Anand Rathi Analyst Recommends Three Stocks for Short-Term Gains

Market Update: Nifty 50 Falls Amid Geopolitical Tension, Mixed Q4 Earnings

The Indian equity benchmark Nifty 50 fell 2% for the week ended 24 April, snapping its two-week winning run, due to geopolitical tension between the US and Iran, higher crude oil prices, and mixed Q4 earnings. The market is expected to focus on the US Federal Reserve's policy decision on Wednesday, 29 April, which is expected to keep its policy rate unchanged amid increased risk of inflation rising due to higher energy prices.

Key Upcoming Event: US Federal Reserve's Policy Decision

The US Federal Reserve is expected to keep its policy rate unchanged at its meeting on Wednesday, 29 April, as Jerome Powell's term as Federal Reserve Chairman expires on 15 May. Powell's last policy meeting will be followed by a new policy meeting scheduled for June 16-17. Meanwhile, US President Donald Trump has picked Kevin Warsh to lead the Federal Reserve after Powell.

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Market Outlook: Nifty 50 Consolidates

According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the Nifty 50 is consolidating after a strong rally, with immediate resistance at 24,400–24,800 and support at 23,800–23,500. Patel believes that the decline appears more like a healthy correction within an uptrend, and stabilisation near 23,500–23,600 could pave the way for a rebound toward 24,600–25,000 levels.

Stock Picks for Short Term

Patel recommends buying the following three stocks for the next 1-2 weeks:

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

PVR INOX: Strong Base Formation

Patel highlighted that PVR INOX shares are showing signs of a strong base formation, having created multiple bottoms in the ₹950–₹900 zone over the past one year, as visible on the chart. This repeated support suggests buying interest emerging at lower levels. The current base is forming near the 88.6% Fibonacci retracement of the entire rally from the COVID low, which is often considered a key reversal zone in technical analysis.

Intellect Design Arena: Bullish Bat Harmonic Pattern

According to Patel, a bullish Bat harmonic pattern is visible on the weekly chart of Intellect Design Arena stock, indicating the possibility of a trend reversal from current levels. The potential reversal zone (PRZ) is further strengthened as it coincides with the S1 floor yearly pivot support in the same vicinity, making this area technically important.

JSW Energy: Signs of Strength

Patel said after a prolonged consolidation phase between ₹535 and ₹445, JSW Energy shares are showing signs of strength. This range also coincides with the 200-week EMA, which has acted as a strong long-term support zone, indicating accumulation at lower levels. Sustaining above this important moving average adds confidence to the bullish outlook.