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As we step into the last quarter of the financial year, the time is ripe for strategic investments in the Indian stock market. If you're seeking short term investment opportunities for the remaining months of the fiscal year 2023-24, your search ends here! Behold, our curated selection of 5 stocks to invest for short term in India 2024. Our adept technical analyst at GEPL Capital, Mr. Vidnyan Sawant, has meticulously handpicked these 5 best stocks for short term investment in India 2024. These stocks are poised to deliver substantial returns, potentially reaching double digits, making them a savvy choice for those aiming to capitalize on swift market movements. Seize the moment and don't let these exceptional short-term investment opportunities in the Indian stock market for 2024 slip through your fingers.
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.
If you're looking for some of the best stocks to invest in India for short term in 2024, it's essential to have a DEMAT Account. Don't have one yet? Click here to get started and become a part of one of the leading full service stock brokers & online stock trading in India. Opening a DEMAT account grants you access to a variety of cutting-edge technology platforms to kickstart your journey in the Indian stock market. With your DEMAT account in hand, you can invest in the top-performing stocks for short term investment. Before delving into these stocks, let's take a closer look at market fluctuations and stay up-to-date with the latest trends. So, gear up for a fruitful investment journey and get started with the best stocks to invest in India for short term in 2024. Please note: All the CMP stated below are as on 05-Jan-24 at the time of recommendation.
Analyzing Nifty Index Movement:
Nifty: 21,710.80 (As on close of 05-Jan-24)
- The NIFTY index is currently demonstrating a robust bullish trend characterized by a consistent pattern of Higher Tops and Higher Bottoms on various time frames, including weekly and monthly charts. The recent attainment of Fresh Life Highs reinforces the optimistic market sentiment for the medium to long term.
- Despite a notable instance of profit booking in the current week following a fresh Life High at the 21834 level on the weekly chart, the NIFTY maintains its higher top and higher bottom formation, underscoring a resilient bullish undertone. While there is some structural damage to the bullish trend on the daily chart due to a breach of the 5-day low, the index found robust support at its 13 Day EMA, indicating a rebound and confirming the continued control of the Bulls.
- Critical technical indicators, particularly the Relative Strength Index (RSI), consistently depict positive momentum, maintaining levels above 65 across daily, weekly, and monthly intervals. This sustained strength in RSI instills confidence in the enduring positive momentum in the medium to long term.
- Looking ahead, the immediate resistance for NIFTY is identified at the record high level of 21834, with an additional resistance level at 22000. On the downside, crucial support levels are recognized at 21330 and 20975.
- Considering the overall chart structure, we maintain a bullish stance with specific targets set at 21834 and 22000 for the short to medium term. This analysis suggests a positive trajectory for the index, indicating a likelihood of sustained gains in the near term.
Best Stocks For Short Term Investments:
COAL INDIA LTD. (COALINDIA): CMP- 384.25, TARGET 430, STOPLOSS 361 UPSIDE POTENTIAL 12%
COALINDIA is currently positioned at its 52-week high, indicating a significant level of strength and positive momentum in the stock.
- A noteworthy development is the recent breakout from a substantial base formation that dates back to 2016. This breakout not only signifies a strong structural development but also reinforces the stock's upward trajectory.
- Examining the weekly scale, the stock's clear uptrend is evident, emphasizing its ability to sustain higher levels. Furthermore, COALINDIA is trading above key moving averages, including the 12-week and 26-week EMAs. This alignment with essential moving averages confirms the continuity of the prevailing uptrend.
- Looking ahead, we anticipate further upward movement in prices, targeting the 430 level. It is recommended to set a stop-loss at 361 based on closing values.
OLECTRA GREENTECH LTD. (OLECTRA): CMP – 1452.80 TARGET 1715, STOPLOSS: 1330 UPSIDE POTENTIAL 18%
OLECTRA is currently exhibiting robust momentum and is trading near its life high.
