Stocks to buy for short-term gains: These 3 stocks can give up to 15% return within one month

Indian equity markets rebound sharply on Tuesday thanks to a pullback in global markets and a fall in crude oil prices.

FIIs' flow, global market direction, and earning session will remain key triggers for the market ahead of April month F&O expiry. Source: Pixbaay

Indian equity markets rebound sharply on Tuesday thanks to a pullback in global markets and a fall in crude oil prices. Technically, Nifty is respecting the 50% retracement of its previous rally however 17200-17300 is an immediate and critical resistance zone because it is a cluster of 200 and 100-DMA. Any decisive move above this zone can lead to a short-covering rally towards a 20-DMA of 17450.

On the downside, 17100-17000 is an immediate demand zone while 16800 is a sacrosanct support level. If we look at the derivative data then it is turning bullish ahead of the April month F&O expiry where the highest OI on the put side has shifted to the 17000 level indicating a base at this level while the highest OI on the call side has shifted to 17500 level. The put-call ratio has moved to 1.06 level from oversold territory.

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Banknifty also respected 50% retracement of the previous rally however 36500-37000 is a critical resistance zone; above this, we can expect a short-covering rally towards 37500/38000 levels. On the downside, the 36000 level will act as an immediate and psychological support level. FIIs' flow, global market direction, and earning session will remain key triggers for the market ahead of April month F&O expiry.

Below are the top three stocks picks that can give double digit return within a space of one month

Praksash Pipes |CMP 194.75 | SL 180 | TGT 220 (+15%)
The counter is showing great strength after breaking out ascending triangle formation. It took support at 20-DMA during pullback and now it is breaking out previous swing high to resume its strong bullish momentum. On the upside, 211/220 are immediate target levels while on the downside, 190 will act as immediate support now. Most of the momentum indicators are positively poised to support the current strength of the counter.

EID PARRY | CMP 543 | SL 505 | TGT 625 (+15%)
The counter is continuously making higher highs and higher lows formation and now it is taking out multimonth resistance with decent volume that may generate further thrust for a move towards 575/625 levels. On the downside, 510 will act as strong support now. It is trading above its all-important moving averages with a positive bias in momentum indicators.

SUVE PHARMA | CMP 601 | SL 560 | TGT 675 (+12%)

The counter is bouncing back from a strong demand zone of 560-550 after a pullback. the demand zone of 560-550 coincides with the previous breakout level and 50-DMA. On the upside, the previous swing of 630 is an immediate hurdle while 675 is the next resistance level. MACD is trading above the centerline while RSI is witnessing a positive crossover from the support of 40.

(Santosh Meena, Head of Research, Swastika Investmart Ltd)

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