Stocks to buy for the short term: The Indian stock market appears to be ripe for a trend reversal due to a confluence of global and domestic factors. On the domestic front, proposed GST reforms, healthy macroeconomic indicators, and an above-normal monsoon are the key tailwinds. On the global front, the prospects of an end to the Russia-Ukraine war and expectations of a US Fed rate cut in September are the major positives.
The Nifty 50 ended 1 per cent higher at 24,876.95 in the previous session, and experts expect the index to extend gains to 25,000 and even beyond that.
“The sentiment remains positive, with the potential to revisit 25,000 in the coming days. Immediate support is placed at 24,800, below which the index may drift towards 24,500. On the higher side, a decisive move above 25,000 could trigger a larger rally in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.
While market sentiment is improving, experts suggest betting on stocks with favourable technical indicators and healthy funds for the short term.
Vishnu Kant Upadhyay of Master Capital Services and Mandar Bhojane of Choice Broking recommend six stocks to buy for the next 2-3 weeks. Take a look:
Stock picks for the short term
Expert: Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services
JSW Steel | Buy at ₹1,080 | Target prices: ₹1,160 and ₹1,200 | Stop loss: ₹1,038
JSW Steel has broken out from an ascending triangle pattern on the daily chart, marked by a strong bullish candle and heavy volumes, validating the breakout.
The chart structure shows sustained higher highs and higher lows, reflecting a robust uptrend.
JSW Steel’s price action is well supported above all major moving averages, signalling strong momentum. RSI is rising, indicating improving strength, while MACD holds a bullish crossover.
“Overall, the breakout backed by volume and momentum indicators suggests continuation of the upward move in the near term,” said Upadhyay.
Inox Wind | Buy at ₹140 | Target prices: ₹155 and ₹164 | Stop loss: ₹128
Inox Wind on the daily chart is showing early signs of a bullish reversal after a sustained decline.
Inox Wind stock has respected a strong horizontal support near ₹136, forming a bullish candle, hinting at buying interest.
The structure indicates a potential base formation with improving volumes. Momentum indicators show RSI stabilising from oversold zones and MACD signalling a possible bullish crossover.
“Though still below major moving averages, any sustained move above them could accelerate momentum, reaffirming underlying strength for a potential upside,” said Upadhyay.
Supreme Industries | Buy at ₹4,496 | Target prices: ₹5,000 and ₹5,200 | Stop loss: ₹4,200
Supreme Industries has given a bullish breakout from an inverse head and shoulders pattern on the daily chart, backed by significant volume, confirming strong buying interest.
Supreme Industries’ price action shows a decisive move above the neckline while sustaining above short—and medium-term moving averages, highlighting momentum strength.
RSI is trending higher, reflecting improving relative strength, while MACD holds a positive crossover, reinforcing the bullish outlook.
“The chart structure, breakout pattern, and volume confirmation collectively indicate potential for sustained upside in the near term,” Upadhyay said.
Expert: Mandar Bhojane, Senior Technical Analyst, Choice Broking
CCL Products (India) | Buy at ₹902.7 | Target price: ₹1,035 | Stop loss: ₹840
CCL is on the verge of a breakout from its recent weekly range on the charts, supported by a notable rise in trading volumes. This indicates strengthening bullish momentum.
“A sustained move above the key resistance level of ₹912 could open the way for short-term targets of ₹1,035. The increasing volume adds conviction to the breakout, highlighting strong buying interest,” said Bhojane.
The RSI at 60, trending upward, shows improving momentum strength, while the Stochastic RSI gives a positive crossover from the oversold region, indicating the possibility of a fresh upward move.
Bajaj Auto | Buy at ₹8,588.5 | Target price: ₹9,500 | Stop loss: ₹8,150
Bajaj Auto has given a breakout from a falling trendline on the daily timeframe.
A recent gap-up move, along with the formation of a symmetrical triangle breakout on the weekly chart, signals a bullish reversal after a healthy correction.
Additionally, the auto sector is witnessing strong momentum, which further supports the stock’s upside potential.
“A sustained close above ₹8,600 could pave the way for targets of ₹9,200 and ₹9,500. For risk management, a stop loss at ₹8,150 is recommended to safeguard against any adverse movement,” said Bhojane.
Aditya Birla Capital | Buy at ₹283.15 | Target prices: ₹325 and ₹340 | Stop loss: ₹265
Aditya Birla Capital has recently broken out of a cup and handle pattern. The stock is consolidating well above the breakout zone and is now on the verge of a fresh upward move.
This breakout is further supported by a sharp rise in trading volumes, reflecting strong bullish momentum.
The RSI is at 61.89 and trending upward, while the Stochastic RSI has given a positive crossover, indicating strengthening momentum.
“A sustained close above ₹290 could propel the stock towards short-term targets of ₹325 and ₹340. To manage risk effectively, a stop loss at ₹265 is advised to safeguard against any unexpected reversal,” Bhojane said.
Read all market-related news here
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.
