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Stocks to buy for short term: Despite heightened volatility, the Indian stock market snapped its four-month losing streak in April, with the benchmarks- the Sensex and the Nifty 50- rising 7% each.
Global factors, crude oil prices, and Q4 earnings remained the dominant themes of the market. These are likely to remain the major triggers for the market in May also.
Some encouraging signs are emerging on the geopolitical front. According to reports, US President Donald Trump said on Sunday (local time) that his representatives are engaged in “very positive” talks with Iran.
Major global markets were in the green on Monday morning, while Brent Crude prices were below the $110 per barrel, indicating the domestic market may see positive movement on Monday, 4 May.
From a technical perspective, Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, highlighted that in the previous session, the Nifty 50 faced resistance near the 61.8% Fibonacci retracement, while holding above the crucial 23,800 support, which remains key for the short-term trend.
Patel believes a decisive break below 23,800 may lead to a decline towards 23,500, whereas a sustained move above 24,400 could trigger fresh upside momentum.
Moreover, Patel said Bank Nifty has taken support near the 38.2% retracement of the recent rally, forming an equal length (AB=CD)/alternate wave pattern near the 1.27 extension on the hourly chart, supported by a hidden bullish divergence.
"Going forward, the 54,500–54,400 zone remains critical support, while 55,300 acts as immediate resistance (bearish gap of April 30) for Bank Nifty. A break above 55,300may open the door for an upside towards 56,200–56,300," said Patel.
Jigar Patel recommends buying the following three stocks for the next 1-2 weeks:
Patel said Jio Financial Services share price has recently established a strong base near the 78.6% Fibonacci retracement zone, indicating emerging buying interest at lower levels.
The stock has also formed an inverse head and shoulders pattern, with a confirmed neckline breakout signalling a potential bullish reversal.
The neckline retest has been successfully held, strengthening the validity of the breakout.
Momentum indicators remain supportive, with the RSI sustaining above the 50 mark, reflecting improving strength and a positive bias.
"Overall, the technical structure remains constructive, and sustained strength above the breakout zone could trigger the next leg of the rally. Traders may consider long positions in the ₹248– ₹243 zone, with a stop loss at ₹230 and an upside target of ₹275," said Patel.
According to Patel, Hero MotoCorp share price has completed a classic alternate wave price projection pattern, with the AB=CD structure reflecting symmetry in the ongoing move.
This measured move aligns within the 78.6%–88.6% internal Fibonacci retracement zone, highlighting it as a key potential reversal area.
Further strengthening the setup, the external retracement near the 1.618 extension adds strong confluence to the bullish view.
Momentum indicators also support this outlook, as the RSI shows hidden bullish divergence between 2 April 2026 and 27 April 2026, indicating improving strength.
"With multiple technical factors aligning, the risk-reward appears favourable. Traders may consider buying in the ₹5,140– ₹5,050 zone, with a stop loss at ₹4,900 and an upside target of ₹5,450," said Patel.
Patel pointed out that Castrol India's share price has completed a classic alternate wave price projection pattern, with the AB=CD structure highlighting symmetry in the ongoing move.
This measured move aligns with the 61.8% internal Fibonacci retracement, reinforcing the importance of this zone as a potential reversal area.
Adding to the confluence, the external retracement near the 1.27 extension strengthens the bullish setup.
Momentum indicators further validate this view, as the RSI breakout above the 50 mark indicates improving strength and positive momentum.
"With multiple technical factors converging, the risk-reward appears favourable. Traders may consider buying in the ₹186– ₹180 zone, with a stop loss at ₹166 and an upside target of ₹214," said Patel.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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