Indian equity benchmarks are finally showing some signs of fatigue after breaking a series of records. Is this just the right time to take short-term positions in promising stocks? Analysts have selected five stocks from a short-term perspective to help investors make most of the current pause in the market. Stocks such as Delta Corp, HCL Tech and Zee Entertainment are high on their list. Here are other stocks you can buy now for solid gains in the next few weeks.
Delta Corp: The stock appears to be in strong bullish momentum, respecting its 10-day moving average on a closing basis. Momentum indicators are likely to stay in overbought territory for some more time. Travel is expected to pick up by the end of the year, which could give the much-needed push to Delta Corp shares. Buying is recommended at Rs 290 for a target of Rs 325 with a stop loss at Rs 273. (Analyst: Santosh Meena, Swastika Investmart)
OFSS: The stock appears to have broken out of a swing high along with huge volume. Technically, OFSS is headed for the Rs 5,150 level, and the next stop could be Rs 5,500 if it manages to absorb selling pressure around Rs 5,200. One can buy OFSS shares for a target of Rs 5,150 with a stop loss at Rs 4,800. (Analyst: Shrikant Chouhan, Kotak Securities)
Divi's Labs: The stock is in a strong uptrend and witnessing a breakout of the bullish cup and handle formation. It has taken support in a cluster of 50- and 20-day moving averages after a small pullback. Momentum indicator RSI has moved above the hurdle of 60 with a positive bias. On the downside, the Rs 5,250-5,220 band is expected to act as a strong demand zone. Resistance is expected at Rs 5,500, Rs 5,625 and Rs 5,750 levels on the upside. One can buy Divi's Laboratories shares at Rs 5,372 for a target of Rs 5,625 with a stop loss at Rs 5,250. (Analyst: Santosh Meena, Swastika Investmart)
Zee Entertainment: The stock continues to see rangebound movement with an increase in volatility. Such type of formation favours trending stocks. One can buy Zeel shares for a target of Rs 350 with a stop loss at Rs 300. (Analyst: Shrikant Chouhan, Kotak Securities)
HCL Tech: The counter is showing signs of a near-term top. It is facing resistance at the 20-day moving average and underperforming the Nifty IT index. Momentum indicator RSI has slipped below the 50 mark. On the downside, the 50-day moving average of Rs 1,205 is expected to act as immediate support, and support comes in at Rs 1,180-1,160. One can sell HCL Tech futures at Rs 1,249.5 for a target of Rs 1,180 with a stop loss at Rs 1,275. (Analyst: Santosh Meena, Swastika Investmart)
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