Stocks to buy in the short term: The Indian equity market extended its winning streak for a third consecutive week, demonstrating resilience despite global uncertainties. Benchmark indices recovered from early volatility, supported by easing below $73 per barrel, which improved inflation expectations and strengthened market sentiment.
The Nifty 50 ended the week near 24,056, while the Sensex closed around 77,000, aided by sustained domestic institutional buying, foreign inflows, and a stronger rupee. Sectoral performance remained mixed, with Auto, Realty, and Defensive stocks outperforming, while IT lagged on weak global cues. Overall, improving risk appetite and softer crude prices kept the market on a positive footing, with analysts continuing to view market declines as buying opportunities.
Stock Market Outlook
Levels to Watch: 24,300 – 24,600/23,800 – 23,500
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, noted that the truncated trading week witnessed the making two attempts to register a decisive closing breakout above the 24,150–24,200 resistance zone, but the index failed to sustain above this crucial hurdle. Despite the inability to confirm a breakout, the overall market structure remains constructive.
On the downside, the previously highlighted 23,700–23,500 gap support zone once again proved its importance, attracting buying interest and successfully cushioning the decline. This reinforces the view that the recent consolidation is a healthy pause within an ongoing uptrend, rather than a sign of trend reversal, added Kothari.
“Going into the coming week, our outlook remains unchanged. A convincing breakout and close above 24,200 would confirm renewed bullish momentum and could pave the way for a rally towards the 24,600 mark. On the downside, the 23,700–23,600 region continues to be the key support zone, and only a decisive break below this range would weaken the current bullish structure and warrant a more cautious stance. Until then, the preferred strategy continues to be buy on dips, as the broader trend remains firmly positive,” he suggested.
Meanwhile, extended its positive momentum this week by decisively breaking above the crucial 58,000 resistance zone, in line with our expectations.
However, the index witnessed profit booking near the 59,000 mark, resulting in a pullback towards the 58,000 level by the end of the week. While the broader trend remains bullish, the road ahead may not be as smooth, as the index is currently displaying a negative divergence on the Daily RSI, indicating that momentum is slowing despite higher prices, noted the expert.
“Going into the coming week, 57,000–59,000 is likely to remain the key trading range for Bank Nifty. A period of healthy consolidation within this band cannot be ruled out before the next directional move unfolds. A decisive breakout above 59,000 would signal a resumption of the uptrend and open the door for fresh highs, while a break below 57,000 could trigger a phase of short-term corrective action. Until either of these levels is breached, traders should expect range-bound price action, while maintaining a positive medium-term outlook on the index,” he predicted.
Mehul Kothari’s stock recommendations today under ₹100
Regarding stocks to buy under ₹100, Mehul Kothari recommended these three short-term picks: Trident, UCO Bank, and MMTC.
1) BUY near ₹26, Stop Loss ₹24.50, Target ₹29
2) BUY near ₹27, Stop Loss ₹25.30, Target ₹30.50
3) BUY near ₹68, Stop Loss ₹65, Target ₹74.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.