Stocks to Watch: 6 Short-Term Picks from Crompton Greaves to Polycab Suggested by Market Experts

Market Benchmarks End Higher on Monday

Market benchmarks ended higher on Monday, 4 May, buoyed by positive global cues, while assembly election results, which showed the BJP is set to form government in West Bengal and Assam, also influenced sentiment. The Sensex closed 356 points, or 0.46%, higher at 77,269.40, while the Nifty 50 rose by 122 points, or 0.51%, to close at 24,119.30 on Monday.

Market Outlook

The market may remain volatile on Tuesday as crude oil prices have again surpassed the $110 per barrel mark, and global cues are weak. According to experts, the Nifty has resistance in the 24,600–24,800 zone, while immediate support is near 23,800 and 23,500.

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Stock Picks for the Short Term

Experts recommend focusing on quality stocks with strong fundamentals and favourable technical indicators at this juncture. Vishnu Kant Upadhyay of Master Capital Services and Hitesh Tailor of Choice Broking recommend the following six stocks to buy for the next 1-2 weeks.

Comparison of Stock Picks

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Stock Picks and Recommendations

Vishnu Kant Upadhyay, AVP- Research at Master Capital Services

• Crompton Greaves Consumer Electricals: Upadhyay pointed out that the share price is showing early signs of a base after a prolonged downtrend, with a confirmed double bottom breakout indicating a potential reversal.
• Ramkrishna Forgings: According to Upadhyay, the shares are showing a constructive bullish reversal after breaking out of a declining trendline, supported by a well-formed double bottom on the daily chart.
• Manappuram Finance: Upadhyay said that the shares are displaying a strengthening bullish structure after breaking out of a declining trendline, signalling a shift in momentum.

Hitesh Tailor, Technical Research Analyst at Choice Broking

• GMR Airports: Tailor said that the share price has shown a positive shift in momentum with a breakout above its falling trendline, indicating a potential trend reversal.
• Grasim Industries: Tailor said that the share price is showing strengthening momentum, supported by a short-term EMA bullish crossover and a rebound from the 20-day EMA, indicating buying interest at lower levels.
• Polycab India: Tailor pointed out that the share price is displaying strong bullish momentum, having taken support near its prior swing zone and rebounded sharply, indicating sustained buying interest.