Stocks to buy for the short term: Market benchmarks, the Sensex and the Nifty 50, clocked strong gains of almost 6% each for the week ended April 10, snapping their six-week losing streak.
The Nifty 50 on Friday reclaimed the 24,000 mark, closing at 24,050. While last week’s gain was encouraging, the road ahead looks tough as tensions in West Asia remain a key challenge for the market.
The US-Iran talks over the weekend have failed, and the US plans to blockade the Strait of Hormuz have intensified fears of a global energy supply shock.
Crude oil prices have jumped sharply. Brent Crude is above the $100 a barrel level again, and experts fear that the Indian economy may suffer a serious blow if crude oil prices remain elevated for more than two months.
Nifty 50 technical outlook
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the sharp, nearly 6% rally in the Nifty 50 last week, its strongest weekly performance in over five years, suggests the move is more than just a relief bounce.
“The index has convincingly broken above the crucial 23,100–23,400 resistance zone and is sustaining near the 24,000 mark, indicating that a meaningful bottom may be in place and the early stages of a fresh uptrend could be underway. In the near term, Nifty is likely to retest the 24,500–24,800 zone, which aligns with the 200-day EMA and may act as an immediate resistance band,” Patel said.
Patel added that while some consolidation or a short-term pullback towards the 23,600–23,200 range (gap-fill zone) cannot be ruled out, such declines should be viewed as buying opportunities, given the improving market structure, momentum, and broader participation.
“On the lower timeframe, the hourly RSI is exhibiting negative divergence, hinting at early signs of momentum exhaustion and increasing the probability of a near-term pause or pullback. Immediate support is placed at 23,600, followed by a stronger base near 23,200, which is likely to act as a buy-on-dips zone,” Patel said.
Stock picks for the short term
Jigar Patel recommends buying the following three stocks for the next one to two weeks:
Engineers India | Previous close: ₹213.75 | Buying zone: ₹210–215 | Target price: ₹245 | Stop loss: ₹195
Patel pointed out that Engineers India stock has recently witnessed a breakout above its falling trendline, indicating a potential shift in trend.
The stock is also finding strong support around its 100-week and 200-week EMAs, reinforcing the bullish setup.
From a momentum perspective, the RSI has broken out of its own declining trendline, suggesting strengthening momentum, while the MACD has delivered a bullish crossover near the zero line—often considered an early sign of trend reversal.
“Given this constructive technical structure, the stock offers a favourable risk-reward opportunity. Investors may consider accumulating in the ₹210–215 zone, with a stop loss placed at ₹195 and an upside target of ₹245,” said Patel.
Prestige Estates Projects | Previous close: ₹1,322.40 | Buying zone: ₹1,300–1,325 | Target price: ₹1,465 | Stop loss: ₹1,200
Patel pointed out that over the past two weeks, Prestige Estates‘ share price has stabilised near the ₹1,090–1,100 zone, which aligns with the 200-week EMA and the S1 yearly pivot, indicating a strong support base. This confluence of long-term support levels suggests that downside risk may remain limited.
From a momentum perspective, the RSI has formed a hidden bullish divergence, reflecting underlying strength and hinting at a potential continuation of the uptrend. The price structure also indicates strength at lower levels.
“Considering this constructive setup, investors may adopt a buy-on-dips approach in the ₹1,300–1,325 zone, with a stop loss placed at ₹1,200. On the upside, the stock has the potential to move towards ₹1,465 in the near to medium term,” said Patel.
Exide Industries | Previous close: ₹324.50 | Buying zone: ₹315–325 | Target price: ₹365 | Stop loss: ₹300
According to Patel, Exide Industries’ share price is currently witnessing strong support near the S1 yearly pivot, which also aligns with a key previous demand zone as observed on the chart.
This confluence of support levels indicates a solid base formation and limits downside risk.
On the daily timeframe, the RSI has formed a bullish divergence, signalling improving momentum and the possibility of a trend reversal from current levels. This strengthens the case for a potential upside move.
“Considering the favourable technical setup, investors may adopt a staggered buying approach in the ₹315–325 range. A stop loss can be maintained at ₹300, while the stock offers an upside potential towards ₹365 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.
