Stocks to buy for short term: From Glenmark Pharma to United Spirits— Ajit Mishra of Religare Broking suggests 3 shares

Stocks to buy for the short term: The Indian stock market is at a record high, driven by optimism around potential interest rate cuts by the US Fed and the RBI in December, hopes of an end to the Russia-Ukraine war, weakness in the US dollar, and easing crude oil prices.

The Nifty 50 reached an all-time high of 26,310.45 on November 27 but ended flat due to profit booking at higher levels.

Interestingly, momentum is missing in the mid and small-cap segments. Experts believe the market may see the next leg of the rally only if the broader market sees a recovery and global cues remain supportive.

According to Ajit Mishra, SVP of Research at Religare Broking, positive momentum may continue, with the Nifty 50 gradually advancing toward the 26,500 mark.

"On the downside, immediate support lies in the 26,100–26,050 region, with major support near 25,800. Traders should maintain a buy-on-dips approach, focusing on sectoral rotation and strong stock-specific setups," said Mishra.

Stock picks for the short term

Mishra suggests buying the following three stocks for the next one to two weeks as he sees a favourable technical setup for them.

Glenmark Pharmaceuticals | Buy | Target price: ₹2,100 | Stop loss: ₹1,870

Mishra pointed out that after retracing from its all-time high, Glenmark Pharma's share price stabilised at a key support cluster comprising the previous resistance neckline, the 50% Fibonacci retracement, and the 200-EMA.

This confluence helped halt the decline and facilitated a strong base formation, with the stock trading in a narrow range—absorbing supply and indicating accumulation for potential trend resumption.

"The current price setup suggests a likely recovery and continuation of the broader uptrend. With limited downside and a favourable risk–reward structure, traders may consider accumulating the stock," said Mishra.

Samvardhana Motherson International | Buy | Target price: ₹126 | Stop loss: ₹111

According to Mishra, Samvardhana Motherson has been steadily moving higher, forming a base-on-base structure while consistently taking support along its rising trendline.

The stock recently delivered a breakout from an elevated base, decisively crossing its multi-month resistance zone.

Throughout its recovery from the 70 levels, the price action has been supported by robust volumes, reinforcing the underlying strength in the counter.

"With this fresh breakout and momentum aligning positively, the stock appears well-positioned for further upside. Traders may consider accumulating the stock with a stop loss at ₹111, aiming for a target of ₹126," said Mishra.

United Spirits | Buy | Target price: ₹1,550 | Stop loss: ₹1,390

Mishra said United Spirits has witnessed a healthy recovery following a prolonged corrective phase.

After forming a base near a key support zone and reclaiming major moving averages, it is now trading firmly above the consolidation breakout and the 20-DEMA.

"The recent price-volume pattern indicates potential for further upside, with the stock likely to head toward ₹1,550 in the near term. Traders may consider participating in the ongoing momentum for favourable gains," said Mishra.

Read all market-related news here

Read more stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, 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.