Top Short-Term Picks: HCL Tech, Tech Mahindra, Jio Financial

The Indian stock market has been under consistent pressure for the past five trading sessions, witnessing a significant downturn. During this period, the Sensex has plunged by 1,675 points, while the Nifty 50 has declined by 488 points, marking a 2.1% drop. Analysts believe this correction presents potential short-term buying opportunities in select stocks.

Experts expect the market to witness volatility in the short term due to concerns over weak earnings, foreign capital outflow, a global trade war, and the rupee’s weakening against the dollar.

Also Read:- Mamata Banerjee declares TMC to go solo in Bengal election, INDIA bloc ally weighs in

As the market sentiment remains cautious, experts suggest picking stocks with favorable technical indicators for the short term. Shiju Koothupalakkal of PL Capital, Vishnu Kant Upadhyay of Master Capital, and Hardik Matalia of Choice Broking recommend buying the below nine stocks as they expect them to rise 9-29 per cent in the next 2-3 weeks. Take a look:

Shares to buy

Shiju Koothupalakkal, Senior Manager & Technical Research Analyst at PL Capital – Prabhudas Lilladher, recommends REC with the following levels:

• Previous Close: ₹423.45
• Target Price: ₹515
• Stop Loss: ₹407
• Upside Potential: 22%

REC stock has witnessed a gradual slide recently. It has arrived near the lower band of the descending channel pattern on the daily chart, taking support near ₹400.

After a decent pullback, the bias has improved. The RSI is well placed and has picked up well from the oversold zone to indicate a positive trend reversal, signalling a buy.

Also Read:- Comedian Samay Raina Under Police Scrutiny for Show Remarks

Torrent Power | Previous close: ₹1,350.15 | Target price: ₹1,600 | Stop loss: ₹1,300 | Upside potential: 19%

Torrent Power stock has slipped significantly in the last three months from the peak of 2,037. Recently, maintaining a strong support level near ₹1,300, the stock again indicated a pullback to improve the bias.

“A decisive move above ₹1,440 shall further strengthen the trend, indicating further rise. The RSI has recovered sharply to signal a buy with a positive trend reversal and upside potential and strength visible,” said Koothupalakkal.