Domestic equity benchmarks the Sensex and the Nifty are in the green despite weak global cues.
A decline in crude oil prices and buying by foreign portfolio investors have supported the market in the last few sessions.
However, concerns persist, as rate hikes are expected to continue due to high inflation and the risk of a recession is also there. Fresh concerns have emerged after reports of protests against Covid-curbs in China.
Amid all this, investors need to bet prudently on quality stocks to maximise gains and minimise risks.
Based on the recommendations of several analysts, here are 12 stocks that one can buy for the short term.
Analyst: Jigar S. Patel, Senior Manager - Equity Research, Anand Rathi Share and Stock Brokers
For the last few trading sessions, the counter has been witnessing nice buying interest along with volume picking up, complementing the up move.
At the current juncture, PVR has taken support at 200 DEMA high low band along with pair of Doji candlesticks structure. Recently PVR has taken out its previous swing high of ₹1,858 and has closed near the ₹1,866 mark in its previous trading session.
On the indicator front, ROC 21 days is well placed above the zero line around 8 levels along with daily MACD giving a bullish cross exactly above the zero line thus hinting towards ₹2,000 level in a month's time.
"Plausible support is seen around ₹1,795. one can buy in small tranches between ₹1,860-1,870 and another at ₹1,830 levels (if tested again)," said the analyst.
At the current juncture, this counter is taking support near ₹300 level. On an hourly scale, it has given a bullish crossover in the directional movement index along with an hourly MACD bullish cross thus confirming an upside in the counter.
Tinplate has corrected almost 34% from its top of ₹438 which was registered on April 13, 2022. On a weekly scale, it has taken support near its previous historical support zone of ₹290-300.
In the last four months, it has made a nice base near ₹300. Recently on a daily scale, the stock confirmed a bullish hammer candlestick pattern exactly at the 200 DEMA high low band, adding more confirmation of further upside in the counter.
Weekly RSI has nicely bounced back from 40 which is adding more strength to the said counter.
Analyst: Sumeet Bagadia, Executive Director, Choice Broking
After the steady rally in the auto sector, Bajaj Auto has been sideways for the past few days.
On the weekly chart, the stock is sustaining above ₹3,600 level which is acting as a strong support zone.
However, it is also forming higher high higher low formations on the weekly chart. On the daily chart, the stock is trading below 21 DMA, which is placed at ₹3,700. Once it sustains those levels, the stock may show strength in the counter.
The price is trading with the support of the lower Bollinger band which indicates the price may bounce back in the coming days.
Indicators like RSI and MACD remain in the neutral zone. In addition, the stock remains on the verge of the breakout of the falling triangle pattern on the daily chart, along with the support of the double bottom pattern.
Chambal Fertilizer has managed to make a new swing low and has reversed from the trendline. Chambal has crossed its short-term moving average of 20 EMA, suggesting Strength.
RSI has shown a positive crossover and is trading at 50 suggesting momentum is picking up. On a weekly front, Chambal has shown strength and has formed a bullish engulfing pattern, suggesting bulls have taken over.
Zydus Life is moving in a positive upward channel for the last four months, taking support and resistance along the way.
Zydus Life has given a breakout from its long-term averages of 100 and 200 EMA and has given a close above them.
RSI is at 50 and it has reversed from the bottom suggesting that Zydus Life has turned bullish in short term.
On the weekly front, Zydus has given a close above 20-day EMA suggesting that a short-term positive uptrend is established.
Analyst: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
The stock has been in consolidation for quite some time and has indicated a triangular breakout also moving past the significant 50EMA level of ₹146 has further improved the trend to anticipate a further rise in the coming days.
The chart is looking good which is in the oversold zone. The RSI indicator also is well-placed and is on the rise to indicate strength.
The stock has been in a consolidation phase for some time, moving in a very narrow range near ₹1,880, and now has given a positive candle with 78.6% retracement support around ₹1,810.
The RSI indicator also has flattened out and has indicated an improvement from its highly oversold zone.
The stock has made a high bottom formation and is now heading towards the previous peak of ₹745. A breakout can be anticipated to reach the target of around ₹800. The RSI indicator has been on the rise.
Analyst: Ravi Gangan, Technical Trader, Mehta Equities
For the last few sessions, M&M has been closing above the previous day’s low and also forming a higher high and higher low pattern.
This pattern indicates that the price action is in an upward direction. A close above ₹1,260 could lead prices towards the psychological mark of ₹1,300 or higher levels. On the downside, ₹1,230 will be a crucial point.
Concor is moving in a well-channelized manner in an upward-slopping channel. Prices have taken support at the lower trendline of the channel and a reversal on the upside is seen exactly post-retesting the channel trend line.
Bollinger band also suggest price reversal from lower bands and the stock may see price action towards the upper band in coming sessions.
The stock has recovered from the base near ₹200 which means the important support level is not yet breached. Given the momentum action, an indicator such as MACD has turned on the upside. From the current levels, prices could see short-term momentum on the upside towards ₹230.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of MintGenie.
