Stocks to buy for short term: Biocon among 3 shares Ajit Mishra of Religare Broking recommends for next 1-2 weeks
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The Indian stock market has faced a decline for four consecutive sessions, with the Nifty 50 index dropping 2% and currently resting below 23,900. Ajit Mishra from Religare Broking suggests a stock-specific approach amid ongoing volatility and geopolitical concerns, recommending Biocon and Mahindra and Mahindra for short-term investment due to their strong technical structures and favorable market conditions.
Stocks to buy for the short term: The Indian stock market extended its losing streak for the fourth consecutive session on Thursday amid rising crude oil prices and persistent geopolitical concerns.
Benchmark Nifty 50 has lost 2% in these four sessions, and is now below 23,900.
Ajit Mishra, SVP of Research at Religare Broking, pointed out that the index has once again retested the lower band of its prevailing consolidation range of 23,800–24,400.
He believes a decisive break below this support could trigger the next leg of the decline towards 23,600, which coincides with the rising trendline support. On the upside, the 24,000–24,150 range may act as the immediate resistance on any rebound.
"Given the mixed earnings outlook, elevated geopolitical risks, and persistent volatility, we continue to advocate a stock-specific approach while maintaining disciplined risk and position management," said Mishra.
Ajit Mishra recommends buying the following three stocks for the next 1-2 weeks:
Mishra highlighted that Biocon continues to maintain a robust technical structure, with the stock forming an elevated base above the neckline of its previous consolidation breakout.
It has been attracting consistent buying interest on declines while sustaining comfortably above its key weekly moving averages, highlighting strong underlying demand.
"This phase of healthy consolidation is likely to pave the way for a resumption of the broader uptrend. As long as the stock holds above the ₹420–415 support zone, buying momentum is expected to remain intact," said Mishra.
"Given the constructive chart pattern and favourable risk-reward profile, traders may consider accumulating the stock within the recommended price range," Mishra said.
Mishra pointed out that Mahindra and Mahindra (M&M) share price is displaying improving technical momentum, supported by the strengthening outlook for the auto sector, which has been witnessing renewed buying interest after a prolonged base formation.
The stock has established a solid base above a crucial support zone and recently confirmed a breakout from its consolidation range, accompanied by a noticeable rise in trading volumes.
It has also reclaimed its key long-term moving average, indicating a probable trend reversal and the conclusion of the recent corrective phase.
"The stock's resilience amid broader market volatility, coupled with improving sectoral sentiment, further strengthens the case for continued upside," said Mishra.
"Considering the favourable technical setup, investors may consider accumulating the stock within the recommended buying range," Mishra said.
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