Stocks to buy for short term: From HDFC Bank to Eicher Motors— Ajit Mishra of Religare Broking recommends 3 shares

Stocks to buy for the short term: The Indian stock market ended with healthy gains on Thursday, November 20, driven by gains in select heavyweights amid optimism over a potential India-US trade deal. Market benchmark Nifty 50 scaled its one-year peak of 26,246.65 during the session but ended at 26,192.15, rising 140 points, or 0.54%.

Buying by foreign institutional investors (FIIs) is also underpinning the benchmarks. FIIs bought Indian equities worth ₹283.65 crore in the cash segment on November 20. This week so far, they have pumped in nearly ₹1,600 crore in Indian stocks in the cash segment.

Ajit Mishra, SVP of Research at Religare Broking, pointed out that investor sentiment remained upbeat, supported by renewed FII inflows and positive cues from Asian markets following Nvidia's issuance of strong earnings guidance. The commentary helped ease concerns of an AI-driven bubble, addressing some of the broader worries that had recently pressured global technology stocks.

Mishra expects the ongoing uptrend to remain intact, with the Nifty poised to attempt a fresh record high.

"Immediate support is placed at 26,050–26,000, followed by a major support at 25,800. We continue to recommend a buy-on-dips approach, with a focus on large-cap and quality mid-cap stocks demonstrating sustained relative strength," 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.

HDFC Bank | Previous close: ₹1,008.85 | Buy | Target price: ₹1,080 | Stop loss: ₹975

Mishra pointed out that the private banking space is witnessing renewed participation after the recent rally in PSU banks.

HDFC Bank continues to trade within a broad consolidation range of ₹1,020– ₹940.

Following a V-shaped recovery from its 200-day EMA, the stock paused and formed a small base near the support zone.

It has now resumed its upward bias, breaking out of a buying pivot and gradually moving toward the upper end of its consolidation range.

"A decisive move above the same may open the door for a sustained uptrend. With the stock showing early signs of revival after an extended period on the sidelines, traders may consider this an early opportunity to participate in a potential up move," said Mishra.

Eicher Motors | Previous close: ₹7,125.50 | Buy | Target price: ₹7,580 | Stop loss: ₹6,890

Mishra underscored that the auto counters continue to outperform, regaining positive momentum after a brief pause.

Eicher Motors remains one of the leaders within the space and, in line with the broader trend, has registered a fresh breakout.

Following a stellar rally from July ’25 to September ’25, the stock consolidated in a narrow range for over a month, forming a flag pattern, a classic trend-continuation setup.

The recent breakout from this pattern, supported by strong volumes, indicates the likelihood of a sustained directional move.

"Given the constructive price structure and supportive sectoral backdrop, market participants may consider accumulating positions within the mentioned range to benefit from the ongoing strength," said Mishra.

Max Financial Services | Previous close: ₹1,692.60 | Buy | Target price: ₹1,810 | Stop loss: ₹1,630

Mishra said Max Financial Services has been in a strong uptrend since March 2025, consistently trading above its short to long-term moving averages, which remain positively fanned out—reflecting sustained bullish momentum.

After this sharp rally, the stock entered a consolidation phase, taking a breather in a broader trading range.

Recently, the stock broke out of this consolidation phase with strong volumes, signalling renewed buying interest and improved participation.

"With the uptrend resuming, Max Financial Services has also formed a buying pivot near the neckline of the breakout zone, further strengthening the bullish setup. The overall chart structure remains constructive, and as long as the ₹1,630 support zone is intact, traders may consider initiating fresh long positions for potential upside," said Mishra.

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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.