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Stocks to buy for the short term: Market benchmarks ended higher on Monday, 4 May, buoyed by positive global cues, while assembly election results, which showed the BJP is set to form government in West Bengal and Assam, also influenced sentiment.
The Sensex closed 356 points, or 0.46%, higher at 77,269.40, while the Nifty 50 rose by 122 points, or 0.51%, to close at 24,119.30 on Monday.
The market may remain volatile on Tuesday as crude oil prices have again surpassed the $110 per barrel mark, and global cues are weak.
According to experts, the Nifty has resistance in the 24,600–24,800 zone, while immediate support is near 23,800 and 23,500.
Experts recommend focusing on quality stocks with strong fundamentals and favourable technical indicators at this juncture.
Vishnu Kant Upadhyay of Master Capital Services and Hitesh Tailor of Choice Broking recommend the following six stocks to buy for the next 1-2 weeks.
Upadhyay pointed out that Crompton Greaves Consumer Electricals' share price is showing early signs of a base after a prolonged downtrend, with a confirmed double bottom breakout indicating a potential reversal.
The setup was supported by positive RSI divergence, signalling fading downside momentum.
Rising volumes on the breakout highlight improving buyer participation. Price action has turned constructive, with higher lows forming.
"The ₹258-price zone, aligned with 21-day EMA, remains a key support; a decisive move below this level could trigger fresh selling pressure and weaken the bullish trend," said Upadhyay.
According to Upadhyay, Ramkrishna Forgings shares are showing a constructive bullish reversal after breaking out of a declining trendline, supported by a well-formed double bottom on the daily chart.
The breakout was accompanied by a notable surge in volumes, indicating strong buying participation.
Price structure has improved significantly, transitioning into a pattern of higher highs and higher lows, which reflects strengthening momentum.
"The overall setup suggests accumulation at lower levels, and as long as the stock sustains above the breakout zone, it is likely to witness continued upside in the near term," said Upadhyay.
According to Upadhyay, Manappuram Finance shares are displaying a strengthening bullish structure after breaking out of a declining trendline, signalling a shift in momentum.
The stock further accelerated its move with a consolidation breakout above ₹270, indicating sustained buying interest.
Price action remains constructive, with a clear pattern of higher highs and higher lows reflecting trend strength.
"The ability to hold above key breakout levels suggests underlying demand, and the current setup points toward continued upside potential in the near term, provided the structure remains intact," said Upadhyay.
According to Tailor, GMR Airports' share price has shown a positive shift in momentum with a breakout above its falling trendline, indicating a potential trend reversal.
The bullish EMA crossover, along with support taken at the 20-day EMA, suggests strength in the ongoing move.
RSI at 58.46 is trading above the midpoint, reflecting improving momentum and buying interest.
"One could look to initiate positions around ₹98.90, keeping a tight stop loss at ₹94 to limit downside risk. The current setup indicates a possible move towards the ₹108 zone. Maintain disciplined risk management and appropriate position sizing while taking the trade," said Tailor.
Tailor said Grasim Industries' share price is showing strengthening momentum, supported by a short-term EMA bullish crossover and a rebound from the 20-day EMA, indicating buying interest at lower levels.
The stock has recently broken out of a sideways range with a strong bullish candle on the daily timeframe, suggesting trend continuation.
RSI at 64 is trading above the midpoint, reflecting improving momentum.
"Traders may consider initiating long positions near the current market price of ₹2,856, with a strict stop loss placed at ₹2,720 to manage downside risk. The ongoing setup indicates a potential upside towards the ₹3,100 level. It is advisable to follow disciplined risk management and position sizing while executing the trade," said Tailor.
Tailor pointed out that Polycab India's share price is displaying strong bullish momentum, having taken support near its prior swing zone and rebounded sharply, indicating sustained buying interest.
The stock has delivered a decisive breakout above a 9-day consolidation range on the daily timeframe, signalling trend continuation. The formation of higher highs and higher lows further reinforces the positive structure.
"Traders may consider positions near the current market price, with a stop loss at ₹7,950, while the setup indicates potential upside towards the ₹9,100 zone, offering a favourable risk–reward opportunity," said Tailor.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, 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.
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