Stocks to buy for the short term: The stock market benchmark Nifty 50 extended losses for the seventh consecutive session on Wednesday, 19 August, its longest losing streak since September 2025, as higher oil prices amid stalled US-Iran peace talks continue to weigh on sentiment.
The index continues to form a lower-top pattern on intraday charts, while on daily charts, it formed a bearish candle, signalling further weakness.
Amol Athawale, VP – Technical Research at Kotak Securities, pointed out that after a long gap, the Nifty closed below its 50-day SMA (simple moving average), which also signals weakness from the current levels.
Athawale believes the intraday market setup remains weak, although a quick pullback rally cannot be ruled out if the market moves above the 24,150 resistance level. Above this, there could be a technical bounce towards the 24,300–24,350 levels.
On the downside, below 24,000, selling pressure may intensify, dragging the index towards the 23,900–23,850 range, said Athawale.
Stock picks for the short term
Amol Athawale recommends buying the following three stocks for the next 1-2 weeks:
Axis Bank | Previous close: ₹1,235 | Target price: ₹1,310 | Stop loss: ₹1,180
Athawale highlighted that, after a decline, Axis Bank shares reversed from their important demand zone.
The stock has formed a double-bottom chart pattern on the daily scale and is in a steady uptrend.
The technical indicator, such as RSI, also indicates a further uptrend from current levels, which could boost bullish momentum in the coming horizon.
“As long as the stock is trading above ₹1,180, the bullish texture is likely to continue. Above which, the stock could move up to ₹1,310,” said Athawale.
Dixon Technologies (India) | Previous close: ₹14,462 | Target price: ₹15,500 | Stop loss: ₹13,990
As per Athawale, after its incredible up move and a breather of the last few sessions, Dixon Technologies is gaining further traction for a fresh up move.
The chart’s formation indicates a bullish continuation pattern, which is likely to persist in the near term.
“For positional traders, ₹13,990 would be the decisive level. Trading above the same uptrend formation will continue till ₹15,500. However, if it closes below ₹13,990, traders may prefer to exit from trading long positions,” said Athawale.
FSN E-Commerce Ventures (Nykaa) | Previous close: ₹327.35 | Target price: ₹350 | Stop loss: ₹315
Athawale pointed out that after the remarkable up move, FSN E-Commerce Ventures has been taking a breather over the last few sessions.
The consolidation structure suggests bullish continuation chart formation. Moreover, the stock comfortably closed above its short-term moving average.
Therefore, the stock is likely to resume its uptrend from the current levels in the coming horizon.
“For the next few trading sessions, ₹315 could be the trend decider level for the bulls. If it sustains above the same, we can expect further uptrend towards ₹350,” 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 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.
