As the new financial year is fast approaching, it's time to consider investing in the Indian stock market. If you are looking for short term investment opportunities in the Indian stock market for the upcoming year of 2023? Look no further! Here are the 5 stocks to invest for short term in India 2023. Our expert technical analyst at GEPL Capital, Mr. Omkar Patil, has handpicked 5 best stocks for short term investment in India 2023. These stocks have great potential to yield double digit returns on your investment, making them a smart choice for those looking to make some quick gains. Don't miss out on these fantastic short term investment opportunities in the Indian stock market for 2023.
Our expert analyst carefully selects these 5 best stocks to buy in India for your short term investment portfolio on regular intervals, taking into account the latest fluctuations in the Nifty and major market updates. These stocks that are served up to you on a silver platter are some of the best stocks to buy in India for short term, providing you with the perfect opportunity to make some quick gains in the Indian stock market (Viz. NSE & BSE). Don't miss out on the chance to invest in these top-performing short term stocks that have been carefully selected by our analyst for your benefit.
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Nifty Fluctuation throughout the week:
Nifty: 18534.10 (As on close of 02-Jun-23)
- On the monthly timeframe the Nifty index is maintaining the formation of Higher Highs and Higher Lows while the close being above its prior month high this illustrates the positive undertone in the prices.
- On the weekly timeframe, the NIFTY INDEX has exhibited a notable price action development as the index is trading at the high of 23 weeks. Specifically, the index has maintained the formation of higher highs and higher lows here as well.
- The prices have sustained well above the 14 weeks EMA, this confirms the presence of uptrend. The 14 weeks EMA has acted as a variable support to the prices earlier.
- The Index has a strong support at 18200 (Key Support) Followed by 18042 (Prior Month Low). While on the higher side the mark of 18887 (Life High) followed by 19200 (Extrapolated level) are crucial levels to watch out for.
- The Overall trend looks positive for the NIFTY Index and can drag the prices higher till 18887 followed by 19200, where as a breach below the level of 18000 will negate our bullish stance.
Best Stocks For Short Term Investments:
HOUSING & URBAN DEVELOPMENT CORPORATION LIMITED (HUDCO): - CMP: 61.35 Target 75 Stop Loss 54 upside potential of about 23% from the current level
The Stock of HUDCO has recently surpassed its Multi-Year Resistance level of 59 level which the prices respected since August 2018 illustrating positive undertone of the prices.
- The stock in the latest week has shown a break out of Cup and Handle pattern which indicates beginning of the trend to the upside.
The break out can be confirm as it as accompanied by higher trading volume.
- Momentum indicator RSI has sustained well above the mark of 60 on the daily as well as on the weekly charts which reflects the presence of positive Momentum in the prices.
- Going ahead we expect the prices to move higher till the mark of 75 where the stop lost must be at 54 level.
GLOBUS SPIRITS LIMITED (GLOBUSSPR): - CMP: 1105.80 Target 1400 Stop Loss 1000 upside potential of about 25% from the current level.
The stock of GLOBUSSPR post a correction from Highs of January 2022 has now created a solid base around the level of 740 and has shown a Bounce to the upside which indicates that a solid base formation has been done by the stock.
- In the latest week the stock has shown of break out of Rounding bottom pattern which can be confirmed by the participation of higher volumes.
While the 18 weeks EMA has also been surpassed by the stop which confirms the beginning of the trend to the upside
- The Relative Strength Index (RSI) is rising and has sustained well above the mark of 60 on the weekly timeframe reflecting momentum built-up
- Going ahead we expect the prices to move higher till the level of 1400 where the stop loss must be 1000 on the closing basis.
AUROBINDO PHARMA LIMITED (AUROPHARMA): - CMP: 662.50 Target 800 Stop Loss 670 upside potential of about 20% from the current level
The stock of AUROPHARMA post the correction from May 2021 now has started to get into the formation of Higher highs and Higher Lows.
- The break out of Flag and pole pattern on the weekly time frame indicates a continuation of the trend to the upside.
The 36 weeks EMA was acting as a variable resistance which has been surpassed thereby confirming the beginning of the trend to the upside.
- The RSI on the weekly timeframe has shown a hidden divergence reflecting bullish momentum.
- Going ahead we expect the prices to move higher till 800 level where the stop loss must be 670 strictly on the closing basis.
REC LIMITED (RECLTD): - CMP: 144.25 Target 160 Stop Loss 138 upside potential of about 11% from the current level.
- The Stock of RECLTD can be found trading above multi – Year levels of 2017 which tells that the stock already is in strong momentum.
- The stock currently retested the Rounding Bottom Pattern and have shown a bounce to the upside. The Breakout was witnessed in late April 2023.