Stocks to buy for the short term: The Indian stock market benchmarks- the Sensex and the Nifty 50- sapped their five-session winning streak on Thursday, largely due to profit booking amid renewed uncertainty around geopolitical developments in West Asia.
Investors turned cautious amid speculations about the sustainability of the recently announced ceasefire between the US and Iran, while fluctuating crude oil prices also weighed on sentiment.
While geopolitical uncertainties remain a key headwind, the domestic market may see some buying on Friday amid positive global cues. Gift Nifty indicate a positive start for the Indian stock market.
According to Ajit Mishra, SVP of Research at Religare Broking, with the earnings season underway, participants will react to the results from IT major TCS in early trades today, while developments on the geopolitical front will also remain on the radar.
Mishra believes the Nifty may consolidate after the recent sharp up move, with the immediate hurdle placed at the 24,000 mark, while the 23,400–23,600 zone is expected to act as support.
“A sustained move above 24,000 could signal a resumption of the recovery trend towards the 24,300-24700 zone. Meanwhile, traders should maintain a positive yet cautious approach, focusing on stock selection based on sectoral strength,” said Mishra.
Stock picks for the short term
Ajit Mishra recommends buying the following three stocks for the next 1-2 weeks:
Bharti Airtel | Previous close: ₹1,859.40 | Target price: ₹1,985 | Stop loss: ₹1,790
MIshra underscored that Bharti Airtel shares exhibit a well-defined base formation after a corrective phase, with price stabilising near a key demand zone.
The current structure suggests effective absorption of supply, supported by resilient volume dynamics.
A decisive range breakout, coupled with a move above short-term exponential moving averages, indicates an emerging shift in near-term momentum.
This development may attract incremental buying interest, reinforcing a potential reversal setup.
“Overall, the price action reflects early accumulation characteristics, with improving structural strength suggesting a continuation of the upward trajectory upon a sustained breakout above resistance,” said Mishra.
Hindalco Industries | Previous close: ₹985.65 |Target price: ₹1,050 | Stop loss: ₹950
Mishra highlighted that Hindalco Industries’ chart reflects a robust bullish structure, characterised by a sharp rebound from a higher base and continuation of the prevailing uptrend.
The stock has decisively reclaimed and is sustaining above key short-and medium-term moving averages, indicating strengthening momentum and trend confirmation.
A breakout above the descending trendline marks a transition from consolidation to expansion.
“The patterns highlight persistent buying interest, further supported by improving volume participation. Collectively, these technical factors suggest strengthening bullish sentiment, with the potential for continued upside,” said Mishra.
Power Finance Corporation (PFC) | Previous close: ₹428.05 | Target price: ₹490 | Stop loss: ₹390
Mishra said Power Finance Corporation share price has formed a strong base, sustaining above its breakout level after undergoing a prolonged corrective phase of over one and a half years.
The stock has now witnessed a fresh breakout from its pivot with notable volumes, signalling the potential for a sustained uptrend ahead.
“The continued buoyancy in the energy sector further strengthens the positive outlook, and participants may consider fresh accumulation at the mentioned levels,” said Mishra.
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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.