- The stock's rally, which initiated from its 52-week low in February 2023, has demonstrated resilience without significant weaknesses. Following a sharp rally, the stock entered a consolidation phase and is now breaking out of this zone to continue its previous uptrend.
- Notably, OLECTRA consistently finds support from its key moving averages, specifically the 12-week and 26-week EMAs, indicating a reliable mean reversion pattern. The ADX (Average Directional Index) is quoting at 28 on the weekly scale, signaling the establishment of a new trend.
- Looking ahead, we anticipate further upward movement in prices, targeting the 1715 level. It is recommended to set a stop-loss at 1330 based on closing values.
INDIAN RAILWAY CATERING AND TOURISM CORPORATION LTD (IRCTC): CMP – 905.90 TARGET 1015, STOPLOSS: 850 UPSIDE POTENTIAL 12%
IRCTC has recently broken out of a large congestion zone that persisted since 2022, accompanied by a notable increase in volume, indicating investor anticipation.
- The stock has undergone consolidation near key moving averages, specifically the 20-week and 100-week EMAs, suggesting a robust base formation. Currently, it is consistently maintaining its position above these averages, affirming a strong trend.
- The ADX study further supports the bullish outlook, with the ADX line remaining above the 30-mark, signifying the initiation of a bullish trend. Additionally, the +DI (Positive Directional Indicator) is trading above the -DI (Negative Directional Indicator) with a value exceeding 40, reinforcing the upward trajectory
- Looking ahead, we anticipate further upward movement in prices, targeting the 1015 level. It is recommended to set a stop-loss at 850 based on closing values.
EXIDE INDUSTRIES LTD. (EXIDEIND): CMP – 329.35 TARGET 379, STOPLOSS: 309 UPSIDE POTENTIAL 15%
EXIDEIND is currently trading at its all-time high, maintaining a consistent pattern of higher tops and higher bottoms, indicative of strong momentum.
- The stock has experienced a significant breakout, forming a W pattern and surpassing a multiyear swing high from 2018. This breakout signifies a robust structural development that has propelled the stock to higher levels.
- The mean reversion strategy has been effective for EXIDEIND, with the stock consistently bouncing back from the 12-week and 26-week EMAs. The ADX study, with a reading above 40, underscores the presence of a strong trend, and the bullish momentum is further confirmed by the +DI (Positive Directional Indicator).
- Looking ahead, we anticipate further upward movement in prices, targeting the 379 level. It is recommended to set a stop-loss at 309 based on closing values.
BRITANNIA INDUSTRIES LTD. (BRITANNIA): CMP – 5272.35 TARGET 5905, STOPLOSS: 4956 UPSIDE POTENTIAL 12%
BRITANNIA is currently at its all-time highs, showcasing a robust upward trend with consistent higher highs and higher lows.
- After trading in a rising channel since April 2022, the stock underwent a healthy six-month retracement, forming a strong base. The recent breakout from this base has propelled BRITANNIA to new highs, indicating a resilient chart structure and potential for further upward movement.
- During the retracement in July 2023, the stock found support at its 50-week EMA, reinforcing a strong intermediate trend. Maintaining levels above the 20-week EMA, the stock retains its bullish momentum. A positive MACD crossover within its positive territory further confirms the stock's strength.
- Looking ahead, we anticipate further upward movement in prices, targeting the 5905 level. It is recommended to set a stop-loss at 4956 based on closing values.
Before we conclude, let's take a moment to bask in our success. The table below showcases the outstanding performance of our previous short-term recommendations, highlighting the substantial returns they've generated. It's a testament to our expertise and dedication to ensuring your investments flourish. Rest assured, our commitment to delivering profitable insights remains unwavering. Stay tuned for more winning strategies and lucrative opportunities!
Conclusion
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 2024? 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.
Before investing, don't forget to read the disclaimer - it's a small step that can save you from big surprises!
