Kotak Securities Analyst Names Three Short-Term Stock Picks

Nifty 50 Sees Significant Gains, Experts Warn of Potential Profit Booking

The Nifty 50, India's domestic stock market barometer, has seen a significant surge of 627 points, or 3%, over the last three trading sessions. This uptrend has led the index to reclaim the 23,750 mark.

Experts attribute the recent gains to short covering after a sharp decline. However, the sharp increase in crude oil prices driven by the US-Iran war may trigger profit booking, despite technical charts indicating a further uptrend.

Technical Analysis

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A bullish candle on daily charts and an uptrend continuation formation on intraday charts suggest a further uptrend from the current levels. However, experts warn that a sharp jump in crude oil prices may lead to profit booking at higher levels.

Short-Term Stock Picks

Titan Company

• Previous close: ₹4,146
• Target price: ₹4,440
• Stop loss: ₹4,010 Titan Company shares have staged a steady recovery from lows after declining from higher levels. The stock has broken out of a downward-sloping channel, indicating a potential shift in trend.

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GMR Airports

• Previous close: ₹92
• Target price: ₹99
• Stop loss: ₹89 GMR Airports shares have reversed from a key demand zone, signaling renewed buying interest. The stock has formed a double bottom pattern on the daily chart, indicating a potential trend reversal.

Granules India

• Previous close: ₹587
• Target price: ₹620
• Stop loss: ₹565 Granules India shares are consolidating within a symmetrical triangle pattern on the weekly chart, indicating that bullish momentum may persist in the short term. The stock has formed a higher bottom formation, reflecting underlying strength and the potential for a fresh breakout soon.