Experts Recommend 5 Stocks for Short-Term Gains: Reliance, Power Grid and SBI Among Top Picks

Indian Stock Market Outlook: 5 Stocks to Buy for Short-Term Gains

The Indian stock market is expected to exhibit positive momentum on Tuesday, March 24, following a decline in crude oil prices, easing US-Iran tensions, and positive global cues. The Sensex crashed 1,837 points, or 2.46%, to close at 72,696, while the Nifty 50 plunged 602 points, or 2.6%, to settle at 22,512.

Short-Term Market Outlook

Experts recommend buying quality stocks at the current juncture, citing a near-term support range of 22,000 - 21,800 for the Nifty 50. Immediate resistance levels are near 22,700 - 22,800.

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Stock Picks for Short-Term Gains

1. Reliance Industries

• Previous close: ₹1,407.80
• Target prices: ₹1,490 and ₹1,535
• Stop loss: ₹1,330
• Reliance Industries' share price is exhibiting relative strength, maintaining a stable price structure and forming higher lows.

2. Power Grid Corporation of India

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• Previous close: ₹302.10
• Target prices: ₹321 and ₹340
• Stop loss: ₹284
• Power Grid Corporation of India's share price is witnessing a bullish reversal setup after breaking out above a declining trendline.

3. Archean Chemical Industries

• Previous close: ₹612.15
• Target prices: ₹660 and ₹680
• Stop loss: ₹560
• Archean Chemical Industries shares have registered a breakout from a rising channel, indicating continuation of the prevailing uptrend.

4. Power Grid Corporation of India

• Previous close: ₹302.10
• Target price: ₹325
• Stop loss: ₹289
• Power Grid Corporation of India's share price is exhibiting improving strength after a prolonged sideways consolidation.

5. Strides Pharma Science

• Previous close: ₹910.40
• Target price: ₹980
• Stop loss: ₹870
• Strides Pharma Science is exhibiting strengthening price action after a phase of sideways consolidation, with a well-established uptrend and sustained bullish bias.