Shares to purchase for brief time period: Jigar Patel of Anand Rathi picks THESE 3 shares to purchase for the subsequent 2-3 weeks

Shares to purchase for brief time period: Indian inventory market benchmark, Nifty 50, ended within the pink on Saturday, February 1, snapping its four-day successful streak after Finance Minister Nirmala Sitharaman introduced a Union Price range that was broadly consistent with expectations.

The Nifty 50 is now above the 23,000 mark, however world cues, particularly uncertainty surrounding US President Donald Trump’s tariff insurance policies, stay key dangers for the market.

In addition to, on buyers’ radar is that this week’s rate of interest determination of the Financial Coverage Committee (MPC) of the Reserve Financial institution of India (RBI).

The Indian inventory market is predicted to stay risky, monitoring world cues and because of warning forward of the RBI MPC final result this week. At this juncture, specialists suggest betting on choose high quality shares. Jigar S. Patel, Senior Supervisor of Fairness Analysis at Anand Rathi Share and Inventory Brokers, recommends shopping for shares of Tata Energy, Nestle and Zee Leisure for the subsequent two to 3 weeks. This is what the skilled says:

Shares to purchase

Tata Energy Firm | Earlier shut: ₹368.40 | Shopping for vary: ₹360-365 | Goal value: ₹410 | Cease loss: ₹340

In September 2024, Tata Energy peaked at ₹495, then declined about 32 per cent, forming a sample of decrease highs and decrease lows.

It has created a bullish AB=CD sample and a double backside close to the ₹340 help degree.

This double backside falls between the 50 per cent and 61.8 per cent Fibonacci retracement of the prior rally.

Additionally, bullish divergence is seen in gradual and quick stochastics, indicating potential upward momentum.

“Given these alerts, we suggest initiating a protracted place between ₹360-365, focusing on a value of 410. A stop-loss must be set beneath 340 on a every day closing foundation to handle threat,” mentioned Patel.

Nestle India | Earlier shut: ₹2,327.20 | Shopping for vary: ₹2,275-2,330 | Goal value: ₹2,550 | Cease loss: ₹2,175

Final week, Nestle India discovered sturdy help within the ₹2,130-2,100 zone, the place a number of technical components aligned, resulting in a pointy 5.40 per cent rebound.

The help zone was strengthened by a long-term trendline from 2018 on the weekly chart, the 200-period EMA on the weekly timeframe, and the earlier breakout zone, making it a robust purchase candidate.

This confluence of help signifies a possible pattern reversal.

“Given this setup, we suggest going lengthy within the ₹2,275-2,330 vary, focusing on ₹2,550. A cease loss must be positioned beneath ₹2,175 on a every day closing foundation. The technical construction suggests a beneficial risk-reward ratio, making this a pretty alternative for positional merchants trying to capitalize on the inventory’s energy,” mentioned Patel.

Zee Leisure Enterprises (ZEEL) | Earlier shut: ₹109.05 | Shopping for vary: ₹107-110 | Goal value: ₹130 | Cease loss: ₹97

ZEEL has fashioned a bullish butterfly sample close to the ₹100 degree, signalling a possible reversal. Again-to-back bullish Harami candlesticks additional validate this sample on January 29 and 31, 2025.

Moreover, the RSI displays an impulsive construction close to the oversold zone, suggesting lower-level shopping for curiosity.

The hourly Stochastics additionally point out bullish divergence, reinforcing the probability of a pattern reversal.

“Given these technical alerts, we suggest a protracted place within the ₹107-110 zone, with an upside goal of ₹130. A stop-loss must be positioned beneath ₹97 on a every day closing foundation. This setup presents a beneficial risk-reward alternative, with a number of bullish confirmations supporting a possible restoration within the inventory,” mentioned Patel.

Learn extra tales by Nishant Kumar

Disclaimer: The views and suggestions above are these of particular person analysts, specialists, and brokerage companies, not Mint. We advise buyers to seek the advice of licensed specialists earlier than making any funding selections.