Stocks to buy for the short term: The Indian stock market benchmark Nifty 50 extended gains for the third consecutive week. For the week ended Thursday, 25 June, the index inched up by 0.20% amid a fall in crude oil prices and a stable Indian rupee.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, pointed out that the Nifty made two attempts to register a decisive breakout above the 24,150–24,200 resistance zone, but failed to sustain higher. Despite this, the broader trend remains firmly positive.
Patel added that the previously highlighted 23,700–23,500 support zone once again attracted buying interest, reinforcing its significance as a strong demand area. The ongoing consolidation appears to be a healthy pause within the prevailing uptrend rather than an indication of a trend reversal.
Patel believes that a decisive close above 24,200 would confirm a fresh bullish breakout, potentially driving the index towards 24,600. On the downside, 23,700–23,600 remains the immediate support zone, and only a sustained breach below this range would weaken the current bullish structure.
Until then, the preferred strategy remains buy on dips, with the broader market outlook continuing to stay constructive, said Patel.
For Bank Nifty, 57,000–59,000 is expected to remain the key trading range, said Patel.
A phase of healthy consolidation within this band cannot be ruled out before the next directional move. A breakout above 59,000 could trigger the next leg of the rally towards fresh highs, while a break below 57,000 may result in a short-term corrective phase, Patel said.
Stock picks for the short term
Jigar Patel recommends buying the following three stocks for the next 1-2 weeks:
NACL Industries | Previous close: ₹205 | Target price: ₹240 | Stop loss: ₹185
Patel pointed out that NACL Industries has confirmed a bullish breakout from a well-defined inverse head and shoulders pattern on the daily chart, signalling a potential trend reversal after a prolonged consolidation.
The breakout is backed by a sharp surge in trading volumes, adding conviction to the move.
The stock has also moved above the Ichimoku Cloud, indicating a positive shift in the broader trend.
On-balance volume (OBV) has registered a strong breakout above its 50-day moving average, reflecting sustained accumulation and robust buying interest.
Momentum indicators further strengthen the bullish case, with the RSI holding above 60, indicating healthy momentum, while the MACD has generated a bullish crossover above the zero line.
“As long as the stock sustains above the ₹195–200 breakout zone, the positive structure is expected to remain intact. Buy in the ₹200–206 zone with a stop loss at ₹185 and a target of ₹240,” said Patel.
Info Edge (Naukri) | Previous close: ₹978.85 | Target price: ₹1,130 | Stop loss: ₹875
As per Patel, Info Edge share price is trading near a crucial confluence support zone around ₹950–980, where multiple technical factors are aligning.
The stock has completed a bearish AB=CD pattern, with point D coinciding with a strong long-term demand zone, increasing the probability of a reversal.
Adding further significance, the stock is holding near the 61.8% Fibonacci retracement of the previous major uptrend, reinforcing this support area.
After a sharp correction, price action suggests base formation, indicating that selling pressure is gradually easing.
Momentum indicators are also showing early signs of improvement, with the RSI recovering from oversold territory, and the MACD is near its previous zone of June 2022, giving a bullish crossover, signalling improving momentum.
“As long as the stock sustains above the ₹950 support zone, a relief rally towards ₹1,100, followed by ₹1,200, cannot be ruled out. Buy in the ₹980–940 zone with a stop loss at ₹875 and a target of ₹1,130,” said Patel.
Minda Corporation | Previous close: ₹670.45 | Target price: ₹780 | Stop loss: ₹595
Patel highlighted that Minda Corporation share price has confirmed a decisive breakout from its 19-month consolidation range of ₹465–620, signalling the beginning of a fresh medium-term uptrend.
The breakout comes after an extended phase of price compression, making it a technically significant development.
Encouragingly, the move is supported by steadily rising trading volumes, indicating strong buying interest and improving market participation.
The stock is also trading comfortably above its 20-month SMA, reinforcing the long-term bullish trend.
Momentum indicators remain firmly in favour of the bulls, with the RSI on the monthly, weekly, and daily charts holding above 60, reflecting sustained strength across multiple timeframes.
Additionally, the MACD has generated a bullish crossover, while the OBV continues to trend higher, confirming ongoing accumulation.
“As long as the stock sustains above the ₹620 breakout level, the bullish structure is expected to remain intact. Buy in the ₹650–670 range with a stop loss at ₹595 for a target of ₹780,” said Patel.
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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.
