Stocks to buy for short term: From Swiggy to Biocon— Jigar Patel of Anand Rathi suggests 3 stock picks
The Indian stock market may remain volatile this week, tracking news flows surrounding Israel and Iran and ahead of the US Fed policy decision on June 18.
On the technical front, the Nifty 50 is now below 24,750, and experts see key support for the index at 24,450.
"The index ended last week with over a 1 per cent loss. Notably, the reversal occurred precisely near the 161.8 per cent Golden Ratio extension, reinforcing it as a strong resistance. A break below 24,450 could extend the fall toward 24,000," said Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers.
"Traders are advised to stay cautious, avoid aggressive longs, and use relief rallies to lighten positions unless fresh momentum emerges. 25,200–25,300 is the key resistance zone, while 24,450–24,000 is the key support," Patel said.
Jigar Patel recommends buying shares of Swiggy, Biocon and Route Mobile for the next two to three weeks.
Swiggy recently broke out of a falling channel and touched ₹ 376, indicating bullish momentum.
Over the past five sessions, it has seen mild correction but found support at the monthly R3 Camarilla pivot.
Notably, the stock had consolidated between R3 and S3 pivots from March to May, a setup that often precedes strong directional moves.
This technical structure suggests potential for further upside.
"Consider long positions in the ₹ 355–345 zone, targeting ₹ 390. Maintain a stop loss at ₹ 330 on a daily closing basis," said Patel. Swiggy stock technical chart
Biocon recently broke out of a consolidation zone between ₹ 330–345 and is now trading well above it, signalling renewed strength.
On the monthly floor pivot, an inside value relationship between May and June (R1–S1) suggests potential for an explosive move.
The breakout was supported by a volume surge and a breach of the short-term falling trendline, reinforcing bullish sentiment.
Additionally, RSI held steady in the 40–50 range during consolidation and now hovers around 65.
"Go long in the ₹ 356–350 range, targeting ₹ 390. Maintain a stop loss at ₹ 335 on a daily closing basis," Patel said. Biocon stock technical chart
Recently, Route Mobile broke out after nearly a month of consolidation, accompanied by a significant surge in volume, indicating strong accumulation.
What makes this consolidation phase notable is that it occurred within the R3–S3 zone of the monthly Camarilla pivots, establishing an Inside Value relationship.
This setup forms when the current month's pivots are nested within the previous month's range, often signalling a potential breakout with strong directional bias.
Adding to the bullish case, the daily RSI has consistently held above the 60 level and is now positioned at 71, reflecting strengthening momentum.
"We recommend a buying opportunity in the ₹ 1,090-1,060 zone, with a target price of ₹ 1,220. Maintain a stop loss at ₹ 1,000 on a daily closing basis," said Patel. Route Mobile stock technical chart
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Read more stories by Nishant Kumar
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.
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