The Indian stock market rallied on Friday, with the benchmark indices, Sensex and Nifty 50, trading half a percent higher each, amid positive global market cues on easing geopolitical tensions in the Middle-East after the Israel-Iran ceasefire.
The Nifty 50 index has surpassed the 25,600 level, and analysts expect a further rally up to 25,656 – 25,763 – 25,962 levels. However, if Nifty 50 trades below 25,458 levels, it may witness profit booking, and the index may correct up to 25,351 – 25,153 – 25,045 levels.
Axis Securities has recommended two stocks to buy for short term as they expect an upside potential of up to 15% in these stocks based on technical analysis. The technical stock picks for short-term are Titan Company and Grasim Industries.
Stocks to buy
Titan | Buy at ₹3,640 – 3,568 | Target Price: ₹3,885 – 4,000
Titan share price has staged a decisive breakout on the weekly chart above the falling channel pattern that had persisted since late September 2024, closing at ₹3,622 with a strong bullish candle. The breakout is accompanied by a notable surge in volume, indicating robust market participation and enhancing the credibility of the move, Axis Securities said.
On the daily chart, Titan share price is also nearing a breakout above a cup and handle pattern, with resistance placed at ₹3,670. A sustained close above this level would further strengthen the bullish bias and signal the potential for continued upside. Moreover, the Relative Strength Index (RSI) has crossed above its signal line and is holding above the 50 mark, highlighting strengthening momentum, the brokerage firm added.
Axis Securities recommends buying Titan shares in the range of ₹3,640 – ₹3,568, for a target price of ₹3,885 – ₹4,000. The timeframe for the trade is 3-4 weeks.
Grasim | Buy at ₹2,860 – 2,804 | Target Price: ₹3,138 – 3,256
Grasim share price has delivered a decisive breakout on the weekly chart, surpassing multiple resistance zones around ₹2,865 with a strong bullish candle. The stock is trading firmly above its key moving averages (20, 50, 100, and 200-day SMAs), reinforcing a positive bias across timeframes, according to Axis Securities.
It recommends buying Grasim Industries shares in the range of ₹2,860 – ₹2,804 level. It has Grasim share price target range of ₹3,138 and ₹3,256 in the near term. The timeframe for the trade is 3-4 weeks.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
