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: 17412.90 (As on close of 10-Mar-23)
- On the weekly timeframe, it can be observed that the weekly candle has maintained Higher high, Higher low formation which suggests improving undertone of the prices.
- The Index has been sustaining above its 38.2% Fibonacci retracement level (17470) for the last 5 weeks which shows good base formation around those levels on the weekly closing basis. This tells that the prices want to move on the Higher side.
- Momentum indicator RSI on the Daily timeframe is forming a higher top higher bottom pattern reflecting a reversal from current downtrend; however, it is still placed below 50 marks indicating lack of positive momentum for the short to medium term.
- The Resistance for the index is placed at the level of 17772 (Weekly High) and 17900 (Key resistance). The downside support for the index is placed at 17600 (Key Support) below 17450 (Key Support).
- We feel that if the Index manages to surpass the level of 17772, the prices can bounce back & move higher to 17900 levels. Whereas a cut below 17600 our bounce back view of the Index will negate and it can eventually drag the prices lower till the level of 17450 marks.
Best Stocks For Short Term Investments:
HARIOM PIPE INDUSTRIES LIMITED (HARIOMPIPES): - CMP: 444.20 Target 510 Stop Loss 420 upside potential of about 14% from the current level
- HARIOMPIPE is in a clear uptrend since its listing which illustrates the positive undertone of the stock.
- Around the level of 375 the stock has witnessed a change in polarity which points towards the rising bullish sentiments behind the prices.
- The 20 days SMA is acting as a strong variable support for the prices, from where the trend recently has shown a bounce from.
- The RSI on the weekly as well as on the Daily timeframe is above 60-mark reflecting strong momentum in the prices.
- Going ahead we expect the prices to move higher to level 510 where the stop loss must be 420 on the closing basis.
ABB INDIA LIMITED (ABB): - CMP: 3377.40 Target 3820 Stop Loss 3150 upside potential of about 12.5% from the current level.
- ABB's stock price has rebounded upwards from the 50% Fibonacci retracement level of its previous uptrend, which started from March 2022 at a price of 1944 and peaked in August 2022 at 3446.
- The stock in the latest week has given a breakout from the Bullish flag pattern which indicates a continuation of prior uptrend.
- The stock on the daily time frame is trading above all its key moving averages such as 50, 100, & 200 days EMA which confirms the presence of the uptrend.
- A bullish reversal on the weekly timeframe of RSI can be witnessed, which shows the presence of strong momentum.
- Going ahead we expect the prices to move higher to the level of 3820 where the stoploss must be 3150 on the closing basis.
USHA MARTIN LIMITED (USHAMARTIN): - CMP: 208.35 Target 245 Stop Loss 197 upside potential of about 17% from the current level
- The stock of USHAMARTIN is in a stellar uptrend since April 2020. The recent correction from Feb 2022 took place decently as the stock did not get into Lower Low, Lower high formation.
- The breakout from the Symmetrical Triangle pattern in December 2022 indicated a continuation of prior uptrend.
- Furthermore, the Bollinger bands have opened with Higher Volumes suggest the rising volatility of the prices for an up move.
- On the Weekly timeframe, the Relative Strength Index (RSI) has shown a range shift, indicating an increase in the momentum of the upward trend.
- Moving forward, we expect prices to rise to the level of 245 with a recommended stop loss of 197 on a closing basis.
BALRAMPUR CHINI MILLS LIMITED (BALRAMCHIN): - CMP: 399.35 Target 450 Stop Loss 380 upside potential of about 13% from the current level.
- BALRAMCHIN, is currently nearing its 3 month’s high which tells that the stock already is in strong momentum.
- The stock in the latest week broke out of Inverse Head & Shoulder pattern, signaling a beginning of the trend to the upside.
- The Prices are continuously hovering near upper Bollinger band which points towards the rising volatility of the prices.
- RSI on the Weekly timeframe has shown a swing failure which reflects the rising momentum in the prices.
- Going ahead we expect the prices to move Higher till the level of 450 where the stop loss must be 380 on the closing basis.
MAHANAGAR GAS LIMITED (MGL): - CMP: 986.35 Target 1120 Stop Loss 950 upside potential of about 12% from the current level.
- The stock MGL saw a positive shift in polarity around the 840 level, suggesting a favorable sentiment toward its prices.
- In the latest trading week, the stock broke out of an Ascending Triangle pattern, which suggests a potential uptrend.
- This breakout was confirmed by higher trading volumes.
- Currently, the stock is trading above its key moving average of 50 & 100 Days EMA which confirms the presence of an uptrend.
- On the Weekly timeframe, the Relative Strength Index (RSI) has shown a breakout, indicating growing momentum in the stock's prices, a rising trend and currently positioned above 50, indicating the presence of momentum.
- Going ahead we expect the prices to move Higher till the level of 1120 where the stop loss must be 950 on the closing basis.
So, ready to make some serious gains in the Indian stock market with some of these best stocks to buy in India for the short-term in 2023? Look no further than these top picks for the best short term stock investment opportunities in India. Don't miss out on your chance to invest in these top-performing stocks that are sure to yield significant returns. To get started, you'll need a DEMAT account - click here to get yours and jumpstart your journey towards financial success today! Stay tuned for our next update, and don't miss out on the latest and greatest short term stock investment opportunities in India.
