The Indian stock market remained under strong pressure for the second consecutive session on Monday, March 9, with the benchmark Sensex crashing 1,353 points, or 1.71%, to end at 77,566, and the NSE counterpart Nifty 50 declining 422 points, or 1.73%, to close at 24,028.
Both indices lost 3% over two consecutive sessions amid escalating US-Iran tensions, rising crude oil prices, the rupee's fall to record lows, and heavy selling by foreign institutional investors (FIIs).
Technically, the Nifty 50 is now near 24,000, getting closer to its key support at 23,850. Experts fear a break of this level may push the index to 23,700 or even lower.
As market sentiment is weak, experts recommend maintaining extreme prudence in picking stocks.
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, highlighting their favourable technical setup. Take a look:
Stock picks for the short term
Expert: Vishnu Kant Upadhyay, AVP Research Advisory, Master Capital Services Ltd.
Larsen & Toubro (L&T) | Previous close: ₹3,842.10 | Target prices: ₹4,100 and ₹4,200 | Stop loss: ₹3,700
Upadhyay underscored that Larsen & Toubro shares have staged a strong rebound from the vicinity of their previous horizontal support zone, indicating renewed buying interest at lower levels.
Notably, this support area also coincides with the 50-week EMA, reinforcing the technical significance of the level.
The broader chart structure remains constructive, with the stock continuing to maintain a higher-high, higher-low formation.
"The confluence of key support and improving price structure suggests strengthening bullish momentum and potential for further upside in the near term," said Upadhyay.
Aurobindo Pharma | Previous close: ₹1,247.30 | Target prices: ₹1,350 and ₹1,400 | Stop loss: ₹1,180
According to Upadhyay, Aurobindo Pharma shares have delivered a bullish breakout from a symmetrical triangle pattern, supported by a notable surge in volumes, indicating strong buying participation.
The stock is trading comfortably above its key moving averages, reinforcing the positive trend structure.
Momentum indicators also support the move, with RSI holding around the 60 mark, suggesting improving strength without being overbought.
"The confluence of pattern breakout, volume expansion, and strong momentum points toward a constructive near-term outlook," said Upadhyay.
Balrampur Chini Mills | Previous close: ₹492.60 | Target prices: ₹530 and ₹540 | Stop loss: ₹468
Upadhyay said Balrampur Chini Mills shares have confirmed a bullish reversal after forming a base near recent lows.
The stock has reclaimed all its key EMAs, signalling improving trend strength and a shift in short-term momentum.
The reversal is further supported by a bullish RSI divergence, indicating strengthening underlying momentum.
Additionally, the recent breakout was accompanied by a significant surge in volumes, reinforcing the credibility of the move.
"The improving chart structure and strengthening momentum suggest potential for continued upside in the near term," said Upadhyay.
Expert: Hitesh Tailor, Technical Research Analyst, Choice Broking
Natco Pharma | Previous close: ₹1,002.70 | Target price: ₹1,080 | Stop loss: ₹950
According to Tailor, Natco Pharma shares have recently delivered a breakout from a symmetrical triangle pattern, indicating a potential continuation of the uptrend.
The stock has also witnessed a bullish moving average crossover and is sustaining above key EMAs, reflecting a strong technical structure.
This breakout is supported by healthy volumes, strengthening the reliability of the move.
Additionally, RSI is trending higher and currently stands at 67.28, signalling improving momentum.
"As the stock continues to sustain above the breakout zone, the overall bias remains positive. Short-term traders may consider buying at the current market price with a stop loss at ₹950 for a potential target of ₹1,080, while maintaining disciplined risk management," said Tailor.
NTPC | Previous close: ₹376.25 | Target price: ₹405 | Stop loss: ₹360
Tailor highlighted that NTPC shares have recently delivered a wider range horizontal breakout and are sustaining above the breakout zone with support from rising moving averages, indicating a strengthening price structure.
The stock has also witnessed a bullish moving average crossover, reinforcing the continuation of the uptrend.
Momentum indicators remain supportive, with RSI at 58.56 and trending higher, reflecting improving strength.
"Given the positive technical setup, short-term traders may consider buying at the current market price with a stop loss at ₹360 for a potential target of ₹405, while maintaining appropriate risk management," said Tailor.
TVS Motor Company | Previous close: ₹3,627.80 | Target price: ₹3,950 | Stop loss: ₹3,450
According to Tailor, TVS Motor Company shares continue to maintain a well-defined rising trend, forming a higher-high higher-low structure on the daily chart.
The stock remains comfortably above its key 200-day EMA and is currently hovering near the 100-day support zone, indicating steady accumulation at lower levels and sustained buying interest during minor pullbacks.
Technically, the recent retracement toward the 0.786 Fibonacci level followed by a sharp rejection highlights strong underlying support and reinforces the prevailing uptrend, Tailor noted.
"Based on the current structure, short-term traders may consider buying at the current market price with a stop loss at ₹3,450 for a target of ₹3,950, while maintaining disciplined risk management," said Tailor.
source:Mint
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not of us. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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