Stocks to buy for the short term: The Indian stock market has been rangebound over the last few sessions amid escalating tensions between India and Pakistan in the wake of the Pahalgam terror attack. Benchmark Nifty 50 declined about 0.40 per cent in morning trade on Tuesday, May 6, as investors keep a close tab on the evolving situation between the two Asian countries.
The outcome of the US Federal Reserve meeting, due on Wednesday, is also in focus, even as the market expects the US central bank to hold rates. Fed Chair Jerome Powell’s comments on growth and inflation will be the key factor for the markets globally.
Experts suggest investors be cautious due to heightened uncertainty on the India-Pakistan front. They advise being prudent in stock selection and betting on stocks with healthy fundamentals and favourable technical indicators.
Vishnu Kant Upadhyay of Master Capital Services and Hardik Matalia of Choice Broking recommend buying the following six stocks for the next 2-3 weeks. Take a look:
Stock picks for the short term
Expert: Hardik Matalia, Derivative Analyst, Choice Broking
ITC | Previous close: ₹436.95 | Target prices: ₹475 and ₹485 | Stop loss: ₹416
ITC has formed a strong bullish candle on the daily chart, breaking above its recent swing high — a positive sign of trend continuation.
The stock has witnessed strong buying interest from lower levels, with a recent healthy throwback toward its demand zone, followed by a sharp rebound, indicating renewed strength and buyer dominance.
ITC is trading above all its key exponential moving averages — short-term (20-day), medium-term (50-day), and long-term (200-day) — highlighting a solid bullish structure.
The RSI stands at 67.54 and is trending upward, reinforcing the improving momentum and growing buying interest.
“If the stock sustains above the ₹440 mark, it could trigger further upside movement in the near term,” said Matalia.
“Traders may consider buying ITC at ₹436.95, with a stop loss placed at ₹416. On the higher side, the stock has the potential to move toward the ₹475– ₹485 zone, offering an attractive risk-reward opportunity for short-term traders,” Matalia said.
SBI Cards and Payment Services | Previous close: ₹904.35 | Target prices: ₹990 and ₹1,010 | Stop loss: ₹855
SBI Cards is maintaining an upward trend, consistently forming higher highs and higher lows on the daily timeframe — a classic bullish structure.
The stock recently witnessed a throwback from its swing high, retesting its demand zone, and has since shown a sharp rebound, signalling renewed buying interest and the potential to break above its recent swing high.
SBI Cards has rebounded from its short-term and medium-term exponential moving averages and is now trading above all its key EMAs, confirming strong underlying trend strength.
The RSI stands at 59.15 and is on the verge of a positive crossover, indicating improving momentum and rising buyer participation.
“A sustained move above the ₹930 level could trigger further upside, opening the path toward the ₹980– ₹1010 range in the short term,” said Matalia.
“Traders may consider buying the stock at ₹904.35, with a stop loss set at ₹855. The setup offers an attractive risk-reward ratio for momentum-driven trades,” Matalia said.
PB Fintech (Policybazar) | Previous close: ₹1,669.40 | Target prices: ₹1,830 and ₹1,850 | Stop loss: ₹1,580
Policybazar has been consolidating within a defined range near its key support zones after witnessing a sharp correction of nearly 41 per cent from its recent highs.
Despite the decline, the stock is showing signs of recovery by forming a pattern of higher highs and higher lows, indicating a potential bullish reversal.
Policybazar is now trading above all its key exponential moving averages — short-term (20-day), medium-term (50-day), and long-term (200-day) — which suggests a strengthening trend.
The RSI is placed at 56.64 and is trending upward with a positive crossover, reflecting growing buying interest and momentum.
“A sustained move above the ₹1,700 mark could confirm a breakout from the current consolidation phase, paving the way for an upside move,” said Matalia.
“Traders may consider buying Policybazar at ₹1,669.40, with a stop loss at ₹1,580. On the upside, the stock has the potential to test the ₹1,830– ₹1,850 zone, offering a favourable risk-reward ratio for short-term gains,” Matalia said.
Expert: Vishnu Kant Upadhyay, AVP – Research & Advisory at Master Capital Services
ICICI Lombard General Insurance Company | Previous close: ₹1,852.30 | Target prices: ₹1,980 and ₹1,995 | Stop loss: ₹1,760
ICICI Lombard General Insurance Company has exhibited a decisive breakout above a descending trendline, indicating a potential trend reversal.
The breakout is accompanied by a significant rise in volume, reflecting renewed buying interest.
The stock price is sustaining above its key 21- and 55-day exponential moving averages (EMA), which supports the ongoing bullish momentum.
Furthermore, the RSI stands at 56, and a bullish divergence on the MACD highlights underlying strength.
Triveni Engineering & Industries | Previous close: ₹424.60 | Target prices: ₹460 and ₹480 | Stop loss: ₹396
Triveni Engineering has registered a bullish trend reversal, breaking out of a well-defined rounding bottom formation on the daily chart.
The breakout was accompanied by a notable surge in volume, indicating strong accumulation.
Post-breakout, the stock retested the horizontal resistance-turned-support and bounced sharply, reaffirming bullish sentiment.
It is now trading above its key 21-EMA and 55-EMA, signalling positive momentum. The RSI is currently at 61, while a bullish divergence on the MACD further strengthens the case for continued upward movement.
Balkrishna Industries | Previous close: 2,699.40 | Target prices: ₹2,910 and ₹2,950 | Stop loss: ₹2,545
Balkrishna Industries has recently shown a promising bullish breakout from a well-defined falling wedge pattern, as highlighted in the attached chart.
This pattern, typically recognised as a bullish reversal setup, had been compressing price action for several months, forming lower highs and lower lows within a narrowing range.
The stock successfully broke above the upper boundary of this wedge, signalling a potential shift in momentum.
It has also reclaimed key moving averages, including the 34-day, 55-day, and 100-day EMAS, reinforcing the underlying strength.
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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.