Shares to buy for the short term: The Indian stock market’s benchmark, the Nifty 50, is set to extend gains into the fourth consecutive month, enduring volatility due to global turmoil.
The index is set to conclude the first half of the Calendar with a decent gain of 8 per cent.
Currently, the index is near 25,550, inching closer to its all-time high of 26,277, hit on September 27 last year. Experts see 25,300–25,000 as the key support range for the index, while 25,700–26,000 may act as resistance.
Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, pointed out that the Nifty’s breakout above 25,300 comes after a month-long consolidation, signalling a potential shift in market sentiment.
“Looking ahead, the 25,700–25,900 zone is likely to act as immediate resistance. A convincing breakout above this range could pave the way for a new leg higher. However, any close below 25,300 would signal a failed breakout and could warrant a return to a more defensive approach,” said Patel.
“While the structure now favours the bulls, some degree of caution is still warranted. We advise staying light on positions and avoiding aggressive bets until a clearer directional trend is established,” Patel said.
Stock picks for the short term
Jigar Patel recommends buying shares of NTPC, Sun Pharma and Havells for the next two to three weeks.
NTPC | Previous close: ₹338.30 | Target price: ₹370 | Stop loss: ₹322
Patel pointed out that in March 2025, NTPC gave a strong breakout above the ₹325 mark and rallied to test ₹370.
Over the past three months, the stock has been in a healthy pullback phase, during which it has established a solid base near the ₹325– ₹330 zone—its previous breakout level, which is now acting as strong support.
Notably, the ₹325 level coincides with the S3 monthly Camarilla pivot, adding further technical significance.
In addition, NTPC has broken out of a descending trendline, a positive sign that suggests the corrective phase may be ending.
On the daily RSI chart, the 50 level had been a major hurdle during the pullback. With the RSI now sustaining above this mark and currently placed around 53, momentum is gradually shifting back in favour of the bulls.
“We recommend initiating long positions in the ₹340– ₹338 range, with an upside target of ₹370. A stop loss should be maintained below ₹322 on a daily closing basis,” said Patel.
Havells India | Previous close: ₹1,566.80 | Target price: ₹1,700 | Stop loss: ₹1,490
Patel observed that Havells has recently formed a strong base around the ₹1,500 level, indicating solid support at lower levels.
The stock has broken above a descending trendline, signalling a potential trend shift. It is also sustaining above the R3 monthly Camarilla pivot, further strengthening the bullish setup.
Adding to this positive structure, a hidden bullish divergence is visible on the daily RSI chart, suggesting underlying momentum is building despite recent consolidation.
This confluence of technical signals makes Havells an attractive buy candidate at current levels.
“We recommend going long in the ₹1,570– ₹1,550 zone, with an upside target of ₹1,700. A stop loss should be placed below ₹1,490 on a daily closing basis to manage risk effectively,” said Patel.
Sun Pharmaceutical Industries | Previous close: ₹1,687.60 | Target price: ₹1,840 | Stop loss: ₹1,600
Patel said Sun Pharma has been consistently respecting the ₹1,640– ₹1,650 zone, which now stands out as a key support area due to multiple technical confluences.
This zone aligns with a long-standing ascending trendline, the previous breakout level, the S3 monthly Camarilla pivot, and a recent Pitchfork breakout, all of which reinforce the strength of this support.
Adding to the bullish case, a hidden bullish divergence has emerged on the daily RSI chart, indicating a possible continuation of the primary uptrend despite recent consolidation.
“We recommend going long in the ₹1,690– ₹1,670 range. The upside target is set at ₹1,840, while a stop loss should be placed below ₹1,600 on a daily closing basis to protect against downside risk,” said Patel.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
