Stocks to buy for the short term: Frontline indices, the Sensex and the Nifty 50, extended gains for the fourth consecutive session on Monday, 4 August. The 30-share pack has climbed over 1,850 points, or 2.44%, while the NSE counterpart has gained about 800 points, or 3.3%, in these four sessions.
Investors’ wealth has jumped by more than ₹11 lakh crore in four sessions, with the overall market capitalisation of firms listed on the BSE at ₹479 lakh crore on 28 July.
The Nifty ended at 24,774 on Monday, surpassing the psychologically important 24,500 mark and its 200-day EMA, signalling a strong bullish reversal.
“With the index now trading above all its key moving averages, the broader technical structure remains firmly positive. The ongoing formation of higher highs and higher lows reinforces the prevailing uptrend with potential gain towards 24800-25000,” said Vishnu Kant Upadhyay, AVP- Research at Master Capital Services.
RSI at 67 indicates strengthening momentum without entering the overbought zone.
“Buy the dip strategy will remain in favour, any fall close to 24,600-24,500 will provide an opportunity to build fresh long positions,” said Upadhyay.
Stock picks for the short term
Vishnu Kant Upadhyay of Master Capital Services and Hitesh Tailor of Choice Broking recommend the following six stocks to buy for the next 1-2 weeks.
Expert: Vishnu Kant Upadhyay, AVP- Research at Master Capital Services
Bharat Petroleum Corporation (BPCL) | Previous close: ₹329.95 | Target prices: ₹350 and ₹360 | Stop loss: ₹313
As per Upadhyay, BPCL’s share price has broken out decisively above the ₹320 resistance zone after a prolonged consolidation within an ascending triangle, confirming a bullish reversal pattern.
Following the breakout, the price has moved above all its key moving averages, while the 21-day EMA has delivered a bullish crossover above the 50-day and 100-day EMAs, indicating improving trend strength.
“The price structure has also transitioned into a series of higher highs and higher lows, highlighting sustained buying momentum. A sustained hold above the breakout level should keep the medium-term outlook positive,” said Upadhyay.
Apollo Tyres | Previous close: ₹436.60 | Target prices: ₹460 and ₹480 | Stop loss: ₹413
Upadhyay pointed out that Apollo Tyres’ share price is showing early signs of a medium-term trend reversal after finding strong support around the ₹370 level.
Since then, the stock has been forming a sequence of higher highs and higher lows while developing a broader inverse head and shoulders pattern, indicating improving bullish sentiment.
The price has also reclaimed its short-term moving averages, reflecting strengthening momentum, with only the 200-day EMA remaining as the next key hurdle.
“A sustained move above this level could further reinforce the bullish outlook and pave the way for extended upside,” said Upadhyay.
Jyoti CNC Automation | Previous close: ₹858.30 | Target prices: ₹930 and ₹955 | Stop loss: ₹794
As per Upadhyay, Jyoti CNC Automation’s share price has confirmed a decisive breakout from an inverse head and shoulders pattern, signalling a strong short-term trend reversal.
The breakout was accompanied by a robust bullish candle and above-average volumes, adding conviction to the move.
With this breakout, the stock has reclaimed all its key moving averages, reinforcing the positive technical setup.
Price action remains constructive, marked by a consistent sequence of higher highs and higher lows.
Additionally, RSI at 68 reflects strengthening momentum while remaining below overbought territory, indicating potential for further upside in the near term.
Expert: Hitesh Tailor, Technical Research Analyst at Choice Broking
InterGlobe Aviation (IndiGo) | Previous close: ₹5,400 | Target price: ₹5,970 | Stop loss: ₹5,125
Tailor highlighted that the IndiGo share price has completed a bull-flag breakout on its daily timeframe, advancing higher out of a multi-week downward-sloping consolidation channel.
The price action is trending above its short-term exponential moving averages, maintaining clear alignment relative to its primary trend lines.
Meanwhile, the daily RSI indicator has crossed upward into positive territory around 59.91, indicating a revival in buying momentum that supports an extended rally phase.
“Supported by this technical continuation, the asset is configured to move toward its higher objective of ₹5,970. To protect against sudden intra-session pullbacks, risk is anchored with a stop loss at ₹5,125,” said Tailor.
Mangalore Refinery and Petrochemicals (MRPL) | Previous close: ₹174.06 | Target price: ₹195 | Stop loss: ₹165
Tailor said the MRPL share price has formed a bullish candle structure on its daily frame, bouncing sharply off its primary moving average baseline to resume its recovery trajectory.
The price action has broken through near-term consolidation pivots, establishing price acceptance above its short- and medium-term exponential moving averages.
The daily RSI has picked up toward 59.86, reflecting growing buyer conviction with room to extend before reaching overbought territory.
“Driven by this healthy continuation pattern, the setup is technically equipped to push upward toward its key target of ₹195. To protect capital against sudden market swings, a strict stop loss should be maintained at ₹165,” said Tailor.
ICICI Prudential Life Insurance Company | Previous close: ₹522.35 | Target price: ₹565 | Stop loss: ₹499
As per Tailor, ICICI Prudential Life Insurance Company shares are validating an ascending triangle recovery structure on its daily chart, making a steady series of higher lows above its trend line support.
The stock has successfully reclaimed its intermediate moving averages around ₹508.30, mounting pressure against the nearby horizontal resistance band.
The daily RSI is around 60.77, signalling steady momentum accumulation that favours a bullish breakout.
“Supported by this ascending structure, the asset is technically set up to attempt a rally toward its upside target of ₹565. To defend the trade against potential false breakouts or localised pullbacks, a strict risk-management stop loss should be held at ₹499,” said Tailor.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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