Stocks to buy for the short term: The Indian stock market suffered strong losses for the week ended March 13, driven by escalating tensions between the US and Iran, a surge in crude oil prices, persistent FII outflows, and the Indian rupee hitting record lows.
Equity benchmarks, the Sensex and the Nifty 50, extended losses for the third consecutive week. Last week, the Sensex shed 4,355 points, or 5.5%, while the Nifty 50 lost 1,300 points, or 5.3%.
Nifty 50 outlook
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the Nifty 50 is currently approaching the gap zone near 22,900, which was formed in April 2025 during the earlier phase of the rally.
Patel pointed out that the index has now retraced nearly 61.8% of the entire rally from 21,743 to 26,373, placing it close to a crucial technical support area.
He believes a decisive move below 22,900 could open the doors for a further decline towards the 22,800–21,800 zone, where the market may remain highly volatile and directionless due to the absence of strong intermediate supports.
On the upside, 23,500 stands as the immediate hurdle, which also coincides with Friday’s high. A sustained move above this level would be required for the index to regain short-term stability.
Patel said despite the recent sharp decline, the broader market structure still appears intact, suggesting that the current move could be part of a corrective phase rather than a structural breakdown.
However, considering the elevated global uncertainty and geopolitical developments, he recommends that traders should avoid aggressive fresh positions and instead focus on risk management and hedging existing exposure.
“Holding above 22,900 will be crucial to maintain the broader structure, while a sustained move above 23,500 could help restore confidence in the near term,” said Patel.
Stock picks for the short term
Jigar Patel recommends buying the following three stocks for the next one to two weeks:
Aurobindo Pharma | Previous close: ₹1,296.50 | Buying zone: ₹1,300– ₹1,280 | Target price: ₹1,390 | Stop loss: ₹1,240
Patel underscored that after several weeks of consolidation, Aurobindo Pharma has finally given a decisive breakout, indicating a potential resumption of upward momentum.
The stock had been trading in a narrow range, building a base before the recent move higher.
From a technical perspective, the setup looks constructive as multiple indicators are aligning in favour of the bulls.
“The Directional Movement Index (DMI) is showing a positive bias, suggesting strengthening upward momentum. At the same time, the Relative Strength Index (RSI) has moved above the 60 mark, which typically signals strong buying interest and improving trend strength,” Patel noted.
“Additionally, the MACD has delivered a bullish crossover above the zero line, further confirming the positive trend and indicating a shift in momentum toward the upside,” Patel added.
“Based on this favourable technical setup, traders may consider accumulating the stock in the ₹1,300– ₹1,280 zone, with a stop loss placed at ₹1,240 to manage risk. On the upside, the stock has the potential to move towards the ₹1,390 target in the near term,” Patel said.
Coal India | Previous close: ₹467 | Buying zone: ₹465– ₹455 | Target price: ₹505 | Stop loss: ₹430
Patel noted that after a period of consolidation, Coal India experienced a decisive breakout, suggesting the potential for continued upward momentum.
The stock had been trading in a narrow range for the past few weeks, forming a strong base before this move, which suggests renewed buying interest and accumulation at lower levels.
From a technical standpoint, the setup appears supportive for further upside.
The Directional Movement Index (DMI) is indicating a positive trend, reflecting strengthening bullish momentum.
At the same time, the Relative Strength Index (RSI) has moved above 60, which generally signals a stronger trend and sustained buying.
In addition, the MACD indicator has given a bullish crossover above the zero line, confirming the positive shift in momentum.
“Based on this technical alignment, traders may consider buying the stock in the ₹465– ₹455 zone, keeping a stop loss at ₹430 to manage risk. On the upside, the stock has the potential to move towards the ₹505 level in the near term if momentum continues,” said Patel.
Cello World | Previous close: ₹415 | Buying zone: ₹420– ₹405 | Target price: ₹500 | Stop loss: ₹380
As per Patel, Cello World appears to be following a 63-calendar-day cyclical rhythm, as seen on the chart where several major tops and bottoms have formed near these time intervals.
Such cyclical behaviour often helps traders anticipate potential turning points in both time and price.
Patel highlighted that from point A to point B, the stock witnessed a rally of 179 points, which unfolded over 189 calendar days. Thereafter, the price corrected sharply from point B to point C, declining nearly 288.80 points in 128 days.
Time relationship:
Phase move — Days
A → B rally — 189 days
Time ratio:
189 ÷ 128 = 1.48, which is relatively close to the 1.618 Fibonacci extension ratio, indicating a proportional time relationship between the rally and the correction.
Price relationship:
Phase move— Points
A → B rally— 179 points
B → C fall— 288.80 pts
Price ratio:
179 ÷ 288.80 = 0.6216, which is very close to the 0.618 Fibonacci retracement level, suggesting a meaningful price symmetry.
“The alignment of time and price relationships, along with a bullish divergence in RSI and strong support near the Camarilla Yearly Pivot S4 level, indicates the possibility of a reversal zone,” said Patel.
“Traders may consider buying in the ₹420– ₹405 range, with a stop loss at ₹380, while the stock may potentially move towards the ₹500 level if the bullish setup plays out,” Patel said.
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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.
