Stocks to buy for short term: Ajit Mishra of Religare Broking suggests 3 stock picks, including BEL and SAIL, for the next 1-2 weeks. (Religare Broking)AI Quick ReadStocks to buy for the short term: Stock market benchmarks, the Sensex and the Nifty 50, ended lower on Thursday, 16 April, due to profit booking in select heavyweights across sectors.
The Nifty 50 settled at 24,196.75, down 0.14%. However, the mid and small-cap indices ended higher.
The Nifty Midcap 100 index ended 0.63% higher, while the Nifty Smallcap 100 index rose by 0.89%.
According to experts, news flows surrounding the US-Iran conflict will remain a key trigger for markets even as Q4 earnings may trigger stock and sector-specific movements.
Experts also recommend buying the dips, focusing on stock selection while monitoring earnings trends and geopolitical developments.
"We reiterate our positive stance on the Nifty and recommend a 'buy on dips' approach, focusing on stock selection based on rotational sectoral trends. At the same time, participants should closely monitor earnings developments and geopolitical cues for further directional clarity," said Ajit Mishra, SVP of Research at Religare Broking.
Ajit Mishra recommends buying the following three stocks for the next 1-2 weeks:
According to Mishra, BEL shares have been trading within an upward-sloping channel over the past several months and have recently witnessed a strong rebound from the lower trendline, which aligns with the 200-day EMA.
The stock has successfully surpassed its intermediate resistance and is gradually advancing toward the upper band of the channel, as well as its all-time high levels.
"The overall momentum remains positive, with the stock sustaining above its key moving averages. Additionally, momentum indicators continue to reflect strength, reinforcing the prevailing uptrend," said Mishra.
Mishra pointed out that power sector stocks continue to gain traction, and among them, Power Grid presents a fresh buying opportunity near a key pivot level.
Following a breakout from its corrective phase, the stock entered a tight consolidation range, forming a base above the neckline and important weekly moving averages, and has recently witnessed a fresh breakout from this base, signalling the start of a new leg of upward movement after accumulation.
"Considering the supportive sector momentum and strong technical structure, traders may consider initiating long positions within the specified range," said Mishra.
According to Mishra, the metal pack continues to exhibit strength, with SAIL maintaining its upward trajectory in line with its peers, steadily forming higher highs after rebounding from a role-reversal support zone and now approaching its previous swing high.
"The stock is trading above its short- to long-term moving averages, which are trending upward and well-aligned, indicating sustained positive momentum and underlying strength in price action, and given this favourable setup, one may consider initiating long positions as per the specified levels," said Mishra.
Read all market-related news here
Read more stories by Nishant Kumar
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.
Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade.
He is obsessed with breaking down complex financial and economic concepts into clear and engaging stories. He focuses not only on what is happening in the markets, but also why it matters.
His coverage includes stock market trends, sector rotations, monetary and fiscal policy developments, inflation, growth data, and personal finance strategies.
With nearly 10 years of experience in covering financial markets, Nishant has covered bull markets, corrections, policy transitions, and macro developments that has equipped him with a deep understanding of how domestic and global forces shape markets and affect investments.
He regularly interviews market veterans, fund managers, economists, policymakers, and corporate leaders to provide readers with a 360-degree view of market dynamics and the broader economic landscape.
Before joining Mint, Nishant worked with some of India’s most respected business newsrooms, including The Economic Times and Moneycontrol, where he reported extensively on the stock market, corporate earnings, macroeconomic trends, GDP, inflation, monetary policies of the RBI and the US Federal Reserve, bonds, and currencies.
Apart from economics and investing, he has interests in geopolitics and emerging technologies, such as AI.