Stocks to buy for the short term: Market benchmark Nifty 50 declined for the fourth consecutive session on Monday, 1 June, ending 0.70% lower at 23,382.60. Over these last four sessions, the index has shed nearly 3% as an elusive US-Iran peace deal, oil price volatility, and strong foreign capital outflow keep investors cautious.
Us-Iran talks remain a key trigger for the market, while the RBI’s monetary policy decision this week and its outlook on growth and inflation will also influence market sentiment.
While media reports claimed that Iran had suspended talks through intermediaries with the US, President Donald Trump said in a Truth Social post on Monday that talks are continuing at a rapid pace.
On the technical front, the Nifty 50 continues to trade below its 21 EMA and 55 EMA, reflecting a negative short-term trend.
As per Vishnu Kant Upadhyay, AVP- Research and Advisory, Master Capital Services, the breach of the rising trendline below 23,600 has further weakened the chart structure and reinforced the bearish bias.
According to Upadhyay, immediate support is placed at 23,280, below which the index may drift towards the 23,000 mark. A decisive close above 23,760 is required to negate the prevailing weakness and signal a potential reversal in the short-term trend, said Upadhyay.
Stock picks for the short term
Vishnu Kant Upadhyay of Master Capital Services and Aakash Shah of Choice Broking recommend the following five stocks to buy for the next 1-2 weeks.
Expert: Vishnu Kant Upadhyay, AVP- Research and Advisory, Master Capital Services
Aegis Logistics | Previous close: ₹774.25 | Target prices: ₹850 and ₹880 | Stop loss: ₹718
Upadhyay underscored that Aegis Logistics has witnessed a strong breakout above ₹745, completing an inverse head and shoulders pattern on the daily timeframe.
The move was accompanied by a significant increase in trading volumes, highlighting strong market participation.
Trend strength has improved further with the 20 EMA moving above the 200 EMA, signalling a positive shift in the medium term outlook.
Momentum indicators also support the bullish view, as the RSI has registered a breakout from a similar inverse head and shoulders formation.
“The stock remains comfortably above all major moving averages and continues to form higher highs and higher lows, indicating sustained upward momentum,” said Upadhyay.
CG Power and Industrial Solutions | Previous close: ₹894.35 | Target prices: ₹970 and ₹1,000 | Stop loss: ₹840
Upadhyay pointed out that CG Power has surpassed its previous lifetime high of ₹880, signalling continued trend expansion and opening the door for further price discovery.
It has maintained a robust higher-high, higher-low structure, reflecting sustained bullish momentum.
Following profit booking near ₹950, prices retraced towards the breakout level, indicating a healthy pullback and successful retest rather than a reversal.
Momentum remains constructive, with RSI holding above 60 despite the correction.
“Supported by healthy participation, the stock continues to display relative strength and remains well positioned for a resumption of the uptrend,” said Upadhyay.
NBCC (India) | Previous close: ₹104.40 | Target prices: ₹114 and ₹119 | Stop loss: ₹97
According to Upadhyay, NBCC (India) has cleared its historical resistance around ₹100, completing a well-defined inverse head and shoulders pattern on the daily chart.
The move was accompanied by a sharp pickup in volumes, indicating strong accumulation and improving market participation.
With this breakout, the stock has moved back above its key moving averages, signalling a positive shift in trend and strengthening the bullish outlook.
The price structure is showing signs of a potential trend reversal from the recent corrective phase.
“Sustained trading above the breakout zone could pave the way for an advance towards the ₹119 resistance level,” said Upadhyay.
Expert: Aakash Shah, Technical Analyst at Choice Broking
Shaily Engineering Plastics | Previous close: ₹3,144.80 | Target price: ₹3,442 | Stop loss: ₹3,000
Shah highlighted that Shaily Engineering Plastics has delivered a decisive breakout above the crucial ₹2,800 zone, which marked its previous all-time high and acted as a major resistance level for several months.
The breakout has been accompanied by exceptional price action, with the stock rallying nearly 17-18% in just two trading sessions, reflecting strong institutional participation and aggressive buying momentum.
Technically, the stock is trading well above its key EMAs, confirming a robust bullish trend across all time frames.
Volume expansion during the breakout further validates the move’s strength.
“As the stock is now trading at fresh all-time highs, the next upside target is placed at ₹3,442, derived from Fibonacci extension projections, while ₹3,000 should act as a crucial risk management level,” said Shah.
JBM Auto | Previous close: ₹646.90 | Target price: ₹700 | Stop loss: ₹616
Shah said JBM Auto is showing signs of renewed strength after successfully taking support near its 50-day and 200-day EMA cluster, a zone that has historically acted as a strong demand area.
Following the recent pullback, the stock has managed to reclaim and close above its 20-day EMA, indicating a shift in short-term momentum in favour of the bulls.
Over the last three trading sessions, the stock has consolidated within a narrow range, suggesting healthy absorption of supply rather than weakness.
Notably, volume activity has started improving during this consolidation phase, hinting at fresh accumulation.
“A sustained move above current levels could trigger a breakout from the ongoing range and open the path towards ₹700. The ₹616 level remains a key support and should be maintained as a strict stop-loss level,” said Shah.
Aegis Logistics | Previous close: ₹774.25 | Target price: ₹830 | Stop loss: ₹740
Shah said Aegis Logistics has generated a strong bullish signal by breaking above its long-term descending trendline, which had capped upside attempts for several months.
The breakout was confirmed in the previous trading session, and the stock has followed it up with another strong session, gaining more than 3% intraday while sustaining above the breakout zone.
The overall chart structure remains constructive, with the stock forming a series of higher highs and higher lows, indicating a gradual trend reversal.
Additionally, the stock is trading above its key moving averages, reinforcing the positive momentum.
Volume participation has also improved around the breakout area, lending credibility to the move.
“As long as the stock holds above ₹740, which coincides with the breakout range, the trend remains favourable for an upside move towards ₹830 in the near term,” said Shah.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. 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.
