Stocks to buy for short term: Jigar Patel of Anand Rathi picks 3 stocks to buy for 2-3 weeks; do you own any?

Stocks to buy for short term: Indian stock market benchmark Nifty 50 ended in the green for the third consecutive session on Friday, March 7. However, the index clocked a nominal gain of 8 points to end at 22,552.50 as concerns over foreign capital outflow, major trade war, and economic growth slowdown continue weighing on sentiment. Nevertheless, the index closed with a gain of nearly 2 per cent, snapping the losing run of the last three consecutive weeks.

According to Ajit Mishra, SVP- Research at Religare Broking, the Nifty 50 faces a crucial hurdle at its 20-day exponential moving average (DEMA) near 22,700.

"A sustained move above this level, supported by banking stocks, could push the index towards the 23,200-23,400 range. However, a close below 22,250 may stall the recovery and lead to a retest of the key support zone between 21,800 and 22,000," said Mishra.

Shares to buy

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, recommends buying Reliance Industries, Axis Bank and GMR Airports shares for the next two to three weeks.

Reliance Industries | Previous close: ₹1,249.80 | Buying range: ₹1,235-1,250 | Target price: ₹1,350 | Stop loss: ₹1,200 | Upside potential: 8%

Reliance recently broke below its crucial support at ₹1,200 but quickly rebounded by 60-70 points, signalling strong buying interest.

The stock found support at the S3 Camarilla monthly pivot, a key level indicating bullish strength. This suggests that the breakdown was likely a false move, and upside momentum could follow.

"We recommended a long position in the ₹1,235-1,250 range, targeting ₹1,350. The stop loss should be set below ₹1,200 on a daily closing basis to manage risk. If Reliance sustains above support, it may continue its upward movement, making this a favourable risk-reward trade," said Patel.

Axis Bank | Previous close: ₹1,037.65 | Buying range: ₹1,030-1,040 | Target price: ₹1,135 | Stop loss: ₹985 | Upside potential: 9%

Axis Bank has exhibited strong consolidation in the ₹980-1,030 range. On March 7, it broke its previous swing high and closed above it, along with R3 Camarilla resistance, reinforcing bullish strength.

The monthly Camarilla pivots show a narrow “higher overlapping value relationship”, hinting at a possible explosive move this month.

The daily RSI further validates this buildup in price action, adding confidence to the bullish bias.

"Considering these factors, a long position is advised in the ₹1,030-1,040 zone, targeting ₹1,135. A stop loss should be placed below ₹985 on a daily closing basis to limit risk," said Patel.

GMR Airports | Previous close: ₹72.82 | Buying range: ₹72-73 | Target price: ₹80 | Stop loss: ₹68 | Upside potential: 10%

GMR Airports has broken its falling trendline with a strong bullish candle, surpassing the R3 Camarilla Monthly resistance.

This suggests bullish momentum in the coming sessions. The daily RSI has also given a falling trendline breakout, further confirming the strength.

The stock has returned to the broken trendline and R3 pivot, making it a favourable entry zone.

"Based on this setup, a long position is recommended in the ₹72-73 range, targeting ₹80 on the upside. A stop loss should be placed below ₹68 on a daily closing basis to manage risk," said Patel.

"The combination of trendline breakout, RSI confirmation, and price action signals a strong upward move," Patel said.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.