Stocks to buy for short term: From Titan to HCL Tech— Jigar Patel of Anand Rathi recommends 3 shares
Last week, the Nifty 50 fell by a per cent, extending losses to the sixth consecutive week. The index is now down 1.6 per cent in August so far, after falling 3 per cent in July.
While FPIs' selling and a 50 per cent tariff imposed by US President Donald Trump kept the mood sombre, the Reserve Bank of India's status quo on interest rates did not offer any relief.
On Friday, August 8, the index closed at 24,363, falling below the crucial support of 24,450.
Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, pointed out that the Nifty 50 is now eyeing the 24,000–23,800 zone.
This range holds significance as it coincides with the 200-day exponential and simple moving averages, both key long-term support indicators.
According to Patel, positive divergence in the RSI on intraday charts, along with the daily RSI nearing its support zone, hints that the correction may be approaching its final leg.
"For a recovery to take shape, the Nifty must decisively reclaim 24,600 — the recent swing high. Such a breakout could open the path towards 24,800–25,000. Until then, traders are advised to keep positions light and avoid aggressive bets," said Patel.
Jigar Patel recommends buying shares of Titan, HCL Tech, and BPCL for the next two to three weeks.
Titan has found support at a confluence of crucial technical levels, raising the likelihood of a short-term recovery.
Shares of Titan Company have rebounded from a falling trendline, the 0.50 Fibonacci retracement, and the combined backing of the 100-day and 200-day exponential moving averages (DEMA). This convergence of support reflects strong buying interest in the current range.
The Relative Strength Index (RSI) has displayed a hidden bullish divergence, signalling underlying strength despite recent price weakness.
"We suggest accumulating Titan in the ₹ 3,475– ₹ 3,425 zone for an upside target of ₹ 3,750, with a stop-loss below ₹ 3,300 on a daily closing basis," said Patel. Titan technical chart
HCL Technologies has witnessed a sharp correction of around 300 points, or 17.15 per cent, from its recent peak near ₹ 1,740.
Over the past seven to eight sessions, the stock has consistently held near the 0.618 retracement level, which also coincides with the gap formed on April 22–23, 2025.
Prices are trading well below the 100- and 200-day exponential moving averages, indicating the potential for a mean reversion.
On the daily charts, the RSI is forming a complex 'W' pattern below the oversold threshold of 30, while bullish divergence is visible on the hourly chart. These technical cues suggest a possible rebound.
"We recommend accumulating the stock in a staggered manner within the ₹ 1,480– ₹ 1,450 zone, targeting ₹ 1,600. A protective stop-loss should be maintained below ₹ 1,400 on a daily closing basis," said Patel. HCL Tech technical chart
BPCL has recently found strong support, aligning with multiple technical indicators.
The price has rebounded from a key trendline, the 0.382 Fibonacci retracement level, and the 100-day exponential moving average (DEMA), all converging to reinforce this support zone.
Additionally, the RSI has formed a hidden bullish divergence, indicating that underlying momentum is improving despite recent price weakness. This setup suggests a favourable risk-reward scenario for short-term traders.
"We recommend buying BPCL stock in the ₹ 320– ₹ 315 zone, aiming for an upside target of ₹ 350. To manage risk effectively, a stop-loss should be placed below ₹ 300 on a daily closing basis," Patel said. BPCL technical chart
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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.
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