Stocks to buy for the short term: The Indian stock market witnessed a sharp sell-off on Monday, December 8, pulling the benchmark Nifty 50 below the 26,000 mark. A weakening rupee, persistent foreign capital outflows, a multi-year surge in Japanese bond yields, and continued uncertainty over the timeline of a potential India–US trade deal weighed on investor sentiment.
On the technical chart, forming a bearish candle, the Nifty 50 closed below its 20-day simple moving average (SMA). Experts believe that as long as the index remains below this level, weak sentiment will persist.
“We believe that as long as the market is trading below the 20-day SMA or 26,000, the weak sentiment is likely to continue. On the downside, it could slip to 25,850. Further downside may also continue, potentially dragging the index to 25,750. On the flip side, above 26,000, we could see a one pullback rally up to 26,100-26,125,” said Shrikant Chouhan, the head of equity research at Kotak Securities.
Stock picks for the short term
Vishnu Kant Upadhyay of Master Capital Services and Amruta Shinde of Choice Equity Broking recommend six stocks to buy for the next 1-2 weeks. Take a look:
Expert: Vishnu Kant Upadhyay, AVP- Research & Advisory, Master Capital Services
ICICI Bank | Buy at ₹1,390 | Target prices: ₹1,460 and ₹1,480 | Stop loss: ₹1,340
Upadhyay highlighted that ICICI Bank shares are gradually regaining strength as they stabilise above the 200 EMA while repeatedly absorbing selling pressure near a key support band.
The stock is carving out a constructive range, with improving price behaviour indicating accumulation.
“A breakout above the immediate resistance zone may open the door for a sustained upward move, supported by a firm technical base. Overall structure suggests dips are being bought, keeping the bias positive in the near term,” said Upadhyay.
Tech Mahindra | Buy at ₹1,592 | Target price: ₹1,715 | Stop loss: ₹1,500
Upadhyay pointed out that Tech Mahindra shares have staged a sharp upward reversal, breaking above clustered moving averages and signalling a clear trend shift.
The price has surged past the 200 EMA with strong follow-through, confirming renewed institutional participation.
Momentum oscillators also support the bullish bias as the stock forms a clean sequence of higher highs.
“Sustained trade above the breakout band keeps the structure robust, positioning the stock for further upside in the short to medium term,” said Upadhyay.
Max Financial Services (MFSL) | Buy at ₹1,695 | Target prices: ₹1,770 and ₹1,820 | Stop loss: ₹1,620
According to Upadhyay, MFSL maintains a robust bullish structure, trading decisively above its 20,50,100 and 200 EMAs cluster, signalling strong trend alignment.
The price action is forming a sustained sequence of higher highs and higher lows, supported by stable volumes.
The stock has firmly reclaimed its short-term EMAs, indicating strengthening momentum and a potential continuation of the primary uptrend.
“As long as the stock holds above its immediate demand zone around ₹1,650, the technical setup favours further upside extension in the near term,” said Upadhyay.
Expert: Amruta Shinde, Research Analyst, Choice Broking
Wipro | Buy at ₹261.40 | Target price: ₹280 | Stop loss: ₹252
Shinde said Wipro has reversed from a key support zone and is forming a rounding bottom pattern, indicating bullish trend continuation.
The stock has moved above the ₹260 resistance, showing strong accumulation and reduced selling pressure.
“A close above ₹265 with solid volumes could drive the price toward ₹280 in the medium to long term,” said Shinde.
Trading above the 20, 50, 100, and 200-day EMAs, the trend remains strong across timeframes.
“With the RSI at 73.48 reflecting strong momentum, traders may adopt a buy-on-dips strategy near ₹261.40, with support at ₹257, stop loss at ₹252, and targets toward ₹280,” said Shinde.
Coromandel International | Buy at ₹2,314.70 | Target price: ₹2,435 | Stop loss: ₹2,250
According to Shinde, Coromandel International has reversed from a key support zone and is moving toward its recent swing high, suggesting a continuation of bullish momentum.
“The stock is on the verge of breaking above the ₹2,325 resistance, and a decisive close above this level, supported by strong volumes, could propel the price toward ₹2,435 in the medium to long term,” said Shinde.
Trading above the 20, 50, 100, and 200-day EMAs, the trend remains strong across all timeframes.
“With the RSI at 56.92 indicating healthy momentum, traders may consider a buy-on-dips strategy near ₹2,314, with support at ₹2,280, a stop loss at ₹2,250, and targets toward ₹2,435,” said Shinde.
Tech Mahindra | Buy at ₹1,591.80 | Target price: ₹1,710 | Stop loss: ₹1,532
As per Shinde, Tech Mahindra is displaying strong bullish momentum, supported by a rounding bottom pattern that signals a potential reversal from a key support zone.
“A decisive close above the major resistance at ₹1,625, backed by rising volumes, would confirm solid buying interest and validate the breakout. This strength points toward an immediate upside target of ₹1,710 in the short term,” said Shinde.
On the weekly chart, the RSI at 59.12 is trending upward, indicating healthy momentum. The stock also trades above its 20-day, 50-day, and 200-day EMAs, reflecting positive sentiment across timeframes.
“Traders may consider buying near ₹1,591.80 with a target of ₹1,710, a stop loss at ₹1,532, and support at ₹1,550 for minor pullbacks,” said Shinde.
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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.
