Kotak Mahindra Bank, Ashok Leyland Among Jigar Patel's Top Short-Term Stock Picks
Indian Stock Market Faces Challenges Amid Rising Oil Prices and Geopolitical Concerns
The Indian stock market faced significant challenges last week, with the benchmark indices, Sensex and Nifty 50, experiencing a decline of 2.7% and 2.2%, respectively. The Nifty 50, which closed at 23,643.50 on Friday, 15 May, broke below the crucial support level of 23,900, retracing nearly 50% of its previous rally.
Technical Analysis Suggests Key Resistance and Support Levels
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the key resistance for this week is placed near 23,850. A sustained move above this level may trigger fresh upside towards 24,500–25,000. On the downside, support is placed near 23,500, below which Nifty may retest 23,300–23,100 levels.
Read also: Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4
| Index | Current Level | Previous Level | Change |
|---|---|---|---|
| Sensex | 23,643.50 | 24,200 | -2.7% |
| Nifty 50 | 23,643.50 | 24,200 | -2.2% |
| Bank Nifty | 53,200 | 54,500 | -2.5% |
Stock Picks for Short-Term Investment
For the next 1-2 weeks, Jigar Patel recommends buying the following three stocks:
Kotak Mahindra Bank
- Buying zone: ₹385 to ₹390
- Target price: ₹425
- Stop loss: ₹365
Kotak Mahindra Bank shares have formed a strong base near the ₹370–380 zone, which coincides with the yearly Camarilla support and floor pivot levels. The stock is showing signs of stability after recent consolidation, while the RSI remains above 50, indicating positive momentum and improving strength.
Ashok Leyland
- Buying zone: ₹152 to ₹154
- Target price: ₹168
- Stop loss: ₹145
Ashok Leyland is showing signs of stability near the crucial ₹150 support level. The MACD indicator is gradually losing downside momentum, indicating that selling pressure may be fading.
Bikaji Foods International
- Buying zone: ₹650 to ₹670
- Target price: ₹730
- Stop loss: ₹625
Bikaji Foods share price is witnessing stability near the crucial ₹640–650 support zone. Both the MACD and DMI indicators are showing positive signals, indicating improving strength and momentum in the counter.
Investor Takeaway
Investors should consider buying stocks like Kotak Mahindra Bank and Ashok Leyland for short-term gains.
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