Shares to buy in short term: Mehta Equities' Riyank suggests BEL, 360 ONE WAM, Mphasis shares in short term
Stock market today: India's key stock indexes slipped on Tuesday as investors took a cautious approach following US President Donald Trump's call for Iranians to leave Tehran amidst ongoing attacks between Israel and Iran, escalating fears of a wider regional conflict.
The Nifty 50 declined by 0.20% to 24,895 .30, while the Sensex dropped 0.19% to 81,639.66 as of 11:45 IST.
Investors also chose to remain cautious ahead of the US Federal Reserve's interest rate announcement later this week, analysts observed. Analysts pointed out that even though market momentum appears positive, escalating tensions between the US and Iran could pose a significant concern.
Riyank Arora suggests three stocks in the short term - BEL (Bharat Electronics Ltd), 360 ONE WAM, and Mphasis. Check out his views on the overall market.
Nifty 50 has decisively broken above the key resistance level of 24,900, signaling the continuation of bullish Momentum. This breakout opens up the possibility for further upside towards 25,050 and 25,100 in the short term. Momentum indicators such as RSI are trending positively, suggesting strong market sentiment. On the downside, the previous resistance zone around 24,825 is expected to act as immediate support, cushioning any short-term dips. Sustaining above 24,900 will be crucial for the index to maintain upward traction.
Bank Nifty is trading near a crucial resistance zone at 56,000. A breakout and close above this level could trigger fresh buying interest, paving the way for targets at 56,200 and 56,400. However, until a decisive move emerges, volatility may persist. On the downside, key support levels are placed at 55,800 and 55,600, where buyers may step in on any intraday weakness. A directional breakout from the current consolidation zone will set the tone for the next leg of the trend.
Riyank Arora recommends these three stocks in the short term - BEL (Bharat Electronics Ltd), 360 ONE WAM, and Mphasis.
Buy | CMP: ₹ 404 | Stop Loss: ₹ 395 | Target: ₹ 440
BEL has witnessed strong accumulation and is showing signs of breakout on the daily chart. The stock is trading above key moving averages, and technical indicators like RSI suggest increasing strength. A sustained move above ₹ 405 can accelerate momentum toward ₹ 440. Maintain a stop loss at ₹ 395 to protect against downside volatility.
Buy | CMP: ₹ 1,169 | Stop Loss: ₹ 1,100 | Target: ₹ 1,300
360 ONE WAM has resumed its upward trajectory after a brief consolidation phase. The breakout above ₹ 1,150 is supported by rising volumes and a bullish MACD crossover. Momentum indicators favour a continuation of the uptrend towards ₹ 1,300. A protective stop loss at ₹ 1,100 is recommended for short-term positions.
Buy | CMP: ₹ 2,707 | Stop Loss: ₹ 2,600 | Target: ₹ 3,100
Mphasis has broken above a multi-session consolidation zone, confirming a bullish breakout. The stock is supported by strong volume activity and a rising RSI, reflecting underlying strength. With tech stocks seeing renewed interest, Mphasis looks poised to rally toward ₹ 3,100. Traders should maintain a stop loss at ₹ 2,600 for effective risk control.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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