Stocks to buy for short term: Swiggy among 3 shares Amol Athawale of Kotak Securities recommends buying today
AI Summary
The domestic market experienced modest gains, with the Sensex up 0.17% and Nifty 50 up 0.11%, amidst rising US-Iran tensions and high crude oil prices. Technical indicators suggest indecision in the market, with key resistance at 24,200 and support at 24,000. Analyst Amol Athawale recommends buying Swiggy and PB Fintech for short-term gains, highlighting bullish patterns and potential price targets of ₹290 and ₹1,730, respectively.
Stocks to buy for the short term: The domestic market eked out modest gains on Wednesday amid rising tensions between the US and Iran and elevated crude oil prices.
The Sensex gained 130 points, or 0.17%, to close at 77,185.43, while the Nifty 50 settled at 24,078.50, rising 26 points, or 0.11%.
As per experts, a Doji candle on the daily charts and non-directional movement on intraday charts signal indecision between bulls and bears.
According to Amol Athawale, VP - Technical Research at Kotak Securities, 24,200 will serve as the key resistance, while 24,000 remains a crucial support.
Above 24,200, the market may rally towards 24,300-24,350, while a break below 24,000 could trigger fresh selling pressure, Athawale added.
Athawale believes if 24,000 is breached, the market may retest the 50-day SMA (simple moving average), near 23,800-23,750.
Amol Athawale recommends buying the following three stocks for the next 1-2 weeks:
Athawale pointed out that Swiggy's share price is gaining further traction for a fresh up move after its incredible up move and a breather of the last few sessions.
The structure of the chart formation indicates a bullish continuation pattern, which is likely to persist in the near term.
"For the next few trading sessions, ₹260 could be the trend decider level for the bulls. If it sustains above the same, we can expect further uptrend towards ₹290," said Athawale.
Athawale highlighted that on the daily timeframe, after undergoing a correction from higher levels, PB Fintech share price had been trading in a range-bound mode.
Recently, it witnessed a range breakout supported by decent volumes, indicating renewed buying interest.
Additionally, the RSI indicator is pointing towards strengthening momentum, suggesting the potential for further upside from the current levels.
The breakout above the resistance zone signals the possibility of continued bullish momentum in the coming sessions.
"For the traders, ₹1,555 would be the key support level to watch out. Above which the uptrend structure could continue towards ₹1,730," said Athawale.
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