Wait for Lok Sabha election 2024 outcome to keep market volatile; experts recommend buying these 6 stocks for short-term
Is the Indian stock market fairly valued or overvalued? Experts weigh in"The nervousness in the market continues with uncertainty regarding the election results. An important sustaining trend during this uncertain phase is the continuous buying by DIIs (domestic institutional investors), which has reached around ₹45,000 crore so far this month.
This can be interpreted as reflecting the expectation of political stability after the election results. However, it appears that retail and HNIs are in a wait-and-watch mode," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.Also Read: Stay invested, be hedged, prefer largecaps: Devina Mehra decodes stock market trading strategy amid high volatilityThe market is expected to remain volatile for the next few days.
However, experts still see opportunities across sectors as they recommend buying quality stocks on dips.Here are six stocks that experts believe can give healthy double-digit returns in the next 1-3 months. Take a look:The stock has been forming a higher top and higher bottom structure and is in an uptrend.
In the recent move, the volumes were much higher than the average and low during the correction. The RSI oscillator is hinting at continuing this trend, and hence, traders can look for buying opportunities in this stock.
"Positional traders can buy around the current market price of ₹494 and look to add on any dips towards ₹475 for potential targets of ₹550 and ₹585. The stop loss on long positions should be placed below ₹440," said Jain.Also Read: Lok Sabha elections 2024 trading: Kripashankar Maurya of Choice Broking recommends buying these 7 stocks for short termIT stocks have gone through a corrective phase over the last few months,
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