Top 2 stocks to buy for short-term: Canara Bank, Pine Labs by Nagaraj Shetti - Check stop loss, targets

Résumé détaillé

Indian benchmark indices rose on Wednesday, with the Nifty 50 up 0.84% and Sensex up 0.95%, supported by lower crude prices and expectations of foreign inflows. Analysts see resistance near 25,400–25,500 and support around 24,700–24,800.

Stock market today:The domestic benchmark indices, ended higher on Wednesday, supported by easing crude oil prices and growing expectations of foreign fund inflows amid concerns over heavy artificial intelligence (AI) investments globally.

The Nifty 50 advanced 0.84% to close at 25,255.05, while the Sensex rose 0.95% to 81,879.4. Both indices settled at their highest levels since 26 February and have gained nearly 10% so far in November, outperforming their emerging-market peers.

Foreign portfolio investors (FPIs) have pumped nearly $6 billion (approximately ₹53,700 crore) into Indian equities so far in November, marking their biggest monthly buying spree since September 2024. The turnaround follows two years of net outflows, as India emerges as an alternative investment destination amid growing investor concerns over elevated AI spending in global markets.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, has recommended buying Canara Bank at ₹132.15, with a target price of ₹143 and a stop-loss of ₹126. The trade has an investment horizon of two to three weeks.

He has also recommended Pine Labs at ₹166.10, with a target of ₹179 and a stop-loss of ₹159, over the same two- to three-week timeframe.

After couple of sessions of consolidation, the Nifty 50 witnessed spectacular comeback on Wednesday and registered the swing high of 25,424 but could not sustain the highs amidst volatility.

A small red candle was formed on the daily chart with upper and lower shadow and with gap-up opening. The opening upside gap has almost been filled-left by small margin. Technically, this market action indicates continuation of upside momentum with high volatility near the crucial overhead resistance.

The market action of Wednesday signals presence of strong overhead resistance around 25,400-25,500 levels. Some more consolidation or minor selloff could be seen from the higher levels in the short term. Renewed upside could occur only above the hurdle of 25,500 levels

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