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Stocks to buy for short term: The Indian stock market benchmarks ended lower on Thursday due to profit booking in select heavyweights. The Nifty 50 closed at 24,326.65, down 4 points.
On Friday, 8 May, the market may see some selling pressure amid weak global cues, a fresh clash in the Strait of Hormuz, and a rebound in crude oil prices.
Ajit Mishra, SVP of Research at Religare Broking, highlighted that Nifty continues to face a lack of momentum on the upside due to the resistance posed by key moving averages (100 and 200 DEMA) in the 24,550–24,750 zone.
Ajit Mishra recommends three stocks for the next 1-2 weeks: Bharat Forge with a target price of ₹2,140 and stop loss of ₹1,920, Delhivery with a target price of ₹524 and stop loss of ₹460, and Fortis Healthcare with a target price of ₹1,020 and stop loss of ₹910.
Bharat Forge is exhibiting a well-structured uptrend with positive moving averages and has broken out of a cup and handle pattern with strong volume, indicating potential for a fresh upward leg.
Delhivery has shown a strong recovery after breaking out of a cup and handle formation and consolidating above key moving average supports. A sustained move above ₹487–490 could trigger fresh upside momentum, reflecting improving momentum.
Immediate support for the Nifty 50 is seen near 23,800, with a more significant cushion around 23,500–23,550. On the upside, resistance is faced at 24,300–24,600, with a stronger supply zone around 24,800–25,000.
Fortis Healthcare is in a strong long-term uptrend, has broken out above a falling channel resistance, and shows improving momentum with higher lows. Sustaining above the breakout zone could lead to further upside towards the ₹1,010 to ₹1,020 range.
However, Mishra added that the noticeable traction across sectors is offering ample trading opportunities.
"We reiterate our preference for a stock-specific approach across sectors, while remaining selective and avoiding the relatively weaker IT space," said Mishra.
Ajit Mishra recommends the following three stocks for the next 1-2 weeks:
Mishra pointed out that Bharat Forge continues to exhibit a well-structured uptrend, with short- to long-term moving averages positively aligned and fanning out, indicating sustained underlying strength.
Following a controlled pullback, the stock has formed a cup and handle pattern, a classic bullish continuation structure within an existing uptrend.
It has now delivered a decisive breakout from this formation, supported by a strong bullish candle and a notable surge in volumes, reinforcing the strength of the move.
"This breakout signals the potential for a fresh upward leg in the ongoing trend, offering an attractive opportunity for participation within the defined trading range," said Mishra.
Mishra highlighted that Delhivery has shown a strong recovery after breaking out of a cup and handle formation and a declining trendline resistance near the ₹440–450 zone.
Following the breakout, the stock has been consolidating within a range, forming an elevated base above both the breakout zone and key moving average supports.
Such tight consolidation near resistance typically indicates accumulation ahead of a potential continuation move.
"A sustained move above ₹487–490 could trigger fresh upside momentum. Overall, the chart reflects improving momentum with a positive short- to medium-term outlook," said Mishra.
Mishra said Fortis Healthcare remains in a strong long-term uptrend, trading well above its rising 100-week EMA.
After undergoing a healthy correction within a falling channel, the stock has now broken out above the channel resistance, indicating a possible continuation of the primary bullish trend.
Price action continues to show strength, supported by improving momentum and the formation of higher lows.
"Sustaining above the breakout zone could lead to further upside toward the ₹1,010 to ₹1,020 range, while the recent swing low and the 20 DEMA near ₹910 are expected to act as important support levels," said Mishra.
Disclaimer: This story is for educational purposes only. 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.
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