Top stocks to buy for short term: The Indian stock market suffered significant losses on Wednesday after the RBI hikes repo rate by 25 basis points and signalled more hikes were possible in the coming policy meetings.
The Nifty declined 0.76% to end at 22,603, forming a bearish candle on the daily chart, suggesting the possibility of further weakness.
According to Amol Athawale, VP - Technical Research at Kotak Securities, for day traders, 22,700 will remain a crucial resistance zone.
"As long as the market trades below this level, sentiment is likely to stay weak. On the downside, it may retest the 22,450–22,400 range. Conversely, a sustained move above 22,700 could extend the pullback toward 22,800–22,850. The current market trend remains non- directional, making level-based trading the ideal strategy for day traders," said Athawale.
Athawale recommends the following three stocks for the next 1-2 weeks: