Stocks to buy for the short term: For the week ended 19 June, Nifty 50, the benchmark of the Indian stock market, clocked a healthy gain of 1.7%, supported by easing geopolitical tensions following the US-Iran peace agreement, which led to a sharp decline in crude oil prices and improved overall market sentiment. On a monthly scale, the index is up 2% so far in June.
From a technical perspective, experts highlight that the market structure continues to remain constructive.
The Nifty 50 has successfully broken above its medium-term falling trendline, confirming a positive shift in trend. However, the index is yet to register a convincing closing breakout above the 24,200 mark.
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, 24,200 remains the immediate hurdle for the index, and a sustained move above 24,200–24,600 could trigger fresh buying interest, opening the door for the next leg of the rally. A successful breakout would reinforce bullish momentum and encourage participation across sectors.
Patel believes that on the downside, the 23,600–23,300 zone assumes significant importance.
“This region represents a combination of gap support and the recent trendline breakout area, making it a critical demand zone. Any decline towards these levels should be viewed as a healthy pullback within the broader uptrend rather than the beginning of a trend reversal. As long as the Nifty holds above this support band, the overall bullish structure is expected to remain intact,” said Patel.
For Bank Nifty, Patel believes a decisive move above 58,000 could accelerate momentum towards fresh lifetime highs over the medium term.
On the downside, 57,000 remains the immediate support, followed by the stronger 56,000–55,500 zone, said Patel.
Stock picks for the short term
Jigar Patel recommends buying the following three stocks for the next 1-2 weeks:
Eicher Motors | Previous close: ₹7,611 | Target price: ₹8,225 | Stop loss: ₹7,250
Patel pointed out that Eicher Motors has witnessed a classic price structure breakout backed by strong volumes, indicating renewed buying interest and strengthening bullish momentum.
The stock has also broken above a flat Ichimoku Cloud resistance, reinforcing the positive trend outlook.
Momentum indicators remain supportive, with the RSI holding above 50 and the MACD sustaining above the zero line, confirming improving strength across multiple time frames.
“As long as the stock holds above the breakout zone, the uptrend is likely to continue. Buy in the ₹7,630– ₹7,520 zone for a positional move towards ₹8,225, while maintaining a stop loss at ₹7,250 to manage downside risk,” said Patel.
Trent | Previous close: ₹3,205.80 | Target price: ₹3,650 | Stop loss: ₹2,900
Patel underscored that Trent has confirmed a bullish Inverse head and shoulders breakout, signalling a continuation of its upward trend.
The breakout is supported by a decisive move above the 200-week SMA, indicating improving long-term strength.
Additionally, the stock has witnessed a major structural breakout backed by a sharp rise in trading volumes, reflecting strong buying interest.
Momentum indicators remain firmly positive, with the weekly RSI above 50 and the daily RSI above 70, suggesting sustained bullish momentum.
Patel added that while some short-term consolidation cannot be ruled out after the recent rally, the broader trend remains favourable.
“Investors may consider buying on dips in the ₹3,200–3,100 zone, with a stop loss at ₹2,900. On the upside, the stock has the potential to rally towards the ₹3,650 target over the coming weeks,” said Patel.
Eternal | Previous close: ₹264.30 | Target price: ₹288 | Stop loss: ₹250
Patel said Eternal is in the process of completing an AB=CD harmonic pattern, with the stock currently advancing towards the projected Point D target, indicating the potential for further upside.
The 50-day SMA continues to provide a strong support base, reinforcing the prevailing bullish trend.
Technically, the stock has also witnessed a breakout above its falling trendline, accompanied by a decent surge in volumes, reflecting renewed buying interest.
Momentum indicators remain supportive, with the daily RSI above 60, MACD holding above the zero line, and the Stochastic Oscillator in the overbought zone, highlighting strong bullish momentum.
“Investors may consider buying on dips in the ₹265–260 zone, with a stop loss at ₹250. On the upside, the stock has the potential to move towards the ₹288 target over the coming weeks,” said Patel.
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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 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.
