Ajit Mishra Recommends Three Stocks for Short-Term Investment: Glenmark Pharma, Manappuram Finance, and [Third Stock to be Identified]

Market Remains Rangebound Amid Uncertainty

The domestic market benchmarks ended largely flat on Thursday, extending the ongoing consolidation phase amid mixed global cues. The Nifty 50 dropped 4 points to end at 23,654.70, while the 30-share pack Sensex ended 135 points lower at 75,183.36.

Experts expect the market to remain rangebound due to uncertainty over the US-Iran conflict, higher crude oil prices, and mixed Q4 earnings. Persistent foreign institutional outflows, elevated global bond yields, and concerns over inflationary pressures arising from high fuel prices keep the undertone cautious.

Ajit Mishra, SVP of Research at Religare Broking, highlighted that the Nifty once again failed to sustain above its key resistance zone of 23,800–24,000, which has continued to cap the upside in recent sessions. A decisive breakout above this band could trigger fresh short covering and improve the near-term outlook toward the 24,500 mark. On the downside, immediate support is placed around 23,400, followed by a stronger support base in the 23,150–23,250 zone.

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Given the prevailing setup, Mishra maintains a cautious stance on the index and recommends a stock-specific trading approach while maintaining balanced exposure on both the long and short sides. For the next 1-2 weeks, Mishra recommends the following three stocks:

Key Stock Picks

Angel One is participating strongly in the sectoral up move with renewed buying momentum, breaking out of a prolonged consolidation phase with strong volume support. Glenmark Pharmaceuticals continues to show a strong bullish formation, with prices sustaining comfortably above key moving averages. Manappuram Finance has displayed strong bullish momentum following a decisive breakout from a consolidation zone as well as a declining trendline resistance.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Investors may consider accumulating long positions in these stocks within the recommended price ranges. The overall chart structure remains constructive, with momentum indicators signalling the potential for continued upside traction in the near term.