Stocks to buy for short term: Nagaraj Shetti suggests Bajaj Finserv, Sun Pharma shares; do you own?
Stock market today: Indian stock markets began the day with caution on Thursday, influenced by weak global indicators and escalating geopolitical tensions between Iran and the United States.
Investors exhibited a degree of anxiety as global sentiment soured, keeping domestic indices subdued during early trading.
Although there was a small rise in the main indices, the overall market sentiment remained lackluster.
According market experts, geopolitical tensions are taking the spotlight today, with both the US and Iran adopting firm stances ahead of their meeting scheduled for the weekend. This situation is once again a point of contention, reminiscent of the noise we have witnessed in recent weeks, particularly concerning the risk of an imminent Israeli strike on Iran.
The Nifty 50 was down 0.41% to reach 25,039 . 70, while the Sensex slipped 0.39% to 82,197.67 by 12:20 IST.
Nagaraj Shetti of HDFC Securities expects Nifty 50 support to be watched around 25,000 and there is a possibility of an upside bounce from the lower supports in the short term. Nagaraj Shetti recommends Bajaj Finserv, and Sun Pharmaceutical Industries shares to buy in the near-term.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50 continued to show choppy movement on Thursday and is currently trading lower by 42 points. After opening with a positive note, the market faced stiff resistance again around 25,200 levels and slipped into weakness so far today. The overall near-term uptrend remains intact and the short term trend is range bound. A sustainable move above the hurdle of 25,200 levels could open more upside towards 25,600 levels. Immediate supports to be watched around 25,000 and there is a possibility of an upside bounce from the lower supports in the short term.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Bajaj Finserv Ltd, and Sun Pharmaceutical Industries Ltd.
Buy Bajaj Finserv at ₹2,052, Target ₹2,155, Stoploss ₹1,990, Timeframe 1 week.
After showing a range movement in the last one month, the financial stock has shifted into a sustainable upside bounce so far on Thursday. Currently, the stock price has broken above the down sloping trend line and is currently trading higher.
Buy Sun Pharmaceutical Industries at ₹1,715, Target ₹1,820, Stoploss ₹1,655, Timeframe 1 week.
The Pharma stock has eventually broken above the consolidation movement of the last two weeks today and is trading higher. The stock price has moved above the crucial resistance of 200day EMA at ₹1,710 levels on Thursday. The daily RSI shows positive indication.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
