Stocks to buy for the short term: Equity benchmarks, the Sensex and the Nifty 50, rose for the second consecutive week for the week ended April 17, rising by 1.2% and 1.3%, respectively.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, from its recent low of 22,200 on April 2, Nifty has rallied nearly 2,100 points, which shows strong buying momentum.
However, the index is now close to an important resistance area of 24,300–24,500. This means some investors may book profits here, which can cause short-term weakness.
“Because of this, a temporary correction towards 23,600–23,700 cannot be ruled out. Still, the bigger trend remains positive, so traders may consider a “buy on dips” approach near support zones,” Patel said.
“Nifty Bank also recovered strongly after opening weak near 54,500 and closed around 56,500. It is now nearing a major resistance zone of 57,200–57,500. If it fails to cross this level, a pullback may happen. Immediate support is placed at 56,000, and if this breaks, the index may decline towards 54,500,” said Patel.
Stock picks for short term
APL Apollo Tubes | Previous close: ₹2,105.70 | Buying zone: ₹2,110 to ₹2,100 | Target price: ₹2,355 | Stop loss: ₹1,975
Patel highlighted that APL Apollo Tubes has recently confirmed a strong breakout above the ₹2,070 resistance zone and is sustaining above this level, indicating renewed buying momentum.
The breakout suggests that the stock may enter the next leg of its upward trend if it continues to hold above the breakout zone.
Momentum indicators are also supporting the bullish outlook. RSI is trading in a positive zone, reflecting strengthening price momentum, while MACD has shown a bullish setup, signalling improving trend strength.
Additionally, the DMI structure indicates buyers are gaining control over sellers.
“This confluence of price action and indicators points toward a favourable risk-reward setup. We advise accumulating the stock in the ₹2,110 and ₹2,100 zone with a stop loss at ₹1,975. On the upside, the stock has the potential to move toward ₹2,355 in the near term,” said Patel.
Tata Power Company | Previous close: ₹427.60 | Buying zone: ₹430 to ₹420 | Target price: ₹475 | Stop loss: ₹395
According to Patel, Tata Power Company has recently witnessed a breakout above its falling trendline, as observed on the chart, indicating a potential reversal in trend and fresh bullish momentum.
This breakout reflects improving sentiment and suggests that buyers are regaining control after a consolidation phase. Supporting indicators further strengthen the positive outlook.
The RSI is trading above the 60 mark, which signals strong momentum and sustained buying interest.
In addition, the DMI setup remains favourable, highlighting strengthening upward price action.
“With both price structure and momentum indicators aligned positively, the stock appears well placed for further upside in the near term. Therefore, we advise buying in the ₹430 to ₹420 zone with a stop loss placed at ₹395 to manage risk. On the upside, the stock has the potential to move toward the ₹475 target level,” said Patel.
PB Fintech | Previous close: ₹1,600.60 | Buying zone: ₹1,610 to ₹1,580 | Target price: ₹1,795 | Stop loss: ₹1,500
Patel pointed out that PB Fintech (Policybazaar) has witnessed a strong breakout after consolidating for nearly 43 trading sessions.
The stock has moved above its falling trendline, as seen on the chart, indicating a potential trend reversal and fresh bullish momentum.
This breakout suggests that the prolonged consolidation phase may have ended, opening room for further upside. Supporting indicators also strengthen the positive view.
The DMI setup has turned favourable, signalling improving buying strength, while the RSI is trading above the 60 mark, reflecting strong momentum and healthy price action.
“With both trend and momentum indicators aligned positively, the stock looks well placed for a continued upward move. Hence, we advise buying in the ₹1,610 to ₹1,580 zone with a stop loss at ₹1,500. On the upside, the stock has the potential to move toward the ₹1,795 target level in the near term,” said Patel.
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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.
