Hot Stocks: New India Assurance, SAIL & more. Which Stocks to Buy as Nifty Cruises Past 18,000?

Top stocks to buy for short-term as per brokerage firm ratings

Top stocks to buy for short term as per brokerage firm ratings

Nifty 50 was wandering around the 15,000s for large parts of June 2022. It went on to touch the 18000-mark in mid-September before dropping down again. In the week starting on 31 October 2022, Nifty has returned to touch the 18000 milestone again. Only, this time, it has maintained its stay throughout the week. With a gap up opening on 1 November 2022, Nifty has now surpassed the highs of September 2022. If no global events play spoilsport, Nifty is expected to go past 18,350, and even touch 18,600 in this calendar year. Even the supports are observed at a respectable 18,000 and 17,900 thereafter. With the positivity around, it is obvious that several stocks have been suggested by brokerage firms as hot picks for the next few days. 

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Some of the hot picks include,

  • New India Assurance – With a last traded price of Rs 94.75, New India Assurance has been given a target price of Rs 106 by Angel One. This target will give a 12% near-term return to investors if achieved. The build-up of a symmetrical triangle pattern in price has been observed, on the back of the recent traction. A stop-loss of Rs 88.6 has been advised to investors. 
  • SAIL – After dropping down from the early 80s per share several times since September this year, it has touched Rs 84.10 recently. Metal stocks are performing well in recent times, and the trend is expected to continue, at least in the short term. A 7% increase in the stock is expected as Angel One’s Sameet Chavan sets a target price of Rs 90 in the short term. In the sector, SAIL in particular has demonstrated strong traction recently and its candlestick indicates a further rally. The stop-loss recommended is Rs 81.
  • MAS Financial – This stock is already on a roll in the last month, rising from circa Rs 750 to Rs 932.5 at last sight. Axis Securities has noted that the company has finished another strong quarter, and has revised its target price to Rs 1,050 per share with a buy rating. Motilal Oswal has a similar target price of Rs 1,060 for MAS Financial Services.
  • SKF India – Automotive and industrial solutions provider SKF rallied between June and September 2022 from around Rs 3,100 to Rs 5,000. More recently, the stock has climbed nearly Rs 200 to trade above Rs 4,500. Nuvama Institutional Equities have set a revised target price of Rs 4,990 for SKF. The firm points out that the automotive cycle is on the recovery, SKF has handled its capex well, and the company has delivered strong numbers in the last quarter.   

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With a burst of positivity noted in the last few weeks, investors can consider making astute investment decisions and earning good short-term profits. You should also keep in mind that investment decisions must be made with expert advice and individual discretion.

Also Read: Top 5 stock market gurus in India 

Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas.


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