Stocks to buy for the short term: A day after clocking healthy gains, the Indian stock market suffered sharp losses in morning trade on Thursday, after US President Donald Trump’s address to the nation on the Iran war. Trump said the US military operations may end in Iran in the next two to three weeks, but did not mention a definite date. He also said the US military will continue its aggression against Iran for the next two to three weeks.
The Sensex and the Nifty 50 crashed more than 2% in early deals. The Nifty 50 hit an intraday low of 22,182, breaking the important support at 22,200.
According to Amol Athawale, VP – Technical Research, Kotak Securities, 22,900–23,000 may act as immediate resistance zones for the bulls.
“The current market is volatile and non-directional. Hence, level-based trading would be the ideal strategy for traders,” said Athawale.
Stock picks for the short term
Swiggy | Previous close: ₹265.30 | Target price: ₹290 | Stop loss: ₹260
Athawale highlighted that over a broader timeframe, Swiggy shares have been in a prolonged downtrend and are now in oversold territory.
The chart pattern and RSI indicator suggest a high probability of a rebound and the start of a fresh upward move from lower levels.
“For positional traders, ₹260 is a key level to watch. Sustaining above this level may lead to a continued uptrend toward ₹290. However, if the stock closes below ₹260, traders should consider exiting long positions to limit potential losses and manage risk effectively,” said Athawale.
JSW Steel | Previous close: ₹1,140.40 | Target price: ₹1,220 | Stop loss: ₹1,100
Athawale underscored that after its downward trend, JSW Steel’s share price has entered an accumulation phase, moving within a defined range on the daily chart.
Recent bullish activity suggests improving strength and rising buying interest. A breakout from the range appears likely in the near term, offering a favourable risk-reward opportunity from current levels.
“For traders, the key level to monitor is ₹1,100, which acts as immediate support. If the stock holds above this level, the positive trend structure remains intact. A decisive move beyond the consolidation range may trigger further upside, with the stock likely to head toward the ₹1,220 level in the coming sessions,” said Athawale.
TVS Motor Company | Previous close: ₹3,425.80 | Target price: ₹3,680 | Stop loss: ₹3,320
Athawale underscored that after a declining trend, TVS Motor Company shares have reversed from a key support zone and formed a rounding bottom pattern on the daily chart, indicating a steady upward move.
The RSI indicator also signals continued strength, suggesting further upside momentum in the near term.
“As long as the stock remains above ₹3,320, the bullish trend is expected to stay intact. Sustaining above this level could drive the stock higher toward ₹3,680. However, a move below ₹3,320 may weaken the bullish outlook and signal caution for traders holding long positions,” said Athawale.
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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.
