Stocks to buy or sell for short term: Domestic market benchmarks, the Sensex and the Nifty 50, ended half a per cent lower on Thursday, 30 April, amid adverse global cues.
The Nifty 50 closed 180 points, or 0.74%, lower at 23,997.55, with 34 components in the red. However, on a weekly scale, the index inched up by 0.42%, while on a monthly basis, it gained 7% after losing for the last four consecutive months.
Thursday’s decline was mostly driven by higher crude oil prices, which spiked to their highest levels since 2022 amid tensions in West Asia and concerns over supply disruptions through the Strait of Hormuz.
Weak global cues, the rupee’s weakness, and continued foreign institutional outflows also weighed on sentiment.
Ajit Mishra, SVP of Research at Religare Broking, highlighted that the ongoing tussle in the benchmark reflects a lack of conviction among participants amid mixed cues, though this phase is expected to resolve soon.
“A decisive move below 23,800 in the Nifty could trigger further downside towards the 23,500 level or lower. On the upside, the 24,400–24,800 zone is likely to act as a strong resistance. Traders are advised to maintain a cautious stance, focus on risk management, and prefer sector-specific opportunities,” said Mishra.
Stock picks for short term
Ajit Mishra recommended short-term trading strategies for three stocks: RBL Bank, Sun Pharma, and Tata Motors Passenger Vehicles.
RBL Bank | Buy | Target price: ₹370 | Stop loss: ₹320
Mishra pointed out that RBL Bank’s share price has recently witnessed a decisive breakout after consolidating within the ₹335– ₹390 range for nearly six months, indicating the end of a consolidation phase and the potential start of a fresh uptrend.
The move is supported by a sharp increase in trading volumes, which adds credibility and reflects strong market participation.
From a technical standpoint, this follows a classic structure where an extended base formation is followed by an impulsive breakout, suggesting the possibility of further upside momentum.
“Traders may consider accumulating the stock at current levels while monitoring volume sustainability and broader market cues for confirmation,” said Mishra.
Sun Pharmaceutical Industries | Buy | Target price: ₹1,980 | Stop loss: ₹1,720
After undergoing a prolonged corrective phase for over a year, with strong support consistently holding in the ₹1,600– ₹1,580 zone, Sun Pharma shares are now showing early signs of a potential trend reversal, said Mishra.
The recent rebound from these levels has been sharp and accompanied by elevated volumes, indicating renewed buying interest and strengthening momentum.
Price action is gradually approaching a key resistance zone, and a decisive breakout above this range would confirm a shift in trend and potentially mark the beginning of a fresh upward move.
“Given the improving technical structure and momentum dynamics, the stock offers an opportunity for early accumulation, positioning for a possible new leg of the uptrend,” said Mishra.
Tata Motors Passenger Vehicles | Sell Futures | Target price: ₹322 | Stop loss: ₹355
According to Mishra, Tata Motors Passenger Vehicles stock continues to trade in a lower top–lower bottom structure, where recovery attempts have consistently been capped below prior swing highs, reflecting weak buying interest and sustained bearish control.
“In line with previous setups, the stock faced resistance near its falling trendline, which coincided with the 200 EMA. After a brief consolidation within a narrow range below this resistance zone, it has now broken down below both the range and the 20 EMA, signalling a continuation of the prevailing downtrend,” said Mishra.
“The RSI has registered a bearish crossover, indicating that downside momentum is gaining strength. Considering this technical setup, a short position in futures may be considered as per the specified levels,” Mishra said.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, 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.
About The Author
