Religare Broking Forecasts Short-Term Gains with Recommendations in Bharat Forge, Fortis Health, and Other Stocks

Indian Stock Market Sees Profit Booking, Weak Global Cues Ahead

The Indian stock market benchmarks ended lower on Thursday due to profit booking in select heavyweights. Nifty 50 closed at 24,326.65, down 4 points. The market is expected to see some selling pressure on Friday, 8 May, amid weak global cues, a fresh clash in the Strait of Hormuz, and a rebound in crude oil prices.

Ajit Mishra, SVP of Research at Religare Broking, highlighted that Nifty continues to face a lack of momentum on the upside due to the resistance posed by key moving averages (100 and 200 DEMA) in the 24,550–24,750 zone. However, Mishra added that the noticeable traction across sectors is offering ample trading opportunities.

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Ajit Mishra recommends the following three stocks for the next 1-2 weeks. Bharat Forge continues to exhibit a well-structured uptrend, with short- to long-term moving averages positively aligned and fanning out, indicating sustained underlying strength. Following a controlled pullback, the stock has formed a cup and handle pattern, a classic bullish continuation structure within an existing uptrend. It has now delivered a decisive breakout from this formation, supported by a strong bullish candle and a notable surge in volumes, reinforcing the strength of the move.

Delhivery has shown a strong recovery after breaking out of a cup and handle formation and a declining trendline resistance near the ₹440–450 zone. Following the breakout, the stock has been consolidating within a range, forming an elevated base above both the breakout zone and key moving average supports. Such tight consolidation near resistance typically indicates accumulation ahead of a potential continuation move.

Fortis Healthcare remains in a strong long-term uptrend, trading well above its rising 100-week EMA. After undergoing a healthy correction within a falling channel, the stock has now broken out above the channel resistance, indicating a possible continuation of the primary bullish trend. Price action continues to show strength, supported by improving momentum and the formation of higher lows. Sustaining above the breakout zone could lead to further upside toward the ₹1,010 to ₹1,020 range, while the recent swing low and the 20 DEMA near ₹910 are expected to act as important support levels.