3 weeks ago
Anand Rathi's Jigar Patel recommends 3 stocks for short-term gains
Stock markets are places where people buy and sell small pieces of companies, hoping the prices go up.
When lots of people buy, prices often rise, and when they sell, prices fall.
An expert named Jigar Patel studies charts and numbers to guess which stocks might go up.
He recommends three Indian companies to buy: Bharat Forge, EID Parry and GMDC.
He thinks their prices will rise over the next week or two.
He also tells investors exactly when to sell if things go wrong, which is called a stop loss.
Last week the Indian stock market went up a little, helped by cheaper oil and positive talk from the country's central bank.
New reports about the prices of daily goods will come out this week and might move the market.
Mr. Patel says it is safer to buy when prices dip a little instead of chasing high prices.
Indian equities rose for a second straight week: Nifty 50 gained ~0.77% and Sensex climbed ~0.52% in the week ended Friday, 7 August.
Anand Rathi's Jigar S. Patel recommends a buy-on-dips strategy with Bharat Forge, EID Parry and GMDC as top picks for the next 1-2 weeks.
Bharat Forge (previous close ₹2,265.20) is a fresh buy with a target of ₹2,400 and a stop loss at ₹2,175.
EID Parry (previous close ₹805.10) has an upside target of ₹850 with a stop loss at ₹780.
GMDC (previous close ₹582.80) has a target of ₹635 with a stop loss at ₹560, while Nifty faces support at 24,400–24,100 and resistance near 24,750.
- Who
- Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, who recommended the stocks to investors.
- What
- Short-term stock recommendations for Bharat Forge, EID Parry and GMDC with specific target prices and stop losses.
- Where
- Indian equity markets, including the Nifty 50, Sensex and Bank Nifty.
- When
- Week ended Friday, 7 August, with recommendations for the next 1-2 weeks; India and US CPI inflation readings are due this week.
- Why
- Technical indicators show bullish momentum, and the broader market structure turned positive after Nifty decisively crossed 24,500.
Key facts
- Author of recommendations
- Jigar S. Patel, Senior Manager, Equity Technical Research, Anand Rathi Share and Stock Brokers
- Market performance (week ended 7 August)
- Nifty 50 up ~0.77%; Sensex up ~0.52%
- Bharat Forge
- Previous close ₹2,265.20; Target ₹2,400; Stop loss ₹2,175
- EID Parry
- Previous close ₹805.10; Target ₹850; Stop loss ₹780
- GMDC
- Previous close ₹582.80; Target ₹635; Stop loss ₹560
- Nifty levels
- Support 24,400–24,100; sustained move above 24,750 could trigger rally towards 25,000
- Bank Nifty levels
- Support 57,700–57,500; resistance 58,000–58,250; breakout above 58,250 could open way to 58,730–59,000
- Recommended strategy
- Buy on dips for 1-2 weeks; avoid aggressive buying at higher levels
Quotes
Jigar S. Patel
Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers
“"RSI at 68.38 indicates strong buying interest, although the stock is approaching the overbought zone. The stock can be considered for fresh buying with a stop loss at ₹2,175 and an upside target of ₹2,400," said Patel.”
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