Anand Rathi's Jigar Patel Recommends 3 Stocks for Short-Term Gains

Market Outlook Remains Positive Despite Volatility

The Indian stock market is expected to remain volatile this week, reacting to news flows about US-Iran talks, crude oil price movement, and macroeconomic indicators. The benchmark Nifty 50, which ended at 24,176 on Friday, 8 May, has been in the green for the last two consecutive weeks amid signs of easing geopolitical tensions.

According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, from a technical perspective, the Nifty has confirmed a breakout above the 24,300 zone and briefly crossed the important 24,400 hurdle. Patel highlighted that following the breakout, the index underwent a healthy pullback and successfully retested the breakout area, indicating that the broader bullish structure remains intact. The current setup resembles a symmetrical triangle breakout, which continues to support a positive market outlook.

Going forward, a sustained move above 24,400 could further strengthen bullish momentum and open the gates towards 24,600 and 24,800 levels. On the downside, a breach below 23,900 may weaken the breakout structure and result in renewed consolidation towards the 23,700 zone.

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Short-Term Stock Picks

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

CDSL

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According to Patel, CDSL has corrected and retraced to the 61.8% level of its recent rally, indicating a healthy pullback within a bullish structure. The internal retracement (61.8%), external retracement (2.618%), and APP (1.27) have created a strong confluence zone, leading to price consolidation. Meanwhile, RSI and MACD are showing early signs of reversal from key support levels, suggesting potential upside.

Patanjali Foods

Patel said Patanjali Foods has recently completed its equal-length correction of nearly 132 points. The correction zone also coincides with the important 78.6% Fibonacci retracement level, indicating the presence of strong support near current levels. Following the recent decline, the stock is showing signs of stabilization, while technical indicators are gradually turning in favor of the bulls, suggesting improving momentum and potential upside recovery.

Kalyan Jewellers India

Patel highlighted that Kalyan Jewellers India has developed a bullish AB=CD harmonic pattern and has formed a strong base near ₹400, indicating accumulation at lower levels. The stock has also shown signs of stability after a corrective phase, while technical indicators such as RSI and MACD are gradually turning positive, suggesting improving momentum and renewed buying interest.