Stocks to buy for short term: Nagaraj Shetti suggests SJVN, Berger Paints shares; do you own?
Stock market today: The Indian stock market experienced widespread buying, which propelled the Sensex and Nifty 50 benchmarks to rise by more than 1% during intraday trading on Thursday, June 5.
The Sensex started at 81,196.08, compared to its prior close of 80,998.25, and surged over 900 points, or 1%, reaching an intraday peak of 81,911.13. Meanwhile, the Nifty 50 commenced at 24,691.20 against its previous close of 24,620.20 and climbed over 1% to an intraday high of 24,899.85.
Market analysts suggest that investor optimism is driven by potential advancements in the India-US trade agreement and expectations for a rate reduction by the Reserve Bank of India's Monetary Policy Committee (MPC).
Over the past several weeks, Indian stock markets have outperformed global indices as volatility persists in international markets due to looming US reciprocal tariffs. Moreover, a favourable inflation report in India has also provided some support to domestic equity indexes.
Nagaraj Shetti of HDFC Securities expects Nifty 50 short-term trend remains positive and the next overhead resistance to be watched at 24,850. Nagaraj Shetti recommends SJVN, and Berger Paints shares to buy in the near-term.
Nifty 50 witnessed follow-through upmove so far on Thursday and is currently trading higher by 90 points. Nifty 50 has been moving in a broader high low range of 24,500-25,000 levels over the last couple of weeks and is currently bouncing back from near lower end of a range.
The short-term trend remains positive and the next overhead resistance to be watched at 24,850. A decisive upside breakout of this hurdle could open more upside in the near term.
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - SJVN Ltd, and Berger Paints India Ltd.
After witnessing a healthy downward correction in the last couple of weeks, the SJVN share price has bounced back so far this week. Bullish pattern like higher tops and bottoms is intact as per weekly chart. Volume pattern and RSI shows positive indication.
Berger Paints share price has surged up sharply on Thursday after shifting into a larger consolidation pattern recently. The stock price has also broken above the hurdle of down sloping trend line at ₹ 570 and is currently trading higher. Volume expanded during upside breakout in the stock price and RSI shows positive indication.
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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