Shares to buy in short term: Mehta Equities' Riyank suggests Laurus Labs, UPL, PNB stock to buy in short term
At 11:56 IS, the Nifty 50 index was flat at 25,504 . 65, and Sensex too was flat at 83,588.14.
Riyank Arora of Mehta Equities believes Nifty 50 is poised for a breakout above 25,650 level, which could lead the index toward 25,750, and eventually 26,000 in the coming sessions. Arora suggests three stocks to buy. Here's what he says about the overall market.
Nifty 50 continues to trade with a positive bias and is approaching a key overhead resistance at 25,650. A breakout above this level could lead the index toward 25,750, and eventually 26,000 in the coming sessions. On the downside, 25,500 acts as a major support level; if breached, the next key support lies at 24,400. Overall trend remains positive, with momentum indicators supporting further upside, but traders should monitor price action closely near resistance levels for confirmation of continuation.
Bank Nifty is maintaining strength but now faces a critical resistance at 57,600. A decisive close above this zone could take the index higher toward 58,000, where further supply pressure may emerge. On the lower side, 57,000 is an important support, and a breakdown below this could drag the index down to 56,750. Despite short-term consolidation, the trend remains positive, with higher support levels and strong participation from leading banking names.
Riyank Arora recommends these three stocks in the short term - Laurus Labs Ltd, UPL Ltd, and Punjab National Bank (PNB).
Buy | CMP: ₹ 724 | Stop Loss: ₹ 700 | Target: ₹ 800
Laurus Labs is witnessing bullish momentum after consolidating near its support zone. The breakout above ₹ 720 is supported by rising volumes and a firm RSI reading. The stock is trading above key moving averages, suggesting sustained strength. A move toward ₹ 800 is expected in the short term, while ₹ 700 should be kept as a protective stop loss.
Buy | CMP: ₹ 660 | Stop Loss: ₹ 625 | Target: ₹ 750
UPL has shown a strong rebound from its support near ₹ 625 and has now crossed above the ₹ 655 resistance zone with good volume. RSI and MACD both indicate strengthening momentum. If the price sustains above current levels, it could head toward ₹ 750. A stop loss at ₹ 625 is advised to manage risk in case of reversal.
Buy | CMP: ₹ 110 | Stop Loss: ₹ 104 | Target: ₹ 125
PNB has been showing steady accumulation and recently broke above the ₹ 108 resistance mark. The price structure is bullish, supported by rising RSI and a favorable MACD crossover. The banking sector's positive sentiment further enhances the setup. The stock looks well-positioned to rally toward ₹ 125, with a stop loss at ₹ 104 to safeguard positions.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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