Short-Term Stock Recommendations: Ajit Mishra of Religare Broking Identifies Three Top Picks

Market Uncertainty Continues to Plague Indian Stocks

The Indian stock market extended losses for the second consecutive session on Thursday, tracking weak global cues and amid a spike in crude oil prices. The Sensex declined 852 points, or 1.09%, to end at 77,664, while the Nifty 50 crashed 205 points, or 0.84%, to finish at 24,173.05. Over just two sessions, the 30-share pack crashed 1,609 points, or 2%, while the Nifty 50, too, lost almost 2%.

On Friday, 24 April, the domestic market may remain volatile due to persisting uncertainties over a potential US-Iran talks and elevated crude oil prices. Crude oil prices have once again crossed the $100 mark, and the Nifty has entered the support zone of 24,000-24,200. The short-term moving average, i.e., the 20 DEMA, is placed around 23,900, making it crucial for the index to hold this zone to maintain a positive bias.

Despite the market's volatility, select sectors and themes continue to exhibit strength. Hence, participants should remain focused on stock selection and manage trades accordingly.

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Stock Picks for the Short Term

Ajit Mishra, SVP of Research at Religare Broking, recommends buying the following three stocks for the next 1-2 weeks:

Glenmark Pharmaceuticals

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Glenmark Pharmaceuticals delivered a strong performance on Thursday, 23 April, pushing the sectoral index towards the breakout zone of the prevailing consolidation phase. Among them, Glenmark stood out as a key outperformer, hitting a fresh record high. The stock has also broken out of an elevated base formed after nearly a month of consolidation above the neckline of a broader triangular pattern. This price action highlights underlying strength and suggests a continuation of the prevailing uptrend.

The chart structure remains constructive, featuring a trend continuation breakout, sustained accumulation above the neckline, and a fresh upside breakout, indicating potential for further gains ahead.

JSW Energy

With sectoral momentum improving in the energy space, previously lagging stocks are now witnessing renewed buying interest and appear ready for the next phase of the uptrend following a corrective spell. JSW Energy is one such name, having spent over a year in consolidation while building a strong base. Its recent move toward the upper end of this range, backed by strong volumes, signals a potential breakout and the start of a fresh upward leg.

In view of the constructive price structure and supportive sectoral outlook, long positions may be considered in line with the mentioned levels.

Marico

Marico continues to maintain its structural strength within a long-term uptrend, trading within a well-defined rising channel over the past year. After finding support near the lower boundary of this channel, the stock rebounded, breaking out of a bullish pivot and reclaiming its key moving averages, signalling strengthening momentum. This price action suggests potential trend resumption from current levels.

In the near term, the stock appears well-positioned to extend its recovery toward the upper trendline and may potentially move toward new highs thereafter. The support zone in the ₹750-740 range provides a cushion on the downside, making the current risk-reward favourable for selective long positions.