Shares to buy: Riyank Arora of Mehta Equities suggests these four stocks to buy in short term

Stock market today: On Wednesday, the domestic benchmark indices, Nifty 50 and Sensex, showed muted performance, aligning with trends in Asian markets amid ongoing worries about a potential global tariff war. Meanwhile, shares of the Adani Group were in the spotlight, experiencing some upward movement despite lingering concerns related to bribery allegations against its billionaire founder. These developments continue to attract attention as investors assess the broader implications for the market, according to experts.

The Nifty 50 was flat, reaching 24,188.00 points as of 11:51 a.m. IST, while the Sensex too was flat at 79,956.89 level.

Asian stocks remained muted as investors expressed concerns about potential tariff targets under the incoming US President Donald Trump, especially following his recent commitment to impose new levies on Canada, Mexico, and China.

Siddhartha Khemka, head of Research at Motilal Oswal Financial Services, indicated that the anticipated higher tariffs on China, combined with the upcoming monthly futures and options expiry on Thursday, could trigger periods of profit booking in the next couple of trading sessions, according to a Reuters report.

Mid-market Views - Riyank Arora, Technical Analyst, Mehta Equities Ltd

Nifty 50

Nifty 50 has witnessed a breakaway gap breakout on its daily time frame charts, decisively moving above its major resistance level of 24,000. The immediate support is positioned near 24,100, with a stronger support zone around 23,900. On the upside, the index faces immediate resistance at 24,350; a sustained move above this level could propel the rally towards the next targets of 24,500 and 24,600.

The overall trend remains positive, provided the index maintains levels above 24,100.

Bank Nifty

Bank Nifty has also experienced a breakaway gap breakout on its daily time frame charts, surpassing the trendline resistance level of 51,700. The index is currently trading near a critical resistance level of 52,600 and showed signs of profit booking during Tuesday's session. Immediate support is identified at 51,900, with the next significant support at 51,600.

The broader trend is expected to remain bullish as long as the index holds above 51,600.

Shares to buy for short term

Riyank Arora recommends buying these four stocks in the short term - Siemens India, Ashok Leyland, L&T Technology Services, and Torrent Pharmaceuticals.

Siemens India

Current Market Price (CMP): ₹7,426

Stop Loss (SL): ₹7,100

Targets: ₹7,600 and ₹7,800

Analysis: Siemens India has successfully broken out above the AVWAP resistance level of ₹7,227 and is currently undergoing a throwback to re-test this breakout zone. The stock finds strong support near ₹7,100, which serves as an effective stop-loss level. A surge in trading volumes underscores the breakout, while the RSI (14) reading at 57 reflects strong momentum, reinforcing the bullish outlook. Upside targets of ₹7,600 and ₹7,800 are well within reach.

Ashok Leyland

Current Market Price (CMP): ₹232

Stop Loss (SL): ₹222

Targets: ₹240 and ₹245

Analysis: Ashok Leyland has broken out above its swing high resistance of ₹230 and is holding firmly above this level. The stock is now witnessing a throwback to its previous resistance, which has transitioned into support. With a favourable risk-reward ratio, a stop-loss at ₹222 is advised. The breakout is supported by bullish momentum, positioning the stock for potential upside targets of ₹240 and ₹245.

L&T Technology Services

Current Market Price (CMP): ₹5,481

Stop Loss (SL): ₹5,300

Targets: ₹5,700 and ₹5,800

Analysis: L&T Technology Services has achieved a breakout above its swing high resistance of ₹5,424 and continues to demonstrate strength above this level. The RSI (14) reading near 64 reflects consistent bullish momentum and strong buying interest. The stock is well-positioned to achieve upside targets of ₹5,700 and ₹5,800. A stop-loss at ₹5,300 is recommended to effectively manage risk.

Torrent Pharmaceuticals

Current Market Price (CMP): ₹3,205

Stop Loss (SL): ₹3,150

Targets: ₹3,400 and ₹3,500

Analysis: Torrent Pharma has broken out above ₹3,241 and is currently experiencing a throwback to test its support level. The chart structure reflects strong bullish sentiment, bolstered by increasing volumes that confirm the breakout. A stop-loss at ₹3,150 ensures a favourable risk-reward ratio. The stock is poised to achieve upside targets of ₹3,400 and ₹3,500.

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