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Inox Green Energy, Premier Energies and six other stocks to buy for the short-term

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January 21, 2025
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Inox Green Energy, Premier Energies and six other stocks to buy for the short-term
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The Indian stock market saw a sharp downturn on January 21, with the Nifty 50 falling nearly 1% in intraday trade after Monday’s 0.61% gain.

Profit booking at higher levels, coupled with lingering uncertainty around Donald Trump’s trade policies, the US Federal Reserve’s rate trajectory, lackluster Q3 earnings, and foreign capital outflows, kept investor sentiment subdued.

Experts warn of continued market fragility ahead of the Union Budget 2025 and recommend selective stock buying.

Here’s a detailed look at analyst-recommended stocks with significant upside potential.

HFCL (Upside: 16%)

Buying range: ₹100–₹106

Target price: ₹122

Stop loss: ₹94

Why buy HFCL?

HFCL has shown a robust recovery from its low of ₹92 after correcting from ₹171 over the past four months.

“Further rise is anticipated, with the RSI also confirming a positive trend reversal from the highly oversold zone and signalling a buy with much upside potential visible on the daily chart. With the chart technically well-placed and attractive, we suggest buying the stock for an upside target of ₹122, keeping the stop loss at ₹94,” Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL – Prabhudas Lilladher, said.

Havells India (Upside: 8%)

Buying range: ₹1,550–₹1,590

Target price: ₹1,725

Stop loss: ₹1,480

Why buy Havells?

Havells has tested the base of a descending channel near ₹1,508 and is showing signs of recovery.

The stock’s RSI has indicated a positive trend reversal from the highly oversold zone, supporting further upward movement.

“With the chart technically looking good, we anticipate further rise and suggest buying the stock for an upside target of ₹1,725, keeping the stop loss of ₹1,480,” said Koothupalakkal.

Varun Beverages (Upside: 9%)

Buying price: ₹550

Target price: ₹600

Stop loss: ₹520

Why buy Varun Beverages?

The stock remains above its 21-month EMA, signaling a long-term bullish trend. Recent corrections have brought it to a strong demand zone.

Declining selling pressure indicates consolidation while positive price action is supported by rising momentum.

“Varun Beverages has upside potential, supported by favourable technical indicators,” said Vishnu Kant Upadhyay of Master Capital Services.

HBL Engineering (Upside: 13%)

Buying range: ₹545–₹565

Target price: ₹640

Stop loss: ₹520

Why buy?

The stock has shown signs of bottoming out, forming a double-bottom pattern near ₹525.

Rising volumes and an improving RSI from the oversold zone signal potential for significant upside.

“With rising volume participation witnessed, we anticipate a further rise in the coming days and suggest buying the stock for an upside target of ₹640, keeping the stop loss of ₹520 level,” Koothupalakkal said.

Nestle India (Upside: 10%)

Buying price: ₹2,215

Target price: ₹2,430

Stop loss: ₹2,090

Why buy Nestle India?

Nestle India is trading well above its 50-month EMA, supported by a double-bottom pattern that signals a bullish reversal.

Volume analysis supports a positive outlook, with the recent price recovery accompanied by a surge in trading activity, reflecting heightened investor interest.

Price movements indicate strong bullish momentum, further confirmed by momentum oscillators signaling a favorable buying trend.

Inox Green Energy Services (Upside: 14%)

Buying price: ₹171.72

Target price: ₹190–₹195

Stop loss: ₹161

Why buy Inox Green Energy?

The stock is consolidating below a descending trend line, with increasing trading volumes reflecting strong buying interest.

A breakout above ₹174 could trigger significant upside, supported by upward RSI momentum.

“With the RSI at 54.34 trending upward, a close above ₹174 could unlock short-term targets of ₹190 and ₹195. Immediate support lies at ₹167, making it a good buying opportunity on dips, while a stop-loss at ₹161 is advised to safeguard against unexpected reversals,” said Mandar Bhojane, Equity Research Analyst, Choice Broking.

Premier Energies (Upside: 11%)

Buying price: ₹1,193.95

Target price: ₹1,300–₹1,320

Stop loss: ₹1,134

Why buy Premier Energies?

Premier Energies is trading within a parallel channel and showing signs of a bullish reversal.

A close above ₹1,200 could confirm the breakout, while rising trading volumes support the upward trend.

“A sustained close above ₹1,200 could trigger targets of ₹1,300 and ₹1,320. On the downside, key support is at ₹1,160, presenting an attractive entry point for investors. To mitigate risks, a stop-loss at ₹1,134 is recommended,” Bhojane said.

Zaggle Prepaid Ocean Services (Upside: 10%)

Buying price: ₹536.25

Target price: ₹580–₹590

Stop loss: ₹510

Why buy Zaggle Prepaid Ocean Services?

Zaggle is nearing a breakout from a descending trend line on the daily chart, signaling potential bullish momentum.

Price consolidation near the breakout level, supported by a surge in trading volume, highlights strong investor interest.

The RSI, currently at 52.92 and trending upward, indicates strengthening buying pressure.

“A decisive close above ₹540 could trigger short-term targets of ₹580 and ₹590. Immediate support at ₹525 offers a favorable entry point, with a stop-loss at ₹510 to mitigate risks,” said Bhojane.

The post Inox Green Energy, Premier Energies and six other stocks to buy for the short-term appeared first on Invezz

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