Shares to buy in short term: Mehta Equities' Riyank suggests Paradeep Phosphate, UPL, M&M stock to buy in near term
Despite the ongoing selling from foreign portfolio investors (FPI), investors remained hopeful as banking stocks continued to bolster the market.
The Nifty 50 index commenced at 25,166.65, increasing by 75.95 points or 0.30%, while the BSE Sensex started the day at 82,527.43, up by 327.09 points or 0.40%. By 11:12 IST, the Nifty 50 was down by 0.10% to 25,066 . 80 points, and the BSE Sensex was flat at 82,188.22.
Analysts observed that investor sentiment has become more favorable amid strong signals from the US, where both the S&P 500 and Nasdaq reached new highs.
On the technical front, Riyank Arora from Mehta Equities believes, as long as Nifty 50 holds 25,000 levels, traders should adopt a buy-on-dips approach to ride the ongoing upward momentum. Arora recommends three stocks to buy in the short-term. Here's what he says about the overall market.
Nifty 50 continues to maintain its positive tone, holding firm above the crucial 25,000 support mark. The index is likely to head higher towards 25,200–25,250 levels, backed by strong market breadth and large-cap participation. Momentum indicators remain supportive of the trend. As long as 25,000 holds, traders should adopt a buy-on-dips approach to ride the ongoing upward momentum.
Bank Nifty has shown strong resilience and is trending comfortably above its key support of 56,400. The index now eyes 57,500 and 58,000 as the next upside targets. Positive sentiment in private and PSU banking names is supporting the rally. Short-term momentum remains intact, and traders may consider staying long with a stop loss just below 56,400.
Riyank Arora recommends these three stocks in the short term - Paradeep Phosphate, UPL, and M&M.
Paradeep Phosphate shares has formed a solid base near ₹ 180 and witnessed renewed buying momentum from support levels. A breakout above ₹ 190 signals strength, with volumes picking up and momentum indicators turning bullish. As long as the ₹ 180 level is protected, the stock can rally toward ₹ 210 and ₹ 220 levels. Ideal for short-term positional traders looking to ride a trending move with defined risk.
UPL share price is showing strength after consolidating near the ₹ 700 zone and has now resumed its uptrend. The price structure indicates accumulation with a higher-low formation, and a move above ₹ 718 confirms a breakout attempt. RSI and MACD support bullish continuation. A close above ₹ 725 can accelerate gains, with upside potential toward ₹ 750. Risk-reward remains favorable with a strict stop loss at ₹ 700.
M&M shares remains in a strong uptrend with consistent higher highs and healthy volume support. The stock has shown excellent relative strength in the auto space and is holding above key moving averages. A breakout above ₹ 3,250 opens up potential for ₹ 3,350 and ₹ 3,400 in the near term. Traders should maintain a stop loss at ₹ 3,190 to manage risk while riding this bullish momentum.
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.
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