The Indian stock market saw a sharp downturn on January 21, with the Nifty 50 falling nearly 1% in intraday trade after Monday’s 0.61% gain.
Profit booking at higher levels, coupled with lingering uncertainty around Donald Trump’s trade policies, the US Federal Reserve’s rate trajectory, lackluster Q3 earnings, and foreign capital outflows, kept investor sentiment subdued.
Experts warn of continued market fragility ahead of the Union Budget 2025 and recommend selective stock buying.
Here’s a detailed look at analyst-recommended stocks with significant upside potential.
HFCL (Upside: 16%)
Buying range: ₹100–₹106
Target price: ₹122
Stop loss: ₹94
Why buy HFCL?
HFCL has shown a robust recovery from its low of ₹92 after correcting from ₹171 over the past four months.
“Further rise is anticipated, with the RSI also confirming a positive trend reversal from the highly oversold zone and signalling a buy with much upside potential visible on the daily chart. With the chart technically well-placed and attractive, we suggest buying the stock for an upside target of ₹122, keeping the stop loss at ₹94,” Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL – Prabhudas Lilladher, said.
Havells India (Upside: 8%)
Buying range: ₹1,550–₹1,590
Target price: ₹1,725
Stop loss: ₹1,480
Why buy Havells?
Havells has tested the base of a descending channel near ₹1,508 and is showing signs of recovery.
The stock’s RSI has indicated a positive trend reversal from the highly oversold zone, supporting further upward movement.
“With the chart technically looking good, we anticipate further rise and suggest buying the stock for an upside target of ₹1,725, keeping the stop loss of ₹1,480,” said Koothupalakkal.
Varun Beverages (Upside: 9%)
Buying price: ₹550
Target price: ₹600
Stop loss: ₹520
Why buy Varun Beverages?
The stock remains above its 21-month EMA, signaling a long-term bullish trend. Recent corrections have brought it to a strong demand zone.
Declining selling pressure indicates consolidation while positive price action is supported by rising momentum.
“Varun Beverages has upside potential, supported by favourable technical indicators,” said Vishnu Kant Upadhyay of Master Capital Services.
HBL Engineering (Upside: 13%)
Buying range: ₹545–₹565
Target price: ₹640
Stop loss: ₹520
Why buy?
The stock has shown signs of bottoming out, forming a double-bottom pattern near ₹525.
Rising volumes and an improving RSI from the oversold zone signal potential for significant upside.
“With rising volume participation witnessed, we anticipate a further rise in the coming days and suggest buying the stock for an upside target of ₹640, keeping the stop loss of ₹520 level,” Koothupalakkal said.
Nestle India (Upside: 10%)
Buying price: ₹2,215
Target price: ₹2,430
Stop loss: ₹2,090
Why buy Nestle India?
Nestle India is trading well above its 50-month EMA, supported by a double-bottom pattern that signals a bullish reversal.
Volume analysis supports a positive outlook, with the recent price recovery accompanied by a surge in trading activity, reflecting heightened investor interest.
Price movements indicate strong bullish momentum, further confirmed by momentum oscillators signaling a favorable buying trend.
Inox Green Energy Services (Upside: 14%)
Buying price: ₹171.72
Target price: ₹190–₹195
Stop loss: ₹161
Why buy Inox Green Energy?
The stock is consolidating below a descending trend line, with increasing trading volumes reflecting strong buying interest.
A breakout above ₹174 could trigger significant upside, supported by upward RSI momentum.
“With the RSI at 54.34 trending upward, a close above ₹174 could unlock short-term targets of ₹190 and ₹195. Immediate support lies at ₹167, making it a good buying opportunity on dips, while a stop-loss at ₹161 is advised to safeguard against unexpected reversals,” said Mandar Bhojane, Equity Research Analyst, Choice Broking.
Premier Energies (Upside: 11%)
Buying price: ₹1,193.95
Target price: ₹1,300–₹1,320
Stop loss: ₹1,134
Why buy Premier Energies?
Premier Energies is trading within a parallel channel and showing signs of a bullish reversal.
A close above ₹1,200 could confirm the breakout, while rising trading volumes support the upward trend.
“A sustained close above ₹1,200 could trigger targets of ₹1,300 and ₹1,320. On the downside, key support is at ₹1,160, presenting an attractive entry point for investors. To mitigate risks, a stop-loss at ₹1,134 is recommended,” Bhojane said.
Zaggle Prepaid Ocean Services (Upside: 10%)
Buying price: ₹536.25
Target price: ₹580–₹590
Stop loss: ₹510
Why buy Zaggle Prepaid Ocean Services?
Zaggle is nearing a breakout from a descending trend line on the daily chart, signaling potential bullish momentum.
Price consolidation near the breakout level, supported by a surge in trading volume, highlights strong investor interest.
The RSI, currently at 52.92 and trending upward, indicates strengthening buying pressure.
“A decisive close above ₹540 could trigger short-term targets of ₹580 and ₹590. Immediate support at ₹525 offers a favorable entry point, with a stop-loss at ₹510 to mitigate risks,” said Bhojane.
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