Stocks to buy for short term: Indian stock market benchmarks ended with decent gains on Monday, November 10, led by gains in select heavyweights.
The Nifty 50 rose 0.32 per cent to end at 25,574.35 even as foreign institutional investors (FIIs) sold Indian stocks worth ₹4,114.85 crore in the cash segment.
On the fundamental front, Q2 earnings, news on India-US trade talks, and global cues will keep influencing market sentiment. On the technical front, the Nifty appears to be in a consolidation mode.
Ajit Mishra, the SVP of research at Religare Broking, pointed out that the Nifty 50 closed below its 20-day EMA around 25,587, which does not favour bulls.
“As long as the index holds above the 25,300 mark, a phase of consolidation at current levels cannot be ruled out. However, a decisive breach below this support could trigger profit-taking, dragging the index towards the 25,150-25,050 zone,” said Mishra.
“On the upside, a sustained move above 25,600 would be essential for a further rally towards the 25,800-26,000 region. Participants are advised to adopt a stock-specific approach, accumulate quality stocks on dips, and keep selective shorts as a hedge,” Mishra said.
Stock picks for the short term
Vishnu Kant Upadhyay of Master Capital Services and Hitesh Tailor of Choice Equity Broking recommend six stocks to buy for the next 1-2 weeks. Take a look:
Expert: Vishnu Kant Upadhyay, AVP- Research and Advisory, Master Capital Services
ICICI Bank | Buy at ₹1,348 | Target prices: ₹1,420 and ₹1,430 | Stop loss: ₹1,305
Upadhyay pointed out that ICICI Bank has bounced back sharply after taking horizontal support on the weekly chart, reaffirming its broader higher-high, higher-low structure.
While it continues to trade below key moving averages on the daily timeframe, the rebound from support indicates potential short-term strength.
The RSI has turned upward, signalling improving momentum, while the MACD shows signs of a bullish crossover.
“Sustained trade above the reclaimed swing low around ₹1,320 could further strengthen the ongoing positive long-term trend,” said Upadhyay.
Bajaj Finserv | Buy at ₹2,118 | Target prices: ₹2,230 and ₹2,250 | Stop loss: ₹2,030
According to Upadhyay, Bajaj Finserv has exhibited strong bullish momentum, rebounding decisively from its 50 EMA and maintaining to trade well above all its key moving averages, reinforcing trend strength.
The RSI’s upward trajectory and a bullish MACD crossover confirm improving momentum, while a rising ADX underscores a strengthening trend.
“The price structure suggests sustained accumulation, with the recent rebound positioning the stock for potential continuation of its upward move, provided it sustains above the ₹2,040-2060 support zone,” said Upadhyay.
Astral | Buy at ₹1,568 | Target prices: ₹1,700 and ₹1,800 | Stop loss: ₹1,470
Upadhyay said Astral has witnessed a breakout from a multi-month consolidation zone on the weekly chart, accompanied by a significant volume expansion, affirming bullish strength.
The price structure shows improving alignment with key moving averages, signalling a potential shift in trend bias.
RSI has crossed above the neutral zone, indicating strengthening momentum, while the MACD has confirmed a bullish crossover, suggesting positive price action.
Moreover, a rising ADX underscores growing directional momentum, reinforcing the likelihood of continued upward traction in the stock.
Expert: Hitesh Tailor, Research Analyst, Choice Broking
Persistent Systems | Buy at ₹5,864.50 | Target price: ₹6,400 | Stop loss: ₹5,600
As per Tailor, Persistent Systems has recently given a wide-range trendline breakout, followed by a successful retest, taking strong support near the breakout zone aligned with the 20-day EMA.
This indicates accumulation and renewed buying interest at current levels.
On the upside, immediate resistance is seen around ₹5,960- ₹6,000, and a break and sustain above this zone could trigger further bullish momentum.
The stock is trading firmly above its key 20, 50, and 200-day EMAs, confirming strength in the ongoing uptrend.
The RSI at 59.07 suggests continuation of positive momentum.
IDFC First Bank | Buy at ₹81.21 | Target price: ₹89 | Stop loss: ₹77.50
Tailor pointed out that IDFC First Bank continues to maintain a strong higher high and higher low formation on the daily chart, indicating a sustained uptrend.
The stock is taking solid support near the previous higher high level around ₹78, suggesting buying interest at lower levels.
“On the upside, immediate resistance is seen near ₹82, and a decisive break and sustain above this level could trigger further bullish momentum,” Tailor said.
The stock is trading comfortably above its key 20, 50, and 200-day EMAs, reflecting overall strength. The RSI at 68.53 indicates trend continuation.
Indiamart Intermesh | Buy at ₹2,451.80 | Target price: ₹2,650 | Stop loss: ₹2,350
Tailor said Indiamart Intermesh has been consolidating in a sideways range, taking strong support near the lower levels.
The stock is on the verge of a breakout from a falling trendline, indicating a possible shift in momentum.
“On the upside, it faces immediate resistance near ₹2,460, aligned with the 200-day EMA, followed by ₹2,500, which is a key trendline resistance. A sustained move above these levels could lead to further upside towards ₹2,650,” said Tailor.
“On the downside, support is seen near the 20-day EMA at ₹2,425. The RSI at 54.54 suggests potential for upward momentum,” Tailor said.