Stocks to buy for short term: Varun Beverages, Havells among 9 technical picks experts recommend for next 2-3 weeks

Stocks to buy for short term: A day after rising 0.61 per cent, Indian stock market benchmark Nifty 50 crashed nearly 1 per cent in intraday trade on Tuesday, January 21, on profit booking at higher levels.

Uncertainty surrounding Donald Trump's trade policies, US Fed interest rate trajectory, unimpressive Q3 earnings and foreign capital outflow keep market sentiment fragile.

Experts expect the bulls to remain on the back foot in the short term ahead of the Union Budget 2025. They advise maintaining caution while picking stocks to buy at this juncture. Below are nine stocks that analysts recommend buying for the next 2-3 weeks. Take a look:

Stocks to buy

Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL - Prabhudas Lilladher Pvt Ltd

HFCL | Previous close: ₹105.48 | Buying range: ₹100 to ₹106 | Target price: ₹122 | Stop loss: ₹94 | Upside potential: 16%

The stock has corrected well in the last four months from the peak of ₹171. It recently indicated a trend reversal from ₹92, witnessing a pullback and improving the bias.

"Further rise is anticipated, with the RSI also confirming a positive trend reversal from the highly oversold zone and signalling a buy with much upside potential visible on the daily chart. With the chart technically well-placed and attractive, we suggest buying the stock for an upside target of ₹122, keeping the stop loss at ₹94," said Koothupalakkal.

Havells India | Previous close: ₹1,601.10 | Buying range: ₹1,550 to ₹1,590 | Target price: ₹1,725 | Stop loss: ₹1,480 | Upside potential: 8%

The stock recently witnessing a slide has arrived near the base of the descending channel pattern on the daily chart to take support around ₹1,508 level.

A pullback has improved the bias. The RSI has indicated a positive trend reversal from the highly oversold zone. It has signalled a buy with much upside potential visible to carry on with the positive move further ahead.

"With the chart technically looking good, we anticipate further rise and suggest buying the stock for an upside target of ₹1,725, keeping the stop loss of ₹1,480," said Koothupalakkal.

HBL Engineering | Previous close: ₹565.35 | Buying range: ₹545 to ₹565 | Target price: ₹640 | Stop loss: ₹520 | Upside potential: 13%

The stock has witnessed a decent erosion from ₹740 and has shown signs of bottoming out near ₹525, forming a double bottom pattern on the daily chart. A pullback seen has improved the bias. The RSI has corrected well, indicating a positive trend reversal from the oversold zone to signal a buy.

"With rising volume participation witnessed, we anticipate a further rise in the coming days and suggest buying the stock for an upside target of ₹640, keeping the stop loss of ₹520 level," Koothupalakkal said.

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

Varun Beverages | Previous close: ₹552.90 | Buying price: ₹550 | Target price: ₹600 | Stop loss: ₹520 | Upside potential: 9%

Varun Beverages (VBL) has witnessed a healthy correction, bringing prices closer to a crucial demand zone.

The stock continues to trade above the 21-month EMA, which has historically acted as a reliable support level, indicating the long-term bullish structure remains intact.

Volume analysis further strengthens the outlook, as the declining phase was accompanied by a volume reduction, suggesting a lack of aggressive selling pressure.

Moreover, the recent price action reflects positive momentum, with signs of reversal forming near this strategic support zone.

Nestle India | Previous close: ₹2,214 | Buying price: ₹2,215 | Target price: ₹2,430 | Stop loss: ₹2,090 | Upside potential: 10%

Nestle India has shown a strong technical setup with a double-bottom formation on the monthly chart, indicating a potential bullish reversal.

The stock is trading comfortably above its 50-month EMA, which has consistently acted as a reliable support level in its long-term uptrend.

Volume analysis aligns with the positive outlook, as recent price recovery has been accompanied by increased trading activity, highlighting growing investor interest.

Price action suggests bullish momentum, reinforced by momentum oscillators favouring the buying side.

Apollo Hospitals | Previous close: ₹6,780.85 | Buying price: ₹6,825 | Target price: ₹7,420 | Stop loss: ₹6,538 | Upside potential: 9%

Apollo Hospitals displays a bullish setup as prices trade within a horizontal consolidation box, indicating accumulation at current levels.

The stock has rebounded strongly from the lower range of the box, highlighting buying interest near support zones.

Prices remain above the 50-week EMA, reinforcing the stock's underlying strength and signalling a continuation of its long-term uptrend.

Volume analysis supports this bullish stance, with increased activity accompanying the recent rebound, suggesting active participation by buyers.

With the consolidation phase nearing its breakout point, prices are well-positioned for an upward move.

Mandar Bhojane, Equity Research Analyst, Choice Broking

Inox Green Energy Services | Previous close: ₹171.72 | Buying price: ₹171.72 | Target price: ₹190, ₹195 | Stop loss: ₹161 | Upside potential: 14%

Inox Green Energy is consolidating below a descending trend line and showing signs of a potential breakout. The stock has witnessed an increase in trading volume, reflecting strong buying interest and the potential for further upside momentum. "With the RSI at 54.34 trending upward, a close above ₹174 could unlock short-term targets of ₹190 and ₹195. Immediate support lies at ₹167, making it a good buying opportunity on dips, while a stop-loss at ₹161 is advised to safeguard against unexpected reversals," said Bhojane.

Premier Energies | Previous close: ₹1,193.95 | Buying price: ₹1,193.95 | Target price: ₹1,300, ₹1,320 | Stop loss: ₹1,134 | Upside potential: 11%

Premier Energies is trading within a parallel channel and showing signs of a bullish reversal after bouncing from the lower channel support. This consolidation, backed by a surge in trading volumes, strengthens the bullish pattern.

"A sustained close above ₹1,200 could trigger targets of ₹1,300 and ₹1,320. On the downside, key support is at ₹1,160, presenting an attractive entry point for investors. To mitigate risks, a stop-loss at ₹1,134 is recommended," Bhojane said.

Zaggle Prepaid Ocean Services | Previous close: ₹536.25 | Buying price: ₹536.25 | Target price: ₹580, ₹590 | Stop loss: ₹510 | Upside potential: 10%

Zaggle is on the verge of breaking out from a descending trend line on the daily chart. The stock's price consolidation near the breakout level, accompanied by a surge in trading volume, indicates strong bullish momentum.

The RSI, trending upward at 52.92, suggests strengthening buying interest.

"A decisive close above ₹540 could lead to short-term targets of ₹580 and ₹590. On the downside, immediate support is at ₹525, offering a favourable buying opportunity on dips, with a stop-loss recommended at ₹510 to manage risk effectively," 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.