Stocks to buy for short term: Mahindra and Mahindra among 3 shares Amol Athawale of Kotak Securities recommends
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Stocks to buy for the short term: The Indian stock market benchmark Nifty 50 opened 0.40% lower at 23,905 on Thursday, 23 July, and extended losses to hit an intraday low of 23,876, down 0.50% from the previous close of 23,996. The index is now down for the fourth consecutive session and is below its crucial support of 24,000-24,100. In the previous session, the index slipped below the 20-day SMA (simple moving average) near 24,100. On daily charts, it formed a long bearish candle, indicating continued weakness from the current levels. Amol Athawale, VP - Technical Research at Kotak Securities, believes that as long as the index trades below 24,100, weak sentiment may persist. He said the ongoing correction could extend towards the 50-day SMA, or 23,850. Additional downside may also emerge, potentially dragging the index to 23,750–23,700. However, if the market moves above 24,100, sentiment could improve, and it may rebound to 24,200–24,250, said Athawale. Amol Athawale recommends buying the following three stocks for the next 1-2 weeks: Athawale pointed out that after the downward rally, the Mahindra and Mahindra share price is consolidating within a symmetrical triangle pattern on the daily chart. The presence of higher lows highlights sustained buying interest and underlying strength, suggesting a potential breakout ahead. "For traders, the key level to monitor is ₹3,060, which acts as immediate support. If the stock holds above this level, the positive trend structure would remain intact," said Athawale. "A decisive move beyond the consolidation range may trigger further upside, with the stock likely to head toward the ₹3,390 level in the coming sessions," Athawale said. Athawale said that on the weekly scale, after a remarkable rally and a breather of the last few sessions, the Marico share price is gaining further traction for an up move. The breakout from the consolidation structure of the chart formation indicates a bullish continuation pattern. Therefore, upward momentum in the stock is likely to persist in the near term. "As long as the stock is trading above ₹830, the bullish texture is likely to continue. Above which, the stock could move up to ₹920," said Athawale. As per Athawale, on the daily charts, Apollo Hospitals Enterprise's share price is in a rising channel formation with a higher-low series. The stock witnessed a steady recovery from its short-term moving averages. Additionally, the technical indicator RSI is also indicating a further uptrend from current levels, which could boost the bullish momentum in the near future. "For the next few trading sessions, ₹8,600 could be the trend decider level for the bulls, if it sustains above the same, we can expect further uptrend towards ₹9,550," said Athawale. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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