Stocks to buy for the short term: The Indian stock market benchmarks, the Sensex and the Nifty 50, snapped their two-day losing run on Wednesday, on buying in select heavyweights across sectors.
The Nifty reclaimed the psychologically important 24,000 mark, ending at 24,005.85 on 1 July, with Eternal, Adani Enterprises, and Nestle India as the top gainers.
Global cues, the progress of monsoon, Q1 business updates, and the movement of the Indian rupee, as well as crude oil prices, remain key triggers for the market.
On the technical front, the index formed a small bullish candle on the daily charts.
According to Amol Athawale, VP – Technical Research at Kotak Securities, 23,900 will serve as a crucial support, and as long as the market stays above this level, positive momentum may persist.
“On the upside, the Nifty may advance towards 24,150-24,250. However, if the index
slips below 23,900, selling pressure could intensify, and it may revisit 23,800 and the 20-day SMA, or even 23,750. The overall market structure remains non-directional, making level-based trading the preferred approach for day traders,” said Athawale.
Stock picks for the short term
Amol Athawale recommends the following three stocks for the next 1-2 weeks:
NBCC (India) | Previous close: ₹104.44 | Target price: ₹112 | Stop loss: ₹100
Athawale pointed out that NBCC (India) share price witnessed profit booking on higher levels after the remarkable up move on a daily basis.
After the recent selloff in the stock, the intensity of downward momentum has decreased. Moreover, the stock has found support near its demand zone.
The formation suggests a revival of the uptrend from the current levels in the near future.
“For positional traders, ₹100 would be the decisive level. Trading above the same uptrend formation will continue till ₹112. However, if it closes below ₹100, traders may prefer to exit from trading long positions,” said Athawale.
Central Depository Services India (CDSL) | Previous close: ₹1,332.40 | Target price: ₹1,430 | Stop loss: ₹1,285
Athawale highlighted that after declining from recent highs, the CDSL share price found support at the retracement zone and rebounded, showing a steady recovery from its recent lows.
On the daily chart, the stock has also broken out of a downward-sloping trend line, indicating strengthening momentum.
This price action signals the potential start of a fresh bullish phase from current levels.
“For the upcoming trading sessions, ₹1,285 will act as a key support. If the stock sustains
above this mark, it could continue its upward movement and gradually advance towards ₹1,430 in the near term,” said Athawale.
Grasim Industries | Previous close: ₹3,140.40 | Target price: ₹3,350 | Stop loss: ₹3,030
Athawale highlighted that Grasim Industries’ share price rebounded from its support zone and witnessed a gradual recovery after declining from the higher levels.
Additionally, on the daily charts, the stock has given a breakout from its sloping channel formation.
The stock’s upticks suggest a new leg of the bullish trend from current levels.
“For the next few trading sessions, ₹3,030 could be the trend decider level for the bulls. If it sustains above it, we can expect further uptrend towards ₹3,350,” said Athawale.
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Disclaimer: This article 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.
