Stocks to buy for short term: From UCO Bank to Concord Biotech— Jigar Patel of Anand Rathi recommends 3 shares

Stocks to buy for the short term: The Nifty 50 closed last week with modest gains of nearly 1 per cent, extending gains to the third consecutive week. The rise in the market was aided by the US Fed’s 25-bps rate cut and optimism around India–US trade ties.

According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, Nifty’s close above 25,150 confirmed a breakout, establishing 24,400 as a strong bottom and shifting the market into a buy-on-dips mode.

Resistance is now seen at 25,500–25,650, with a decisive move above 25,650 likely to pave the way for new highs. Support rests at 25,150–25,000, said Patel.

Bank Nifty outperformed, climbing over 1 per cent on a weekly basis to close above 55,000.

Patel said the breakout reinforces strength, with support placed at ₹55,000–54,500 and resistance around ₹56,000.

Stock picks for the short term

Jigar Patel recommends buying shares of UCO Bank, Concord Biotech, and Jyoti CNC Automation for the next two to three weeks.

UCO Bank | Previous close: ₹31.05 | Target price: ₹35 | Stop loss: ₹28.50

UCO Bank has recently confirmed the completion of Wave 2 on the weekly Elliott Wave structure, as highlighted in the chart, setting the stage for a potential Wave 3 rally.

Supporting this outlook, bullish divergence is observed on both the MACD line and histogram, indicating improving momentum.

Alongside this, a noticeable surge in volumes and a trendline breakout further validate the strength of the ongoing move.

"These technical signals collectively point to a favourable risk-reward setup. Hence, long positions are recommended in the ₹31–30 zone, with an upside target of ₹35 in the near term. To manage downside risk, a stop-loss should be placed below ₹28.5 on a closing basis," said Patel.

Concord Biotech | Previous close: ₹1,695.10 | Target price: ₹1,850 | Stop loss: ₹1,600

The stock has seen a trendline breakout, accompanied by a notable surge in volumes, indicating renewed buying interest.

A bullish crossover on the MACD near the zero line further supports the technical setup, which often signals the beginning of sustained upward momentum.

Additionally, Concord Biotech's share price action has shown a reversal from the pitchfork support zone, strengthening the positive outlook.

"Based on these factors, a buying opportunity is recommended in the range of ₹1,700–1,670 levels. The stock has the potential to move higher towards ₹1,850 in the near term if momentum continues. A stop-loss should be maintained at ₹1,600 on a closing basis to manage risk effectively and protect against adverse market moves," said Patel.

Jyoti CNC Automation | Previous close: ₹953.90 | Target price: ₹1,050 | Stop loss: ₹900

A double bottom formation is visible on the charts, supported by bullish divergence on both the MACD histogram and signal line, highlighting improving momentum.

Additionally, a triangle breakout has been confirmed, further strengthening the bullish setup and suggesting potential for continued upside for Jyoti CNC Automation.

"Considering these technical signals, a buying opportunity is recommended in the ₹955–940 range. The stock is well-positioned to move towards ₹1,050 in the near term if the breakout sustains," said Patel.

"To manage risk, a stop-loss should be placed at ₹900 on a closing basis. This confluence of bullish patterns and indicators reflects strong market participation, making the setup favourable for traders with a positive bias," said Patel.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, 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.