Short-term stocks to purchase: The Indian stock market saw impressive gains last month due to comfortable valuations, an improving outlook for economic growth, expectations of rate cuts, and the return of foreign institutional investors (FIIs) to the Indian market, despite the increased uncertainty brought on by US President Donald Trump’s tariff policies.
The benchmark Nifty 50 ended its five-month losing streak in March with a 6.30 percent increase. For the month, stocks including UltraTech Cement, Power Grid, NTPC, Kotak Mahindra Bank, and Bharat Electronics (BEL) increased 14–22%.
Anand Rathi Share and Stock Brokers’ Senior Manager of Equity Research, Jigar S. Patel, noted that the recent market decline seems to be a normal cooling-off following the Nifty’s quick 2,000-point surge.
This pullback was indicated by a negative RSI divergence on the hourly chart around 23,800. Patel did, however, highlight the index’s durability, noting that every dip is being bought into despite selling pressure, which is different from the previous five months’ trend.
The Nifty 500’s oversold state, the lowest long-short ratio among FIIs, and other indicators point to sustained strength.
Right now, the Nifty 50 is around 23,500. Because of the US reciprocal tariff announcement on April 2, analysts predict that the market will continue to be turbulent.
Because of the US tariff announcement on April 2, volatility is anticipated. The Nifty 50 may drop toward 23,400–23,200, providing a buying opportunity, if selling pressure increases. Resistance is at 23,850, with a possible advance toward 24,100–24,200, while the 23,000 level is still a crucial support, according to Patel.
Stock picks for short-term
While the market is expected to remain volatile in the near term, Jigar Patel recommends buying shares of LIC, Nykaa and Finolex Cables for the next two to three weeks.
Life Insurance Corporation Of India (LIC) | Previous close: ₹799.40 | Target price: ₹880 | Stop loss: ₹760 | Upside potential: 10%
Recently, LIC formed an inverse head and shoulders pattern and successfully broke above the neckline.
It has demonstrated consistent strength above the R3 monthly Camarilla pivot, where it is currently situated.
The optimistic feeling was further supported on March 27 by the observation of a bullish engulfing formation.
On the indicator front, the RSI has also created an inverted Head and Shoulders pattern, which reflects the price movement and supports the bullish bias even more.
“On a daily closing basis, we advise traders to go long in the ₹790-800 zone, targeting an upside of ₹880, with a stop loss placed below ₹760,” Patel stated.
FSN E-Commerce Ventures (Nykaa) Previous close: ₹179.08 | Target price: ₹195 | Stop loss: ₹168 | Upside potential: 9%
Strong bullish momentum was indicated by Nykaa’s recent consolidation in the ₹163–168 range, which corresponded with the R3 camarilla monthly pivot.
The bullish view is further supported by the RSI, which validates a bullish divergence and a descending trendline breakout in the price action.
It is a desirable chance for traders because the confluence of technical indications increases the probability of an upward advance.
“With an upside goal of ₹195, we advise starting long positions in the ₹176–179 range. To control risk, a stop loss should be set below ₹168 per day, according to Patel.
Finolex Cables | Previous close: ₹913.35 | Target price: ₹1,015 | Stop loss: ₹860 | Upside potential: 11%
A recent bullish divergence in Finolex Cables caused a 100-point spike from the bottom. It is currently trading at about ₹913 following a slight decline.
Over the past three trading sessions, it has notably maintained above the R3 monthly Camarilla pivot, suggesting possible positive momentum in the upcoming sessions.
The R3 Camarilla daily pivot has also been broken out by the 15-minute intraday chart. Furthermore, as can be seen in the chart, it has supported the 200 EMA high-low zone, which has strengthened our bullish outlook.
Patel stated, “On a daily closing basis, we advise traders to buy within the ₹910-915 zone, targeting ₹1,015 on the upside, with a stop loss below ₹860.”
