Stocks to Buy For Short Term : The stock market is once again in a bullish mood. Sensex is reaching close to 81000 and Nifty is also moving towards 25000 again. Last week, the market sentiments deteriorated due to Hindenburg’s new report on Adani Group and the possibility of recession in America. At the same time, tension in the Middle East is also a negative factor. Market experts believe that until the market sees any positive sentiment afresh, it can remain volatile. In such a situation, experts are advising investors to follow a stock specific approach before getting any positive trigger. Investors should invest in stocks with strong fundamentals.
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Talking about the present, there are many stocks that have broken out after a long time and their outlook is also strong. Brokerage house Axis Securities has also given a list of some such stocks (Stocks to Buy). These stocks (Stock Tips) are looking strong on the technical chart and can give 15 to 23 percent return (Stocks to Buy for Short Term) in just 3 to 4 weeks i.e. in the month of April itself.
Bajaj Auto
CMP : Rs 9892
Buying Range : Rs.9860-9664
Stop loss: Rs 9368
Upside : 8% – 11%
Bajaj Auto has broken out of a symmetrical triangle pattern at 9770 level on the weekly chart, which indicates an uptrend in the mid-term. This breakout has happened with good volume, which indicates increased participation in the stock. The previous resistance level of 9250 for the stock is now acting as a support level. The stock is trading above its key short and mid-term moving averages of 20, 50, 100 and 200 days, which are positive signs. Weekly strength indicator RSI is in bullish mode. The stock may soon show the level of 10550-10800.
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MCX
CMP : Rs 4620
Buying Range : Rs.4550-4460
Stop loss: Rs 4300
Upside : 9%–13%
Multi Commodity Exchange has broken out of the mid-term consolidation zone between 4625-3150 levels with a strong bullish candle on the weekly chart, which indicates an uptrend in the mid-term. This breakout has happened with good volume, which indicates increased participation in the stock. The stock is continuously making higher highs and higher lows, which indicates continuation of the post breakout trend. Weekly strength indicator RSI is in bullish mode. The stock may soon show the level of 4920-5100.
Tata Consultancy Services (TCS)
CMP : Rs 4414
Buying Range : Rs.4385-4299
Stop loss: Rs 4185
Upside : 7%–9%
TCS has broken out of the rounded bottom pattern at 4233 level with a strong bullish candle on the weekly chart. This breakout has happened with good volume, which indicates increased participation in the stock. The stock is making higher highs and higher lows on the weekly chart and is trading above the upward sloping channel, which is a positive sign. Weekly strength indicator RSI is in bullish mode. The stock may soon test 4656-4750 levels.
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Barbeque Nation Hospitality
CMP : Rs 632
Buying Range : Rs.620-607
Stop loss: Rs 575
Upside: 12%–16%
Barbeque Nation Hospitality has shown a breakout above the mid-term downward sloping trendline on the weekly chart. This breakout has happened with good volume, which indicates increased participation in the stock. The stock has also experienced a breakout above the inverted head and soldier pattern at the level of 601. Weekly strength indicator RSI is in bullish mode. The stock may soon show the level of 690-713.
(Disclaimer: The views or advice on the stock are given by the brokerage house. These are not the personal views of Financial Express. There are risks in the market, so take expert advice before investing.)
