traders may consider buying at the current market price with a stop loss at ₹870 for a target of ₹980, while adhering to disciplined risk management,” said Tailor.
State Bank of India (SBI) | Previous close: ₹1,031.90 | Target price: ₹1,110 | Stop loss: ₹990
Tailor highlighted that SBI is currently positioned near a key support zone of the 100-day EMA in the ₹1,025– ₹1,040 range.
The stock has witnessed some profit booking from higher levels, yet the broader structure remains strong, especially on the weekly chart, where it is holding above its previous higher high breakout zone.
“The sustained higher high–higher low formation reflects underlying strength, with a strong base seen near ₹1,000. Considering the technical setup, short-term traders may consider buying at the current market price with a stop loss at ₹990 for a target of ₹1,110, while maintaining disciplined risk management,” said Tailor.
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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.
