Top stocks to buy for short term: Market benchmarks, the Sensex and the Nifty 50, surged up to 2% in intraday deals on Thursday, 15 October, due to buying in select blue-chip stocks amid a selloff in global AI stocks and the healthy start of Q2 earnings of India Inc.
According to Amol Athawale, VP – Technical Research, Kotak Neo, 22,500 and 22,450 will continue to act as crucial support levels for the Nifty 50, and as long as the index sustains above these levels, the ongoing pullback may remain intact.
On the upside, a decisive breakout above 22,800 could drive the market toward 23,000. Conversely, a decline below 22,450 would weaken the prevailing uptrend, prompting traders to consider exiting their long positions, said Athawale.
Stock picks for short term:
Amol Athawale recommends buying the following three stocks for the next 1-2 weeks:
FSN E-Commerce Ventures (Nykaa) | Previous close: ₹336.50 | Target price: ₹360 | Stop loss: ₹323
Athawale highlighted that after the remarkable up move, the stock is taking a breather after many sessions.
The consolidation structure suggests bullish continuation chart formation. Additionally, the stock comfortably closed above its short-term moving average.
“It is likely to resume its uptrend from the current levels in the coming horizon. For positional traders, ₹323 would be the decisive level. If trading above the same, the formation will continue till ₹360. However, if it closes below ₹323, traders may prefer to exit long positions,” said Athawale.
Tata Consumer Products | Previous close: ₹987.90 | Target price: ₹1,040 | Stop loss: ₹960
Athawale said that after its declining trend, the stock reversed from its important support zone.
It has formed a rounding bottom chart pattern on the daily scale, and it is in a steady uptrend.
The technical indicator like RSI is also indicating a further uptrend from current levels, which could boost the bullish momentum in the coming horizon.
“As long as the stock is trading above ₹960, the bullish trend is likely to continue. Above which, the stock could move up to ₹1,040,” said Athawale.
Blue Star | Previous close: ₹1,614 | Target price: ₹1,730 | Stop loss: ₹1,555
Athawale underscored that on the daily timeframe, post reversal from its support zone, the stock is in a rising channel chart structure showing a higher highs and higher lows sequence pattern.
Moreover, the technical indicator RSI is also suggesting a further upward trend from present levels, which may enhance the bullish momentum in the near term.
“For the upcoming few trading sessions, ₹1,555 may act as the trend-deciding level for the bulls; if it holds above this level, we can expect further uptrend toward ₹1,730,” 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 individual 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.
