3 Stocks To Buy For Short-Term Investors And Traders

Markets have inched-up higher even today. The Sensex has surged 329 points as sentiments have turned better, following a sharp reversal in inflation data for Nov, 2022. Here are a few stocks to buy, as suggested by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd.

BUY BAJAJ FINANCE

Current market price: Rs 6625, Target price Rs : 7300, Stop Loss: Rs 6350

The stock has made a decent correction right from 7750 to 6387 levels and has made a trend reversal with MORNING STAR pattern on the daily chart to indicate improvement in the bias and further rise is anticipated. Also it has completed 50 % retracement level of the recent correction and with a decisive move past 6700 ( 200 DMA ) would further strengthen the trend and can anticipate further upward movement for higher targets. The RSI indicator also has confirmed the buy signal with a trend reversal and we suggest to buy this stock for an upside target of 7300 keeping the stop loss of 6350.

Buy BSE Ltd

Current market price: Rs 590, Target: Rs 650 Stop loss: Rs 570

The stock has made a double bottom formation like pattern in the daily chart and has recovered substantially from thereon and is on the rise. We anticipate further momentum in this stock to scale still higher targets and with also the RSI indicator reversing its trend signaling a buy, it has maintained a positive bias. We recommend this stock for a buy for an upside target 650 of keeping a stop loss of 570

BUY KOTAK BANK

Current market price: Rs 1865, Target price: Rs 2040 Stop loss: Rs 1800

The stock after the short correction has attained the trendline support zone of 1850 levels to show signs of bottoming out and is anticipated to give a pullback to improve the bias and indicate a trend reversal. With a move past the significant 50EMA level of 1898, the trend would be further strengthened to expect targets of 2000-2040 in the coming days. With the risk reward ratio favourable, we recommend a positional buy in this stock for an upside target of 2040 keeping a stop loss of 1800.

Disclaimer

The stock has been picked from the brokerage report of Prabhudas Lilladher. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article.