Stocks to buy for short term: Positive global cues amid speculation over a US Federal Reserve rate cut in September, and a weaker dollar triggered broad-based buying in the Indian stock market on Monday, lifting the benchmark Nifty 50 to 24,722.75.
Other factors that supported the rally in the domestic market were better-than-expected July auto sales, strong domestic manufacturing PMI, and expectations of a rate cut by the RBI on August 6.
The market is looking for triggers to break out of its current zone, which has been in place since June this year. Experts say if the Nifty 50 sustains above 24,600, it may extend gains to 25,000.
“Nifty formed a bullish candle and an inside bar on the daily frame on Monday. Now, if it holds above 24,600, then bounce could be seen towards 24,900, then 25,000 zones, while supports are seen at 24,500 and 24,442,” said brokerage firm Motilal Oswal.
“On the option front, maximum Call OI is at 25,000 then 24,800 strike, while maximum Put OI is at 24,600 then 24,700 strike. Call writing is seen at 24,850 then 24,750 strike, while Put writing is seen at 24,600 then 24,700 strike. Option data suggests a broader trading range between 24,200 and 25,200 zones, while an immediate range between 24,500 and 25,000 levels,” Motilal Oswal said.
Nifty is expected to remain in a range for some time. Nevertheless, experts see stock-specific opportunities across segments.
Vishnu Kant Upadhyay of Master Capital Services and Hardik Matalia of Choice Broking suggest five stocks to buy for the next two to three weeks. Take a look:
Stock picks for the short term
Expert: Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services
Coromandel International | Previous close: ₹2,542.20 | Target prices: ₹2,750 and ₹2,800 | Stop loss: ₹2,388
Coromandel International has broken out from a short-term consolidation zone and successfully retested the breakout level near ₹2,500, reinforcing it as strong support.
A bullish candle with above-average volume signals renewed buying interest.
The stock trades above all key moving averages, confirming sustained Momentum.
RSI is above 65, and a positive MACD crossover indicates underlying strength.
“The formation of higher highs and higher lows along with relative outperformance versus the Nifty supports a continued bullish view,” said Upadhyay.
Hero MotoCorp | Previous close: ₹4,535.90 | Target price: ₹4,950 | Stop loss: ₹4,240
Hero MotoCorp has witnessed a breakout from a classic inverse head and shoulders pattern on the weekly chart, confirming a bullish reversal.
The move above the ₹4,500 neckline came with strong volumes and a positive candlestick, reflecting renewed buying interest.
“The stock structure remains constructive with higher lows and a close above all major moving averages, indicating strength in trend. Momentum indicators like RSI trending higher and a bullish MACD crossover further reinforce the potential for sustained upside,” Upadhyay said.
Muthoot Finance | Previous close: ₹2,665.80 | Target prices: ₹2,900 and ₹2,960 | Stop loss: ₹2,498
Muthoot Finance shares have rebounded sharply from the 50-day EMA, reaffirming it as dynamic support within their prevailing uptrend.
The formation of a strong bullish candle highlights renewed buying interest at this key level.
Price action continues to respect the higher highs and higher lows structure, indicating trend continuation.
“The stock trades above all key moving averages (20, 50, 100, 200 EMA), suggesting alignment across timeframes. RSI remains above 60, and MACD sustains a bullish crossover, reflecting underlying strength and positive momentum,” said Upadhyay.
Expert: Hardik Matalia, Derivative Analyst at Choice Broking
Jindal Stainless (JSL) | Previous close: ₹728.05 | Target prices: ₹800 and ₹810 | Stop loss: ₹690
JSL has recently delivered a decisive breakout from a falling trend line formation, marking the end of its corrective phase.
Post-breakout, the stock entered into a brief consolidation near the breakout zone, which is often considered a healthy retest, reaffirming the strength of the breakout.
It has now resumed its upward momentum by breaking out of this consolidation range, suggesting a renewed bullish push.
The RSI stands at 66.25 and is trending strongly upward, highlighting rising momentum and increased buying interest.
JSL is trading comfortably above its key moving averages—including the 20-day, 50-day, and 200-day EMAs—which supports the continuation of the bullish trend across all timeframes.
“Given this strong technical setup, traders can consider initiating fresh long positions at the current market price of ₹728.05, with a stop loss set at ₹690 to maintain a favourable risk-reward ratio,” said Matalia.
“On the upside, the stock has the potential to move towards the ₹800– ₹810 range in the near term, provided it sustains above the breakout level with follow-through strength,” Matalia said.
Hero MotoCorp | Previous close: ₹4,535.90 | Target prices: ₹4,900 and ₹5,000 | Stop loss: ₹4,300
Hero MotoCorp, after witnessing a sharp bounce from lower levels, has been consolidating within a narrow range, indicating a pause before the next directional move.
It has now given a breakout from this consolidation, signalling renewed buying interest and the potential for a continued uptrend.
On the daily chart, the RSI stands at 63.57, and after a recent positive crossover, it is trending upward, reflecting strengthening momentum and supporting the bullish outlook.
Additionally, Hero MotoCorp has rebounded from all its key moving averages, including the 20-day, 50-day, and 200-day EMAs, which underpin the overall strength in its price structure.
“The stock is approaching a key resistance level at ₹4,600. A sustained move above this mark could trigger further upside and open the path toward higher levels,” said Matalia.
“Traders can consider initiating long positions at the current price of ₹4,535.90, with a stop loss placed at ₹4,300. On the upside, the stock has the potential to rally towards the ₹4,900– ₹5,000 range in the near term, provided it holds above the breakout zone,” Matalia said.
NLC India | Previous close: ₹244 | Target prices: ₹270 and ₹275 | Stop loss: ₹230
NLC India, after recently marking a new all-time high, has undergone a healthy retracement toward its demand zones.
This pullback phase has transitioned into a consolidation pattern on the daily chart, suggesting base formation and setting the stage for a potential trend continuation.
Structurally, the stock is forming a falling trend line pattern—a classic setup that often precedes an upside breakout.
“NLC India is now approaching the verge of breaking out from this formation, indicating that buyers may be gaining control once again,” said Matalia.
“A decisive and sustained move above ₹250 would confirm this breakout and could unlock fresh upside potential,” Matalia said.
The RSI is at 59.84, showing signs of a positive reversal with a rising slope, which supports the improving momentum.
Moreover, the stock is hovering around and holding firmly above all its key moving averages, including the 20-day, 50-day, and 200-day EMAs—highlighting ongoing trend strength.
“Given this constructive setup, traders may consider buying at the current market price of ₹243.83, with a stop loss placed at ₹230. A successful breakout above ₹250 could lead the stock toward the ₹270- ₹275 zone in the near term,” Matalia 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.
