Stocks to buy for the short term: A deeper-than-expected 50 bps rate cut drove the Indian stock market benchmark Nifty 50 above the 25,000 mark on Friday, June 6. The index ended the week over a per cent higher, snapping its two-week losing run.
According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, the Nifty 50 is approaching a critical resistance zone of 25,100–25,300, aligning with key Fibonacci retracement levels.
Patel believes this zone may trigger profit booking and poses a risk of negative RSI divergence on the daily chart.
“We remain cautious and recommend profit-booking near this zone. A decisive breakout above 25,300 could warrant a re-evaluation of our outlook,” said Patel.
“On the downside, 24,700 serves as immediate support, while 24,450 remains the make-or-break level for bulls. The coming week’s follow-through will determine whether this bounce sustains or fizzles out,” Patel said.
Stock picks for the short term
Jigar Patel recommends buying shares of Route Mobile, Praj Industries and OFSS for the next two to three weeks.
Route Mobile | Previous close: ₹1,021.35 | Target price: ₹1,150 | Stop loss: ₹940
In the recent trading session, Route Mobile broke out after nearly a month of consolidation, accompanied by a significant surge in volume, indicating strong accumulation.
This consolidation phase is particularly notable because it occurred within the R3–S3 zone of the monthly Camarilla pivots, establishing an inside-value relationship.
This setup forms when the current month’s pivots are nested within the previous month’s range, often signalling a potential breakout with strong directional bias.
Adding to the bullish case, the daily RSI has consistently held above the 40 level and is now positioned at 64, reflecting strengthening momentum.
“We recommend a buying opportunity in the ₹1,000–1,030 zone, with a target price of ₹1,150 and a stop loss of ₹940 on a daily closing basis,” said Patel.
Praj Industries | Previous close: ₹505.90 | Target price: ₹580 | Stop loss: ₹465
Praj Industries has recently completed a bullish dragon pattern, indicating the potential for a strong upward move.
Complementing this setup, the monthly Camarilla pivots are displaying a higher overlapping value relationship, and price action has decisively closed above the R3 level—a clear signal of emerging bullish momentum.
On the momentum front, the daily RSI has broken out after a prolonged consolidation between the 40–50 zone and now stands near 60, reinforcing the positive bias.
“Initiate long positions in the ₹500–508 zone, with the target price of ₹580 and a stop loss of ₹465 on a daily closing basis,” said Patel.
Oracle Financial Services Software (OFSS) | Previous close: ₹8,786 | Target price: ₹9,800 | Stop loss: ₹8,250
OFSS has recently formed a solid base in the ₹8,300–8,700 range and is now trading firmly above the ₹8,700 mark, suggesting growing strength. What stands out technically is the presence of an inside value relationship between the monthly Camarilla R3 and S3 pivots—a structure that often precedes sharp directional moves.
Adding to the bullish setup, the daily RSI has consistently held the 50 level, reflecting sustained momentum and the potential for a continued uptrend.
“Enter long positions in the ₹8,700–8,800 zone, with the target price of ₹9,800 and a stop loss of ₹8,250 on a daily closing basis,” said Patel.
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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.
