Stocks to buy for short term: The domestic market benchmarks ended largely flat after a volatile trade on Thursday, extending the ongoing consolidation phase amid mixed global cues.
The dropped 4 points to end at 23,654.70, while the 30-share pack ended 135 points lower at 75,183.36 on Thursday.
Experts expect the market to remain rangebound amid uncertainty over the US-Iran conflict, higher crude oil prices, and mixed Q4 earnings.
“Persistent foreign institutional outflows, elevated global bond yields, and concerns over inflationary pressures arising from high fuel prices keep the undertone cautious,” Ajit Mishra, SVP of Research at Religare Broking, noted.
Mishra highlighted that the Nifty once again failed to sustain above its key resistance zone of 23,800–24,000, which has continued to cap the upside in recent sessions.
“A decisive breakout above this band could trigger fresh short covering and improve the near-term outlook toward the 24,500 mark. On the downside, immediate support is placed around 23,400, followed by a stronger support base in the 23,150–23,250 zone,” Mishra said.
Given the prevailing setup, Mishra maintains a cautious stance on the index and recommends a stock-specific trading approach while maintaining balanced exposure on both the long and short sides.
Stock picks for the short term
Ajit Mishra recommends the following three stocks for the next 1-2 weeks:
Angel One | Previous close: ₹339.65 | Target price: ₹370 | Stop loss: ₹325
Mishra highlighted that capital market stocks are witnessing strong traction, and is participating strongly in the sectoral up move with renewed buying momentum.
The stock has broken out of a prolonged consolidation phase with strong volume support, signalling the likely start of a fresh upward trend.
“Recent price action reflects strong market participation, backed by improving momentum and healthy volume expansion. One can consider participating by buying within the mentioned range,” said Mishra.
Glenmark Pharmaceuticals | Previous close: ₹2,393 | Target price: ₹2,590 | Stop loss: ₹2,290
Mishra highlighted that continues showing a strong bullish formation, with prices sustaining comfortably above key moving averages, reflecting robust trend continuation.
The prevailing higher-high–higher-low formation indicates sustained positive momentum and continued buyer dominance.
Dips are being consistently absorbed, highlighting strong demand at lower levels, while rising volumes during upward moves validate the strength of the ongoing breakout.
“Investors may consider accumulating long positions within the recommended price range,” said Mishra.
Manappuram Finance | Previous close: ₹322.40 | Target price: ₹348 | Stop loss: ₹310
According to Mishra, has displayed strong bullish momentum following a decisive breakout from a consolidation zone as well as a declining trendline resistance.
The stock continues to sustain above its key moving averages, while the higher top–higher bottom formation remains intact, reflecting strengthening buying interest.
“The overall chart structure remains constructive, with momentum indicators signalling the potential for continued upside traction in the near term. Investors may consider accumulating long positions within the recommended price range,” said Mishra.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. 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.