Stocks to buy for the short term: Domestic market benchmarks traded with modest gains on Tuesday, 23 June, morning, with focus staying on the US-Iran talks.
The first round of high-level talks between the US and Iran in Switzerland concluded early Monday. Reports suggested that further negotiations will continue through the week to secure a lasting agreement to end the conflict.
Experts believe the market structure is positive, but 24,200 remains a key hurdle for the Nifty 50.
Vishnu Kant Upadhyay, AVP-Research at Master Capital Services, noted that sentiment appears positive in the short term, as the index is decisively sustaining above its short-term moving averages, while key oscillators like RSI and MACD are also in positive territory.
As per Upadhyay, the Nifty 50 has support at 23,800 and 23,650, while resistance is at 24,200 and 24,400.
“Prices are currently facing resistance near 24,200, the vicinity of 100-day EMA, which indicates profit booking in the near term towards the 23,800-23,700 zone, where fresh buying can be initiated. On the higher side, 24,200 and then 24,450, the vicinity of the 200-day EMA is a major resistance zone. Overall, initial tendency remains positive, and buy the dip remains favourable to play with,” said Upadhyay.
Stock picks for the short term
Vishnu Kant Upadhyay of Master Capital Services and Aakash Shah of Choice Broking recommend the following six stocks to buy for the next 1-2 weeks.
Expert: Vishnu Kant Upadhyay, AVP- Research at Master Capital Services
Power Finance Corporation (PFC) | Previous close: ₹440.95 | Target prices: ₹480 and ₹490 | Stop loss: ₹412
Upadhyay pointed out that PFC shares have delivered a clear-cut bullish reversal breakout from a double bottom formation on the daily chart, signalling a shift in trend after a prolonged corrective phase.
Notably, the pattern was formed around the 200 EMA, which also coincides with a rising trendline support, enhancing the reliability of the reversal setup.
The breakout was accompanied by a significant surge in volumes, reflecting strong buying participation.
“With this move, the stock has reclaimed all its key moving averages, reinforcing the improving technical outlook. The chart structure is gradually transitioning into a higher high, higher low formation,” said Upadhyay.
Acme Solar Holdings | Previous close: ₹349.85 | Target prices: ₹380 and ₹385 | Stop loss: ₹324
As per Upadhyay, Acme Solar shares continue to exhibit a strong bullish setup on the daily chart.
Following its all-time high breakout above ₹320, the stock entered a healthy consolidation phase around the rising 21 EMA, forming a classic bullish flag pattern.
Notably, the consolidation was accompanied by muted volumes, indicating an absence of significant selling pressure and suggesting a pause within the broader uptrend.
The recent breakout from the flag formation signals a continuation of the prevailing bullish trend.
“The stock remains comfortably positioned above all its key moving averages, reinforcing trend strength and highlighting sustained buying interest at higher levels,” said Upadhyay.
The Bombay Burmah Trading Corporation (BBTC) | Previous close: ₹1,589.30 | Target price: ₹1,740 | Stop loss: ₹1,478
Upadhyay said BBTC shares are showing signs of a meaningful trend reversal after breaking out of a prolonged consolidation range that followed an extended downtrend.
Notably, the stock was already trading above its 21- and 55-day EMAs, reflecting improving short-term strength, and the recent breakout has also helped it reclaim the 100 EMA.
RSI has moved to 61 and registered a breakout of its own, supporting positive momentum.
“The emerging higher high, higher low structure further strengthens the bullish outlook and suggests the potential for continued upside,” said Upadhyay.
Expert: Aakash Shah, Technical Analyst at Choice Broking
Delhivery | Previous close: ₹483.80 | Target price: ₹520 | Stop loss: ₹463
As per Shah, Delhivery is displaying strong bullish momentum and has recently surged to a fresh 52-week high around ₹483, backed by a notable rise in volumes, indicating aggressive buying interest.
The stock has been consolidating near its highs for the past few weeks and is now on the verge of a consolidation breakout, which could trigger the next leg of the upmove.
On the technical front, the 20-day EMA has crossed above the 50-day EMA, reflecting improving short-term momentum and strengthening trend structure.
“The stock is comfortably trading above all its key moving averages, suggesting sustained buying interest. A decisive move above ₹483 could pave the way for a rally towards ₹520. On the downside, ₹463 remains an important support and should be considered as the stop-loss level,” said Shah.
Jagsonpal Pharmaceuticals | Previous close: ₹222.71 | Target price: ₹240 | Stop loss: ₹209
Shah said Jagsonpal Pharmaceuticals has been in a steady uptrend since its March lows, forming a well-defined rising trendline pattern with a series of higher highs and higher lows.
The stock has recently broken out of a prolonged consolidation zone near ₹220, indicating renewed bullish momentum.
Technically, the stock has also witnessed a 50-day EMA crossover above the 200-day EMA, a positive medium-term signal that often precedes sustained upside moves.
Volume has also increased during the breakout, validating the move’s strength.
“The stock is now trading above all its major moving averages, reflecting strong momentum. If the breakout sustains, the stock could move towards ₹240. On the downside, ₹209, which is near the 20-day EMA, should act as a crucial support and stop-loss level,” said Shah.
Silver Touch Technologies | Previous close: ₹195.03 | Target price: ₹212 | Stop loss: ₹183
As per Shah, Silver Touch Technologies continues to exhibit a strong bullish structure, with a clear higher-high and higher-low formation on the daily chart.
The stock had earlier witnessed a consolidation breakout above ₹170, leading to a sharp rally towards its all-time high levels near ₹212.
Following the strong run-up, the stock underwent healthy profit-taking and subsequently found support near its 20-day EMA, from which it has staged a sharp reversal.
The stock has once again resumed its upward trajectory and is trading with improving momentum. Additionally, the RSI is hovering around 63, indicating strong bullish strength without entering overbought territory.
“Sustaining above ₹195 could result in a move towards ₹212, while ₹183 remains a crucial support and stop-loss level,” 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.
