Stocks to buy for short term: Market benchmark Nifty 50 closed with a minor loss of 27 points, or 0.12%, at 23,215, due to profit booking amid rising tensions in the Middle East
However, subdued oil prices capped losses and buying in select FMCG and private bank counters capped losses.
The Nifty witnessed resistance at 23,425 and corrected sharply, losing 210 points from the day’s high.
Amol Athawale, VP – Technical Research at Kotak Securities, believes that 23,350 will act as an immediate resistance for bulls. Weak sentiment is likely to persist if the index continues trading below this level.
As per Athawale, on the downside, the index may retest the 23,100-23,050 range. On the other hand, above 23,350, it may rebound towards 23,425. Further gains may follow, pushing the index to 23,500.
“The intraday market texture remains volatile and non-directional; therefore, level-based trading would be the ideal approach for day traders in the current trading environment overall,” said Athawale.
Stock picks for the short term
Godrej Consumer Products | Previous close: ₹1,027.60 | Target price: ₹1,075 | Stop loss: ₹1,005
Athawale underscored that Godrej Consumer Products shares reversed from their important demand zone after a declining trend.
The stock has formed a rounding bottom chart pattern on the daily scale, and it is in a steady upward move.
The technical indicator, like RSI, also indicates a further uptrend from current levels, which could boost bullish momentum in the near term.
“As long as the stock is trading above ₹1,005, the bullish texture is likely to continue. Above which, the stock could move up to ₹1,075,” said Athawale.
Pidilite Industries | Previous close: ₹1,506.50 | Target price: ₹1,610 | Stop loss: ₹1,455
As per Athawale, Pidilite Industries‘ shares have shown a robust rally from lower levels over the past few weeks.
Additionally, it is trading in an ascending triangle on the daily scale.
Therefore, the overall formation suggests a likely breakout of a new leg of the up move from current levels.
“For positional traders, ₹1,455 would be the decisive level. Trading above the same uptrend formation will continue till ₹1,610. However, if it closes below ₹1,455, traders may prefer to exit from trading long positions,” said Athawale.
DCB Bank | Previous close: ₹177.02 | Target price: ₹190 | Stop loss: ₹171
Athawale highlighted that DCB Bank shares have entered an accumulation phase, moving within a defined range on the daily chart.
Recent bullish activity suggests improving strength and rising buying interest.
A move towards the upper boundary of the range appears likely in the near term, offering a favourable risk-reward opportunity from current levels.
“For positional traders, ₹171 is a crucial level to watch. Sustaining above this mark could drive the stock to ₹190. However, a close below ₹171 would weaken the structure, and traders may consider exiting long positions to manage downside risk effectively,” said Athawale.
Disclaimer: This story 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.
