Indian stock market is reeling under pressure due to massive foreign capital outflow, signs of weakness in the domestic economy and mounting concerns over a potential major global trade war due to US President Donald Trump’s tariff policies.
Nifty 50 has been down since last October on a monthly scale. It has plunged 4,158 points, or 15.82 per cent, from its peak of 26,277 hit on September 27 last year. The Sensex has declined 12,892 points, or 15 per cent, from its peak of 85,978.25.
Experts are not anticipating an immediate recovery as they believe the Q4 earnings of Indian corporates may not show a sharp rebound, as indicated by the declining credit growth of Indian banks.
“The market expects weak Q4 results in FY25, as there is a buzz about Indian banks’ declining credit growth. If true, it signals that Indian companies’ capex is stagnating or going southward. As the Q3 results in 2025 were not so impressive, and the upcoming results are also expected to disappoint markets, bulls are hesitant to take on bears in a current stock market crash,” said Sandeep Pandey, MD at Basav Capital Advisory.
As the market sentiment remains weak, experts advise maintaining caution while picking stocks at this juncture. Vishnu Kant Upadhyay of Master Capital Services and Mandar Bhojane of Choice Broking recommend buying the below six stocks for the next 2-3 weeks. Take a look:
Expert: Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services
HDFC Bank | Previous close: ₹1,701.55 | Target price: ₹1,840 | Stop loss: ₹1,628 | Upside potential: 8%
HDFC Bank has shown resilience by rebounding from its ascending trendline support, indicating strong demand at lower levels.
The stock has regained momentum and is now trading above the 21-day EMA while reclaiming the 55-day EMA and 100-day EMA.
The 200-day EMA at ₹1,681 continues to provide a solid base, reinforcing bullish sentiment. The RSI at 56.22 signals increasing strength, while the recent price action suggests a potential breakout from its consolidation phase.
“With the validation of ₹1,660, further upside towards ₹1,840 can’t be ruled out with strong support placed at ₹1,628,” Upadhyay said.
Cholamandalam Investment and Finance Company | Previous close: ₹1,419.75 | Target price: ₹1,528 | Stop loss: ₹1,325 | Upside potential: 8%
Cholamandalam Investment exhibits strong bullish momentum, sustaining prices above key moving averages.
The stock trades above the 21-day EMA at ₹1,361, while the 55-day and 100-day EMAs near 1,324 provide a strong base, reinforcing upward momentum.
The RSI at 59.63 indicates a strengthening bullish sentiment, suggesting further upside potential.
“Given the higher-high, higher-low structure, we expect the stock to continue its positive trajectory. From the current levels, we anticipate an upside towards ₹1,528-1,540 in the near term. Any dips towards ₹1,410-1,400 may offer buying opportunities, as long as the stock holds above the ₹1,325 support zone,” said Upadhyay.
GlaxoSmithKline Pharmaceuticals | Previous close: ₹2,520.10 | Target price: ₹2,672 | Stop loss: ₹2,320 | Upside potential: 6%
GlaxoSmithKline Pharmaceuticals has shown a strong rebound, surging above key moving averages, signalling a potential trend reversal. The stock trades above the 21-day EMA and 55-day EMA, reinforcing bullish momentum.
The 200-day EMA at ₹2,340 has acted as a dynamic support, further strengthening the upside potential.
The recent price action suggests a breakout from a prolonged downtrend, with higher highs and higher lows forming on the daily chart.
The RSI at 57.86 remains in positive territory, indicating sustained buying strength.
A bullish crossover among short-term EMAs further supports the continuation of the uptrend.
“From the current levels, we anticipate further upside towards ₹2,672-2,690, while ₹2,320 should act as a strong demand zone,” said Upadhyay.
Expert: Mandar Bhojane, Equity Research Analyst at Choice Broking
Suzlon Energy | Previous close: ₹49.78 | Target price: ₹57 | Stop loss: ₹47 | Upside potential: 15%
Suzlon has rebounded from a lower channel while forming a hammer candlestick pattern, indicating a potential bullish reversal.
Increasing trading volumes suggest strong buying interest, reinforcing the likelihood of further upside momentum.
The RSI stands at 37 and is trending upward, signalling improving strength and room for further growth.
“A sustained move above ₹51 could trigger an uptrend toward ₹57, confirming the bullish breakout,” said Bhojane.
“Traders may consider entering at ₹49.7 with a stop loss at ₹47 to manage risk effectively. However, caution is advised against short-term volatility, and strict risk management strategies should be maintained,” Bhojane said.
Bikaji Foods International | Previous close: ₹654.60 | Target price: ₹760 | Stop loss: ₹600 | Upside potential: 16%
Bikaji is showing a strong reversal from its demand zone by forming higher lows, indicating the continuation of an uptrend.
The stock has the potential to break its previous high and form a new higher high, with a target of ₹760. Additionally, the price is on the verge of breaking out from a descending trendline, further supporting the bullish outlook.
“The stock is trading above the 20-EMA, and the RSI at 49.19 is trending upward, signalling improving momentum. A stop loss at ₹600 is recommended to manage risk, with an upside target of ₹760,” said Bhojane.
Indus Towers | Previous close: ₹326.70 | Target price: ₹370 | Stop loss: ₹311 | Upside potential: 13%
Indus Towers has rebounded from a key support zone while forming a triple bottom pattern.
The stock has shown a bullish reversal by forming a hammer at a major support level, indicating a potential uptrend if it sustains above ₹330. Increased trading volumes suggest strong buying interest, reinforcing the bullish outlook.
The RSI stands at 40.35 and is trending upward, signalling improving momentum.
“A breakout above ₹330 could drive the stock towards ₹370. However, caution is advised due to potential short-term volatility, and traders should maintain a stop-loss at ₹311 to manage risk effectively,” said Bhojane.
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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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