Stocks to buy for short term: Infosys, HCL Tech among 6 technical picks analysts recommend for next 2-3 weeks

Stocks to buy for short term: The Indian stock market is reeling due to a heavy selloff in most sectors amid a relentless foreign capital outflow, rising US bond yields and dollar and weakening domestic macro.

The benchmark index Nifty 50 is now 12 per cent down from its all-time peak of 26,277.35, reached on September 27 last year. Experts expect the market to remain volatile ahead of Budget 2025. Factors such as Q3 earnings, US President-elect Donald Trump's trade policies and the US Fed's interest rate path are also key factors that will decide the course of the market.

As the market sentiment appears fragile, experts advise maintaining extreme caution while picking stocks to buy at this juncture. Vishnu Kant Upadhyay of Master Capital Services and Hardik Matalia of Choice Broking recommend buying the below six stocks for the next 2-3 weeks. Take a look:

Vishnu Kant Upadhyay, AVP - Research and Advisory at Master Capital Services

HCL Technologies | Buy at ₹1,990 | Target price: ₹2,140, ₹2,180 | Stop loss: ₹1,889

HCL Technologies has recently witnessed a breakout from an ascending triangle pattern on the daily chart, supported by a significant surge in trading volumes, indicating strong buying interest.

The stock trades above key moving averages, including the 21-day and 55-day EMA (exponential moving average), reflecting a robust upward momentum.

The RSI is trending upward, showing strength without being overbought, while the MACD has crossed above the signal line, further supporting the bullish sentiment.

"The breakout suggests the continuation of the prevailing uptrend, with the potential for further upside towards ₹2,140 and ₹2,180," said Upadhyay.

Eris Lifesciences | Buy at ₹1,280 | Target price: ₹1,400 | Stop loss: ₹1,212

Eris Lifesciences is currently trading near the lower range of its consolidation box, a key support level which enhances the probability of a bullish revival.

The stock has previously respected this range, indicating strong demand at lower levels.

The 200-day EMA positioned below the current price further reinforces the support zone.

The RSI is hovering near the oversold territory, signalling the potential for a positive reversal.

"While the MACD is yet to confirm a bullish crossover, its proximity to the signal line hints at a possible uptrend in momentum," Upadhyay observed.

Dabur India | Buy at ₹515 | Target price: ₹580 | Stop loss: ₹480

Dabur India is trading near a critical support zone around ₹490 - 500, which has historically acted as a strong base for the stock.

The price action shows signs of recovery, supported by a positive close in recent sessions. The 100-month EMA positioned slightly below the current price strengthens the support area, providing additional confidence for a potential reversal.

RSI is gradually inching higher from oversold territory, suggesting improving momentum. The MACD histogram also reflects diminishing bearish pressure, hinting at a possible bullish crossover.

"If the stock sustains above the ₹490-480 level, it could initiate an upward move toward ₹580 in the medium term," said Upadhyay.

Mandar Bhojane, Equity Research Analyst, Choice Broking

Infosys | Buy at ₹1,962.2 | Target price: ₹2,120, ₹2,140 | Stop loss: ₹1,888

Infosys has recently formed an inverted head and shoulders pattern on the daily chart. The stock is on the verge of a breakout, accompanied by a significant increase in trading volume, which indicates strong buying interest and potential for further upside momentum.

The RSI at 57.6, trending upward, reflects a strengthening bullish sentiment.

"A decisive close above ₹1,980 could unlock short-term targets of ₹2,120 and ₹2,140. On the downside, immediate support is located at ₹1,935, presenting a favourable buying opportunity on dips. To manage risk effectively, a stop loss at ₹1,888 is recommended to guard against unexpected market reversals," said Bhojane.

Tega Industries | Buy at ₹1,593.75 | Target price: ₹1,720, ₹1,740 | Stop loss: ₹1,520

Tega has been consolidating near a support level in a demand zone. The daily chart shows signs of a bullish reversal, which enhances the credibility of the bullish pattern.

A surge in trading volumes reflects strong buying interest and the potential for continued bullish momentum.

"A sustained close above ₹1,620 could trigger short-term targets of ₹1,720 and ₹1,740. On the downside, key support is positioned at ₹1,560, providing an excellent buying opportunity on dips. To manage risk effectively, a stop loss at ₹1,520 is recommended to protect against unexpected market pullbacks," Bhojane said.

GRM Overseas | Buy at ₹200.95 | Target price: ₹230, ₹240 | Stop loss: ₹185.5

GRM Overseas has recently broken out of a descending trend line on the daily chart. The price is consolidating near the breakout level, indicating potential for further upside.

This breakout, accompanied by a significant surge in trading volume, suggests strong bullish momentum. The RSI at 51, trending upward, indicates strengthening bullish sentiment.

"A decisive close above ₹205 could pave the way for short-term targets of ₹230 and ₹240. On the downside, immediate support is seen at ₹190, offering a favourable buying opportunity on dips. To manage risk effectively, a stop-loss at ₹185.5 is recommended to safeguard against potential market reversals," said Bhojane.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.