Hot Stocks: Here's why you should buy BHEL, MRPL, Petronet LNG for short term

The Nifty 50 remained sideways throughout the session before closing with a slight gain on April 24. Sentiment for the short term continues to remain positive as the index closed above the critical moving average.

The positive crossover in the RSI (relative strength index) also supported the positive momentum. On the higher end, immediate resistance is placed at 22,500. A decisive move above 22,500 might take the index towards 22,750-22,800 over the short term.

On the other side, the support is placed at 22,350-22,400.

The Bank Nifty also saw a sideways trading session following a positive start, holding firm around the support zone of 48,000-47,800. Immediate resistance is noted at 48,500, and a decisive breakthrough could signal further upside towards 49,500/50,000 levels.

With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as a buying opportunity in the Bank Nifty.

Here are three buy calls for the next 2-3 weeks:

BHEL: Buy | LTP: Rs 264 | Stop-Loss: Rs 250 | Target: Rs 285-300 | Return: 14 percent

The stock is poised for a breakout from a symmetrical triangle pattern on the daily chart, indicating potential bullish momentum. This breakout is further supported by a consolidation breakout on lower time frames, affirming the underlying bullish sentiment.

Additionally, the bullish crossover on the momentum indicator RSI provides confirmation of a buy signal, suggesting favorable conditions for upward movement in the stock’s price.

Image1224042024

MRPL: Buy | LTP: Rs 248.7 | Stop-Loss: Rs 230 | Target: Rs 260/270 | Return: 9 percent

Mangalore Refinery & Petrochemicals (MRPL) stock has exhibited a robust breakout on the daily chart accompanied by a sharp surge in volumes, signaling strong buying interest. Notably, it found support at its 20-day moving average (20DMA) and rallied sharply, suggesting active bullish participation at lower levels.

Moreover, the momentum indicator RSI has provided a bullish crossover and surpassed the key level of 60, confirming the presence of bullish momentum in the stock.

Image1324042024

Petronet LNG: Buy | LTP: Rs 299 | Stop-Loss: Rs 290 | Target: Rs 310/320 | Return: 7 percent

The stock has rebounded strongly, finding robust support at its previous breakout zone, indicating significant buying interest. Additionally, it is currently trading above its short-term moving averages of 20-day and 10-day, signifying a strong underlying trend.

Moreover, the stock’s daily chart demonstrates a persistent uptrend, characterized by higher highs and higher lows, further reinforcing its bullish momentum.

Image1424042024

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.