Engineers India, Exide Industries Among Stocks Recommended by Anand Rathi's Jigar Patel for Short-Term Gains

Market Benchmarks Snap Six-Week Losing Streak, Sensex and Nifty 50 Clock Strong Gains

The Indian stock market benchmarks, the Sensex and the Nifty 50, have snapped their six-week losing streak, clocking strong gains of almost 6% each for the week ended April 10. The Nifty 50 on Friday reclaimed the 24,000 mark, closing at 24,050. This encouraging gain, however, comes with a warning sign as tensions in West Asia remain a key challenge for the market.

The US-Iran talks over the weekend have failed, and the US plans to blockade the Strait of Hormuz have intensified fears of a global energy supply shock. Crude oil prices have jumped sharply, with Brent Crude above the $100 a barrel level again. Experts fear that the Indian economy may suffer a serious blow if crude oil prices remain elevated for more than two months.

Nifty 50 Technical Outlook

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According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the sharp, nearly 6% rally in the Nifty 50 last week suggests the move is more than just a relief bounce. The index has convincingly broken above the crucial 23,100–23,400 resistance zone and is sustaining near the 24,000 mark, indicating that a meaningful bottom may be in place and the early stages of a fresh uptrend could be underway.

In the near term, Nifty is likely to retest the 24,500–24,800 zone, which aligns with the 200-day EMA and may act as an immediate resistance band. While some consolidation or a short-term pullback towards the 23,600–23,200 range (gap-fill zone) cannot be ruled out, such declines should be viewed as buying opportunities, given the improving market structure, momentum, and broader participation.

Stock Picks for the Short Term

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Jigar Patel recommends buying the following three stocks for the next one to two weeks:

Engineers India

• Previous close: ₹213.75
• Buying zone: ₹210–215
• Target price: ₹245
• Stop loss: ₹195

Patel pointed out that Engineers India stock has recently witnessed a breakout above its falling trendline, indicating a potential shift in trend. The stock is also finding strong support around its 100-week and 200-week EMAs, reinforcing the bullish setup. From a momentum perspective, the RSI has broken out of its own declining trendline, suggesting strengthening momentum, while the MACD has delivered a bullish crossover near the zero line—often considered an early sign of trend reversal.

Prestige Estates Projects

• Previous close: ₹1,322.40
• Buying zone: ₹1,300–1,325
• Target price: ₹1,465
• Stop loss: ₹1,200

Patel pointed out that over the past two weeks, Prestige Estates' share price has stabilised near the ₹1,090–1,100 zone, which aligns with the 200-week EMA and the S1 yearly pivot, indicating a strong support base. This confluence of long-term support levels suggests that downside risk may remain limited. From a momentum perspective, the RSI has formed a hidden bullish divergence, reflecting underlying strength and hinting at a potential continuation of the uptrend.

Exide Industries

• Previous close: ₹324.50
• Buying zone: ₹315–325
• Target price: ₹365
• Stop loss: ₹300

According to Patel, Exide Industries' share price is currently witnessing strong support near the S1 yearly pivot, which also aligns with a key previous demand zone as observed on the chart. This confluence of support levels indicates a solid base formation and limits downside risk. On the daily timeframe, the RSI has formed a bullish divergence, signalling improving momentum and the possibility of a trend reversal from current levels.