Stocks to buy for short term: Mehta Equities’ Riyank Arora suggests these 3 shares to buy amid HMPV virus cases in India

Stock market today: The key domestic stock indices, Sensex and Nifty 50, experienced an increase on Tuesday, driven by gains in the energy, auto, and banking sectors, while analysts anticipated that upcoming quarterly earnings reports later this week would shape the short-term direction of Indian equities.

The Nifty 50 rose by 0.36% to reach 23,700.80 points as of 14:05 IST, while the BSE Sensex climbed 0.19% to 78,109.41. On Monday, both indices recorded a decline of approximately 1.6%, marking their worst single-day performance since October 3, 2024, due to concerns about earnings following disappointing updates from various companies, worries over the spread of human metapneumovirus (HMPV), and persistent foreign selling.

Analysts pointed out that the significant selling on Monday, prompted by fears regarding HMPV cases in India, affected the overall market recovery. The market outlook continues to be challenged, and for a rebound to occur, strong fundamentals such as a reduction in interest rates and a favourable Budget are essential.

Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd

Nifty 50

After a significant 388-point decline, immediate support is observed at 23,460, with major support at 23,260. Despite the pullback, the trend remains positive, with immediate resistance near 24,225. A breakout above this level could drive the index toward 24,850. A decisive move above 24,250 is required to confirm a sustained upside. Given its proximity to key support levels, Nifty 50 is positioned to recover toward 24,225 and 24,500 in the near term.

Bank Nifty

Following a steep 1,066-point fall, Bank Nifty has immediate support at 49,800 and major support at 49,500. Immediate resistance lies at 51,000, with further hurdles at 51,600 and 51,900. The index appears to be consolidating near crucial support levels, offering a favourable risk-reward ratio for buyers. A sustained hold above 49,500 could lead to a recovery toward 51,000 and beyond.

Shares to buy for short term

Riyank Arora recommends buying these three stocks in the short term – Enviro Infra Engineers Ltd, Oil and Natural Gas Corporation Ltd (ONGC), and Tata Motors Ltd.

Enviro Infra Engineers Ltd

Buy: ₹311.45 | Stop Loss: ₹289.00 | Targets: ₹340.00 / ₹380.00

Enviro Infra Engineers Ltd is demonstrating strong support at its IPO listing day anchor VWAP level, signaling a solid technical foundation. With momentum building and volumes expected to rise, the stock appears well-positioned for a sharp upward move. This setup offers a compelling opportunity for traders, with potential targets at ₹340 and ₹380. A strict stop loss at ₹289 is recommended to manage risks effectively.

Oil and Natural Gas Corporation Ltd (ONGC)

Buy: Above ₹267.50 | Stop Loss: ₹260.00 | Target: ₹280.00

ONGC is trading near its major trendline resistance at ₹267.50. A breakout above this level could trigger strong momentum, propelling the stock toward ₹280 and beyond. The setup is supported by an anticipated volume surge, indicating near-term strength. A strict stop loss at ₹260 is advised to protect against downside risks.

Tata Motors Ltd

Buy: ₹785.00 | Stop Loss: ₹749.00 | Target: ₹820.00

Tata Motors has rebounded from its AVWAP support level at ₹768, signaling a potential reversal from lower levels. Robust volumes and signs of returning momentum indicate a bullish outlook, with an upside potential toward ₹820. A stop loss at ₹749 should be maintained to manage risks while trading this setup.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.