Experts Recommend 6 Stocks for Short-Term Investment

Market Update: Short-Term Stock Picks for the Indian Market

February 24, 2024

The Indian stock market experienced a sharp selloff on Tuesday, February 24, with the Sensex declining by over 800 points and the Nifty 50 falling below 25,500. The market sentiment was negatively impacted by renewed concerns over US tariffs, escalating US-Iran tensions, a selloff in IT stocks, and a jump in crude oil prices and the US dollar.

In light of the market volatility, experts recommend focusing on quality stocks with sound technical indicators. Vishnu Kant Upadhyay of Master Capital Services and Aakash Shah, Research Analyst at Choice Broking, have identified six stocks for short-term investment.

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Stock Picks

Astral

• Previous close: ₹1,635.10
• Target prices: ₹1,770 and ₹1,800
• Stop loss: ₹1,525
• Technical analysis: The stock has sustained firmly above the horizontal resistance breakout on the daily chart, indicating strong price acceptance at higher levels.

HDFC Life Insurance Company

• Previous close: ₹742.45
• Target prices: ₹788 and ₹800
• Stop loss: ₹707
• Technical analysis: The stock has confirmed a decisive neckline breakout from a complex inverse head and shoulders formation on the daily chart, marking a clear structural trend reversal.

Polycab India

• Previous close: ₹7,974
• Target prices: ₹8,600 and ₹8,700
• Stop loss: ₹7,560
• Technical analysis: The stock has registered a decisive breakout into fresh all-time highs on the daily chart, reaffirming the continuation of its primary uptrend.

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

Kalpataru Projects International

• Previous close: ₹1,187
• Target price: ₹1,280
• Stop loss: ₹1,127
• Technical analysis: The stock has delivered a decisive breakout from a falling trendline pattern on the daily chart, indicating a potential shift from a corrective phase to fresh upward momentum.

Precision Wires India

• Previous close: ₹300.26
• Target price: ₹335
• Stop loss: ₹283
• Technical analysis: The stock is approaching a crucial breakout zone near its all-time high levels, signalling a potential continuation of the broader uptrend.

Pricol

• Previous close: ₹630.90
• Target price: ₹678
• Stop loss: ₹600
• Technical analysis: The stock has shown renewed strength by closing above the previous three sessions’ highs, signalling strong bullish intent and continuation momentum.