Stocks To Buy For Short Term: Indian stock markets crashed on Monday, March 30, as Sensex and Nifty dropped around 1.5 per cent each and extended massive losses from the previous weeks.
Nifty and Sensex began the week with a sharp decline on Monday, March 30 and remained highly volatile amid escalating US-Iran tensions and rising Brent crude prices. The Sensex slumped 1,100 points on the opening bell, and the Nifty opened below 22,500 points.
As of 10 AM, the stock market continued its downward trend. The benchmark Sensex was trading 718 points, or 0.98 per cent, lower at 72,864. The Nifty was also trading 214 points, or 0.94 per cent, lower at 22,513.
On that note, we bring to you short-term investment picks recommended by Axis Direct, with the investment picks for a 3-4 week horizon, targeting up to 20 per cent returns in 1 month. Take a look.
Stocks To Buy For Short Term
Brokerage firm Axis Direct has recommended Dalmia Bharat Sugar and Industries Limited as a short-term investment pick with a potential upside of up to 20 per cent in the next 3-4 weeks.
The stock is currently trading at Rs 345 with a suggested buy range between Rs 329 and Rs 335. The brokerage has advised maintaining a stop loss at Rs 303 to manage risk.
From a technical perspective, the stock has recently broken above a key resistance level of Rs 320 on the weekly chart. This level had been acting as a downward trendline since October 2024. The breakout is seen as a strong signal of a potential medium-term uptrend.
According to the analysis, if the stock sustains above the Rs 320 level, it could attract further buying interest and potentially move towards the Rs 390–Rs 400 range in the short term.
The Apollo Pipes is currently trading at Rs 428 with a suggested buy range between Rs 405 and Rs 397. The brokerage has further recommended maintaining a stop loss at Rs 385.
The relative strength index (RSI) has broken past the resistance level of 61, which further confirms bullish momentum. Overall, this suggests the stock could move up toward the 433-460 range.
Apart from buying stocks, Axis Direct has also recommended selling a stock. The brokerage has recommended selling UPL Ltd due to weak performance. The stock sees a possible downside of 9 to 11 per cent.
The UPL stock is currently trading at Rs 598 with a suggested sell range between Rs 605 and Rs 615. The brokerage has further recommended maintaining a stop loss at Rs 638.
The stock is currently showing a strong downtrend and continued selling pressure as the stock is trading below its 20, 50, 100 and 200-day averages. Momentum is also weak, as the weekly RSI is below its key level. RSI is still moving under a downward trendline, confirming ongoing weakness. Overall, this suggests the stock could fall further toward the 555–545 range.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
