Stocks to buy for short term: From Tata Motors to Zee Entertainment— Jigar Patel of Anand Rathi suggests 3 stock picks
Stocks to buy for the short term: The Indian stock market benchmark Nifty 50 slipped 1.4 per cent last week, snapping a three-week winning streak amid heightened tensions between India and Pakistan. However, foreign institutional inflows, healthy macro indicators, such as record GST collections in April, stable Q4 results and a weaker US dollar capped losses for the domestic market.
This week, news surrounding the India-Pakistan conflict will keep influencing market sentiment.
Meanwhile, a positive development is that India and Pakistan had reached a 'bilateral understanding' along the Line of Control and International Border on Saturday. However, India said Pakistan violated the 'understanding' as drones were sighted in parts of India hours after India announced the 'ceasefire'.
On the technical front, 23,800 is key support, and according to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, a breach of this level may lead to further downside toward 23,500, which is aligned with the 200-day EMA.
"A bearish engulfing pattern on the weekly chart reinforces the cautionary outlook. Unless Nifty 50 reclaims 24,500 convincingly, traders are advised to stay defensive, trim aggressive long positions, and explore hedging strategies around key levels," said Patel.
Jigar Patel recommends buying shares of Tata Motors, Zee Entertainment and Tata Technologies for the next two to three weeks.
Tata Motors shows reversal signals at key support zones. It has established a strong base near the S3 Camarilla yearly support, indicating potential downside exhaustion.
A bullish divergence is clearly visible on the weekly chart, supporting this view. The RSI on the weekly timeframe has also formed an inverse head-and-shoulders pattern, with the neckline already breached, strengthening the bullish outlook.
These combined signals suggest a high-probability reversal setup.
"A long position is recommended in the ₹ 690–710 range, with an upside target of ₹ 780. A protective stop loss should be placed below ₹ 660 on a daily closing basis to manage risk effectively," said Patel. Tata Motors stock technical chart
Zee Entertainment approaches a key reversal zone amid strong time and pattern confluence. It is nearing a critical technical juncture, supported by a strong confluence of time and price factors.
The stock aligns with a 434-day cycle and is trading near the key Gann level of 432 (144 × 3), indicating a potential time/price square-out.
A bullish inverse head and shoulders pattern has recently formed on the daily chart, with a successful neckline breakout followed by a retest, adding reliability to the setup.
"With bullish divergence also visible, a long position is advised in the ₹ 113–116 range, targeting ₹ 135, with a stop loss at ₹ 104 on a daily closing basis," Patel said. Zee Entertainment stock technical chart
Tata Technologies is nearing a key technical inflection. Time and Fibonacci confluence are in focus.
The stock is approaching a critical technical juncture, underscored by the convergence of key time cycles and Fibonacci ratios.
The ongoing setup aligns with a 35–36 week time cycle, closely matching the Fibonacci number 33, a level often associated with cyclical reversals.
From a percentage standpoint, the stock's correction from point A to B was 30 per cent, followed by a deeper 47.45 per cent retracement from C to D.
The ratio between these moves, 1.58, is strikingly close to the Golden Ratio (1.618), while the inverse, 0.632, reflects its reciprocal (0.618).
In terms of price symmetry, the A–B decline measured ₹ 416.60, whereas the C–D leg corrected ₹ 539, yielding a ratio of approximately 1.27—the square root of the Golden Ratio.
This move also mirrors the 0.786 retracement level, itself the square root of 0.618, adding further technical confluence.
"We advise to go long in the counter in the zone of ₹ 658-668 with an upside target of ₹ 735, and the stop loss would be ₹ 625 on a daily close basis," said Patel. Tata Technologies 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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