Stocks to buy for the short term: The Indian stock market witnessed volatile swings on the monthly expiry day and ended marginally lower amid mixed cues.
While US President Donald Trump’s surprise 25 per cent tariff announcement on India initially triggered a knee-jerk reaction, a gradual recovery in heavyweight stocks across sectors helped the market briefly turn positive and end with mild losses.
The Nifty 50 ended 0.35 per cent lower at 24,768.35 on Thursday, July 31.
Ajit Mishra, SVP of research at Religare Broking, pointed out that as the August derivatives series begins, the market is likely to consolidate, but global developments and corporate earnings will continue to drive volatility.
“We maintain our cautious stance and recommend a stock-specific approach, given the mixed trends across sectors. Traders should also avoid averaging down on loss-making positions,” said Mishra.
Stock picks for the short term
Mishra suggests buying shares of Apollo Hospitals, Cipla, and Godrej Consumer Products for the short term.
Apollo Hospitals Enterprise | Last traded price (LTP) : ₹7,498 | Target price: ₹8,050 | Stop loss: ₹7,200
Mishra underscored that Apollo Hospitals continues to demonstrate a structurally strong uptrend on the weekly chart, with the price maintaining its position well above the 100-week EMA.
After a prolonged steady uptrend phase, the stock witnessed a corrective decline, finding support near the long-term moving average. This correction was followed by a sharp V-shaped recovery, reinforcing bullish sentiment.
The stock is now trading near its all-time highs, consolidating in a tight range—a healthy sign, indicating strength and possible continuation.
The rising trend line from recent lows remains intact, supporting the current price action.
“Volume patterns are relatively stable, and any breakout above the recent highs could lead to the next leg of the rally. Overall, the structure favours bullish continuation with immediate support near ₹7,200 and the 100 WEMA acting as a long-term cushion,” said Mishra.
Cipla | LTP: ₹1,554.60 | Target price: ₹1,740 | Stop loss: ₹1,445
Mishra highlighted that Cipla has exhibited a classic technical progression marked by a strong base formation followed by a robust rally, reflecting underlying institutional accumulation.
Post this rally, the stock entered a prolonged consolidation phase between ₹1,400– ₹1,575, indicating a healthy pause within a primary uptrend.
This rectangle pattern near the highs reflects time-wise correction rather than price damage, suggesting strength in structure.
The breakout from this range, supported by a bullish candle and pickup in volume, signals a potential resumption of the broader trend.
“Price continues to trade above key moving averages, which are aligned positively, reinforcing bullish sentiment. The breakout zone near ₹1,525 now becomes immediate support, while the stock eyes a potential move toward ₹1,675– ₹1,740 zone,” said Mishra.
Godrej Consumer Products | LTP: ₹1,259 | Buy | Target price: ₹1,380 | Stop loss: ₹1,200
According to Mishra, Godrej Consumer has exhibited a strong upward rally in the past, followed by a broad consolidation phase, which resembles a trend continuation pattern.
“After peaking near ₹1,500, the stock retraced and found demand around the 200-week EMA zone near ₹1,080, where it formed a base. Since then, price action has turned range bound between ₹1,100– ₹1,300, forming a rectangular consolidation on the weekly chart,” Mishra observed.
“The long-term EMA continues to slope upward, confirming that the broader trend remains bullish. On the downside, the ₹1,080– ₹1,100 zone will act as a strong support area, with immediate support around 1190. The fresh buoyancy in the FMCG pack is added positively,” Mishra said.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, 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.
