Stocks to buy for the short term: The Indian stock market benchmark Nifty 50 gained over 1 per cent for the week ended August 14, snapping its six-week losing streak. Shares of Apollo Hospitals, Eternal, Dr Reddy’s Laboratories, and Cipla were among the top gainers.
The index reclaimed the 24,600 mark, closing at 24,631 in the previous session, as sentiment improved after India’s CPI inflation fell to an eight-year low of 1.55 per cent in July.
However, Trump’s tariffs and weak earnings remain key headwinds for the market, keeping the near-term outlook uncertain.
According to Ajit Mishra, SVP of research at Religare Broking, the prevailing consolidation suggests that markets have largely digested recent negatives and are now awaiting a recovery trigger.
Oversold positions in heavyweights across sectors are further supporting this possibility, Mishra added.
He believes a decisive break above 24,800 on the Nifty could spark fresh momentum towards the 25,000-25250 zone; otherwise, consolidation may persist with major support at 200 DEMA, i.e. 24,200.
“Participants should maintain a stock-specific trading approach with a focus on risk management,” said Mishra.
Highlighting a favourable technical setup, Mishra suggests buying the following three stocks for the next one to two weeks.
Stock picks for the short term
Maruti Suzuki India Limited | Previous close: ₹12,936 | Buy | Target price: ₹13,900 | Stop loss: ₹12,400
Mishra pointed out that Maruti is forming a broad symmetrical triangle, marked as a “continuation pattern,” following a strong prior uptrend.
The stock has been coiling within converging trendlines for over a year, with the 20-week EMA acting as a dynamic support. The recent breakout attempt toward the upper boundary, coupled with increasing volume, suggests growing bullish momentum.
“A sustained close above ₹13,000 could lead to a decisive breakout, with potential targets around ₹13,800– ₹14,000. The tightening range reflects a buildup of energy, which often results in a strong directional move. Overall, the pattern favours an upside move, given the preceding trend and supportive volume action,” said Mishra.
Hindalco Industries | Previous close: ₹695.25 | Buy | Target price: ₹755 | Stop loss: ₹665
Mishra underscored that Hindalco is displaying a breakout setup from a prolonged corrective phase, with a defined “buying pivot” near ₹665.
The price has decisively crossed above its 20-week EMA, confirming short-term bullish momentum.
The breakout candle’s body is healthy, and follow-through buying is seen in subsequent candles, suggesting strength.
“Key resistance now lies near ₹720, while immediate support rests at ₹665. Sustaining above the buying pivot can lead to a continuation toward previous swing highs, with ₹750– ₹760 as an extended target zone. Any dip toward the pivot with low volume could present an attractive accumulation opportunity,” said Mishra.
Larsen & Toubro | Previous close: ₹3,677 | Buy | Target price: ₹3,880 | Stop loss: ₹3,570
According to Mishra, the L&T chart is in a clear long-term uptrend, supported by a firmly rising 200-week EMA.
After a strong multi-year rally, the stock entered a broad consolidation between ₹3,000 and ₹3,850, forming a “trend continuation formation.”
The recent price action shows a rebound from the lower end of this range with improving volumes, signalling renewed buying interest.
“A breakout above the previous swing high, i.e. ₹730 on strong volumes, could trigger the next leg of the uptrend, potentially targeting the retest of the record high and beyond,” said Mishra.
“The sideways consolidation has allowed the stock to digest earlier gains, setting a solid base for further upside. Support is well-defined near ₹3,570-3,600, and as long as these levels hold, the broader bullish structure remains intact,” said Mishra.
Read all market-related news here
Disclaimer: This story is for educational purposes only. 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.
