Shares to buy for the short term: The equity benchmark Nifty 50 traded little changed in the morning session on Wednesday, June 4, amid mixed global cues and growing uncertainty over US-China trade relations.
The benchmark index has corrected by over 1 per cent in the last three sessions due to stretched valuations, FPI selling and the lack of fresh triggers.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments, the recent Nifty range of 24,000-25,000 is likely to persist in the near term. He added that in the medium term, a breakout above 25,000 is a clear possibility rather than a breakdown below 24,000. Unexpected developments, however, can alter the scenario.
Experts say this is the stock-pickers market. For the short term, one should buy stocks with healthy fundamentals and favourable technical indicators.
Vishnu Kant Upadhyay of Master Capital Services and Hardik Matalia of Choice Broking recommend buying the following six stocks for the next two to three weeks.
Shares to buy for the short term
Expert: Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services
Rail Vikas Nigam (RVNL) | Previous close: ₹403.75 | Target prices: ₹465 and ₹485 | Stop loss: ₹378
RVNL has decisively broken out above a long-term falling trendline, signalling a strong bullish reversal. The stock trades above its 34-day and 200-day EMAs at ₹375 and ₹390, respectively, confirming positive price strength.
Rising momentum, as seen in the bullish MACD crossover and RSI hovering near 63, supports the breakout, indicating room for further upside. This move marks the end of a prolonged consolidation phase and opens the path for higher targets.
Tata Power Company | Previous close: ₹391.50 | Target prices: ₹440 and ₹445 | Stop loss: ₹373
Tata Power has regained strength after bouncing from its 200-day EMA. The price is now trading above both the 34-day EMA and the SuperTrend support, signalling bullish momentum.
The RSI, at 54.10, indicates improving strength without being overbought, while the MACD remains in positive territory, suggesting sustained upside potential.
“Prices are forming a rounding bottom kind of pattern, suggesting a further move up towards ₹440 and ₹445. The volume uptick further confirms buying interest. Overall structure supports a bullish bias as long as the stock holds above the ₹373 support,” said Upadhyay.
Nestle India | Previous close: ₹2,391.40 | Target prices: ₹2,600 and ₹2,650 | Stop loss: ₹2,285
Nestle India is showing signs of a bullish continuation after a strong breakout above its consolidation zone near ₹2,320–2,335.
The stock is trading above both the 34-day EMA and 200-day EMA, indicating a positive long-term bias.
RSI at 53.25 reflects healthy momentum, while MACD remains in the buy zone, supporting upward price action.
The retest of the breakout level and recent price bounce suggest strong demand near support.
“The stock trades above ₹2,285, its immediate horizontal support, which strengthens the case for an up move towards ₹2,600-2,650. Positional traders may consider buying on dips, keeping a stop loss below ₹2,285 for a favourable risk-reward setup,” said Upadhyay.
Expert: Hardik Matalia, Derivative Analyst, Choice Broking
AU Small Finance Bank | Previous close: ₹728.30 | Target prices: ₹780 and ₹800 | Stop loss: ₹685
AU Small Finance Bank has given a decisive breakout from a ‘flag and pole’ pattern on the daily timeframe — a continuation setup that typically signals further bullish momentum.
The breakout is accompanied by a strong bullish candle backed by rising trading volumes, adding conviction to the move and suggesting increased participation by market players.
Technically, AU Small Finance Bank has rebounded smartly from its short-term EMA and is now comfortably trading above all its key moving averages, including the 20-day, 50-day, and 200-day EMAs, reinforcing the stock’s overall strength. The RSI is placed at 68.41, rising steadily and showing a recent positive crossover, which supports the ongoing bullish momentum.
“If the stock continues to hold above the breakout level, further upside toward the ₹780– ₹800 zone looks likely,” said Matalia.
Glenmark Pharmaceuticals | Previous close: ₹1,514 | Target prices: ₹1,635 and ₹1,650 | Stop loss: ₹1,420
Glenmark Pharmaceuticals is on the verge of breaking out above a falling trendline, signalling a potential trend reversal. The stock has also broken out of a consolidation range, forming strong bullish candles for the second consecutive session, supported by steady trading volumes, which adds strength to the bullish sentiment.
Technically, Glenmark Pharmaceuticals has surpassed all its key exponential moving averages — short-term, medium-term, and long-term — confirming the growing strength in its structure. The RSI stands at 64.13 and is trending upwards, reflecting increasing buying momentum and strong market interest.
“A sustainable breakout above the ₹1,500 level would likely open the gates for further upside. Traders may consider buying Glenmark Pharmaceuticals stock at the current market price, with a stop loss at ₹1,420, targeting the ₹1,635– ₹1,650 range in the near term. The setup offers a favourable risk-reward ratio, especially if the breakout is confirmed,” Matalia said.
Dalmia Bharat | Previous close: ₹2,062 | Target prices: ₹2,240 and ₹2,260 | Stop loss: ₹1,990
Dalmia Bharat has recently witnessed a strong breakout from a wide consolidation range, signalling the beginning of a fresh upward leg. After a brief retracement toward the breakout zone, the stock has now shown a strong reversal, forming a bullish candle on the daily timeframe. Consistent trading volumes have reinforced buyer strength.
Technically, Dalmia Bharat has rebounded from its short-term EMA and is now comfortably trading above all its key exponential moving averages, reflecting strong trend alignment across timeframes.
The RSI is at 58.69, showing signs of a bullish reversal. If the price action remains firm, it is likely to generate a positive crossover in the coming sessions.
“Traders may consider buying Dalmia Bharat shares at the current market price, with a stop loss at ₹1,990, aiming for an upside target of ₹2,240– ₹2,260. The structure remains bullish and offers a favourable entry on continuation strength,” said Matalia.
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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.
