Shares to buy in short term: Mehta Equities’ Riyank suggests Sigachi, IFCI, Ola Electric stock to buy

Stock market today: The volatility in the Indian stock market persisted on Tuesday, as both major indices began nearly unchanged, with investor confidence impacted by the significant rise in H-1B visa fees, affecting the IT sector.

The Nifty 50 slipped 0.38% to 25,108 . 65, while the BSE Sensex fell by 0.37% to 81,851.42 at 11:50 IST.

The Nifty 50 index started at 25,209 points, increasing by 6.65 points or 0.03 percent, while the BSE Sensex also opened steady at 82,147.37, dipping slightly by 12.60 points or 0.02 percent.

Experts pointed out that despite market instability, elements such as GST reforms, a typical monsoon, reduced interest rates, and tax incentives are anticipated to bolster consumption and gradually align valuations with growth expectations.

Foreign investors, previously net sellers for several weeks, are beginning to re-enter as buyers. The outlook for earnings upgrades in the second half of FY25 is enhancing their sentiment, particularly towards consumption-oriented sectors, which are likely to garner more interest and provide support to the market in the short term.

Market Views - Riyank Arora, Technical Analyst, Mehta Equities Ltd

Nifty 50 – Technical View

Nifty 50 is expected to remain sideways with a bullish bias, holding major support at 25,000. On the upside, resistance is placed near 25,350, which could cap immediate gains. The index structure suggests consolidation with strength, as buying emerges on dips. Technical indicators are steady, keeping momentum intact. As long as Nifty 50 sustains above 25,000, the broader outlook remains constructive, and traders may adopt a buy-on-dips strategy while targeting higher zones toward resistance levels.

Bank Nifty

Bank Nifty is likely to trade sideways with a positive undertone, as support at 55,000 remains intact. Resistance is placed at 55,500, and a breakout above this level could extend gains further. The overall structure is resilient, with accumulation visible in frontline banks. Momentum indicators reflect underlying strength. Sustaining above 55,000 will be crucial to maintain this bullish bias, while dips should be considered as buying opportunities for traders looking for short-term gains.

Shares to buy for short term

Riyank Arora recommends these three stocks in the short term - Sigachi Industries Ltd, IFCI Ltd, and Ola Electric Mobility Ltd.

Sigachi

Buy | CMP: ₹43 | SL: ₹40 | Target: ₹50

Sigachi is showing signs of accumulation near its support zone of ₹40. The stock is trading at ₹43 and sustaining above short-term averages, indicating underlying strength. Volumes are supportive, and RSI is trending upward, suggesting further upside. A move above current levels could drive the stock towards ₹50 in the near term. Traders may consider fresh long positions while keeping a strict stop-loss at ₹40 to manage risk effectively.

IFCI

Buy | CMP: ₹58.60 | SL: ₹55 | Target: ₹70

IFCI has been showing strong momentum, rebounding from its support zone near ₹55. The stock is currently trading at ₹58.60 and is well-placed above short-term moving averages, highlighting sustained buying interest. Volumes are rising, and momentum indicators are pointing higher, suggesting potential for further gains. A sustained move above current levels can drive prices toward ₹70. Traders may accumulate with a stop-loss at ₹55 to protect against downside risks.

Ola Electric

Buy | CMP: ₹58 | SL: ₹54 | Target: ₹70

Ola Electric is consolidating above its key support level of ₹54 and is currently trading at ₹58, showing steady strength. The stock is holding above short-term averages, while improving RSI suggests momentum is building. A breakout from the current zone can open the way toward ₹70 in the short term. Traders may consider buying at current levels with a protective stop-loss at ₹54, as the overall trend remains positive with scope for upside.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.