Top stocks to buy for short term: Snapping its two-day winning run, market benchmark Nifty 50 ended 1.11% lower at 22,888.95 in the previous session on 19 October amid persistently higher oil prices and foreign capital outflow.
Experts expect geopolitical uncertainties and higher oil prices to keep market sentiment fragile even as the ongoing earnings season may continue to drive stock-specific action.
On the technical front, experts suggest the next key support for Nifty 50 is in the 22,550–22,750 range. On the upside, resistance is seen around 23,200–23,300.
Stock picks for the short term
Experts suggest following a prudent stock-specific approach in this market due to higher crude oil prices, mixed earnings, and lingering geopolitical uncertainties.
Vishnu Kant Upadhyay of Master Capital Services and Sachin Gupta of Choice Broking recommend buying the following six stocks for the next 1-2 weeks:
Expert: Vishnu Kant Upadhyay, AVP- Research, Master Capital Services
State Bank of India (SBI) | Buy at ₹973 | Target prices: ₹1,020 and ₹1,050 | Stop-loss: ₹930
According to Upadhyay, SBI share price has formed a sort of double bottom pattern on the daily chart, making the ₹935- ₹930 price zone a very strong support area.
The stock has reclaimed its 21-day EMA, indicating improving short-term momentum and renewed buying interest.
The positive MACD further supports the bullish outlook, suggesting that momentum is gradually shifting in favour of buyers.
Additionally, the recent surge in trading volumes signals stronger participation and adds conviction to the ongoing recovery.
“A sustained hold above the reclaimed moving average could strengthen the reversal setup, making the stock favourable for a buy-on-dips strategy,” said Upadhyay.
Bank of Baroda (BoB) | Buy at ₹238 | Target prices: ₹258 and ₹265 | Stop-loss: ₹223
As per Upadhyay, Bank of Baroda is showing signs of a potential trend reversal after rebounding from its crucial support zone, in line with the broader recovery across the PSU banking basket.
The stock has reclaimed its 21-day EMA, indicating improving short-term momentum and renewed buying interest. The recent formation of a double-bottom pattern further strengthens the bullish setup, suggesting that selling pressure may be easing.
“A sustained recovery above the 55-day EMA could improve the overall technical structure and support further upside. The stock offers a favourable opportunity to accumulate on dips, provided the recent support zone holds,” said Upadhyay.
Meesho | Buy at ₹229 | Target prices: ₹247 and ₹252 | Stop loss: ₹215
Upadhyay said Meesho share price continues to demonstrate strong bullish momentum, trading comfortably above its 21-day and 55-day EMAs, indicating that the broader trend remains positive.
The stock has displayed relative strength, sustaining its upward trajectory despite weakness in the market.
The formation of higher highs and higher lows further reinforces the prevailing bullish structure, reflecting sustained buying interest at lower levels.
The recent consolidation following a sharp rally appears to be a healthy pause rather than a reversal, as the stock continues to hold above its short-term moving average.
“A buy-on-dips strategy remains favourable, with the broader momentum supporting the possibility of further upside,” said Upadhyay.
Expert: Sachin Gupta, VP – Technical Research, Choice Equity Broking
Shyam Metalics and Energy | Buy at ₹1,226 | Target price: ₹1,320 | Stop-loss: ₹1,175
Gupta underscored that Shyam Metalics’ share price has given a strong bullish breakout from a long-term ascending channel pattern on the weekly chart, closing decisively above a multi-year horizontal resistance level.
The breakout is supported by strong volume, and the stock is trading above its 20-, 50-, 100-, and 200-day EMAs, confirming a well-aligned bullish trend.
The RSI stands at 72.52, indicating strong buying momentum, although the stock has entered the overbought zone.
“Traders may consider buying the stock in cash at ₹1,226, with a stop-loss at ₹1,175 and a target of ₹1,320. Sustained trading above the breakout zone could support further upward movement towards the stated target,” said Gupta.
Gupta said CG Power share price has shown a bullish reversal on the daily chart after taking support from a crucial horizontal demand zone.
“The stock has rebounded strongly from this support area and closed at ₹855, indicating renewed buying interest. The recovery is further supported by the rising 200 EMA near ₹827.52, which continues to provide dynamic support to the medium-term trend,” said Gupta.
The RSI stands at 46.40, recovering from near-oversold levels and indicating scope for improving momentum.
“Traders may consider buying the stock in cash at ₹855, with a stop-loss at ₹825 and a target of ₹900. Sustained trading above the EMA support and recent recovery zone could support further upside towards the stated target,” said Gupta.
Tips Music | Buy at ₹772 | Target price: ₹830 | Stop-loss: ₹740
Gupta underscored that Tips Music share price has given a strong bullish breakout on the daily chart, moving above a significant multi-month Rectangle consolidation pattern.
“The stock closed at ₹771.70 on 19 October with a large-bodied bullish candle, supported by a notable rise in trading volume to 2.99 million, indicating strong buying interest,” Gupta noted.
The RSI stands at 69.83, reflecting strong bullish momentum and approaching the overbought zone.
“Traders may consider buying the stock in cash at ₹772, with a stop-loss at ₹740 and a target of ₹830. Sustained trading above the breakout zone, supported by continued volume participation, could help the stock move towards the stated target,” said Gupta.
Read all market-related news here
Disclaimer: This article is for educational purposes only and does not constitute investment advice. 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.
