Stocks to buy for short term: Frontline index Nifty 50 ended in the red for the second consecutive session on Thursday, November 7, on heavy selling by foreign institutional investors (FIIs) amid mixed Q2 earnings and lack of fresh positive triggers.
The Nifty 50 ended 0.34 per cent down at 25,509.70. On a weekly scale, the index has declined by about a per cent, looking set to extend its losing run to the second consecutive week.
However, broader indices suffered deeper losses. The Nifty Midcap 100 index plunged 0.95 per cent while the Nifty Smallcap 100 index crashed 1.39 per cent on Thursday.
According to Ajit Mishra, SVP of research at Religare Broking, the weakness was largely attributed to renewed risk aversion amid mixed corporate earnings and the absence of fresh global triggers. Continued selling by foreign institutional investors further weighed on sentiment.
Foreign institutional investors (FIIs) sold Indian equities worth ₹3,263.21 crore in the cash segment on Thursday. So far in November, they have offloaded stocks worth ₹6,214 crore. Notably, FIIs have been selling Indian equities since July this year, cumulatively offloading around ₹1.4 lakh crore in the cash segment.
On the technical front, Mishra observed that the Nifty has decisively breached its crucial short-term support-the 20-day EMA — and is now inching toward the 25,400 zone. On the upside, the 25,700–25,800 band is likely to act as an immediate resistance.
“Participants should avoid aggressive positions and maintain a stock-specific trading approach, with a preference for large-cap and larger mid-cap stocks, as the broader market underperformance may persist in the near term,” said Mishra.
Stock picks for the short term
Mishra suggests buying the following three stocks for the next one to two weeks as he sees a favourable technical setup for them.
Nestle India | Previous close: ₹1,266.10 | Buy | Target price: ₹1,360 | Stop loss: ₹1,220
Mishra pointed out that the FMCG space is witnessing mixed participation; however, Nestle India continues to display notable strength.
The stock recently registered a decisive breakout from a broad consolidation range between ₹1,070 and ₹1,240, which had persisted for nearly a year.
Post-breakout, it has been sustaining well above both its 20-day EMA and the neckline of the previous range, reflecting healthy follow-through buying.
At present, the stock is trading comfortably above all key moving averages, each trending upward — reaffirming its bullish structure.
“After a brief pause, a revival in positive momentum appears likely, and a sustained move above the buying pivot could pave the way for a retest of its record highs. The extended upside potential lies in the ₹1,360– ₹1,380 zone, offering a favourable buying opportunity,” said Mishra.
Biocon | Previous close: ₹385.20 | Buy | Target price: ₹418 | Stop loss: ₹369
Mishra underscored that Biocon has demonstrated impressive strength, crafting a clear series of higher highs and higher lows since it rebounded off the ₹340 levels.
The latest breakout above its defined consolidation range is technically significant, not only clearing previous resistance but also accompanied by a sharp volume surge—confirming robust buying interest.
Price action now sustains comfortably above both the breakout zone and its key moving average, underlining a shift towards an enhanced bullish structure.
“With trendline resistance decisively conquered and momentum indicators remaining positive, it is poised for further up move. As long as it holds above the breakout levels, accumulation can be considered for targets at previous swing highs,” said Mishra.
Max Financial Services | Previous close: ₹1,584.20 | Buy | Target price: ₹1,680 | Stop loss: ₹1,530
Mishra said Max Financial continues to exhibit strong bullish momentum, having trended upwards steadily from March 2025 and maintaining prices above all major moving averages, including the positively aligned 100 EMA.
After its sharp run-up, the stock entered a consolidation phase, carving out a well-defined support zone at the lower end of its trading range.
The recent rebound from this support, validated by heightened volumes, signals renewed accumulation and a potential resumption of the prior uptrend.
“Technical structure remains constructive, with each pullback finding buyers and the broader up move well supported by healthy market participation. As the stock sustains above the 100 EMA and support band, fresh longs are advised with a view toward
further gains, keeping the support zone as a risk management anchor,” said Mishra.
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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.