Shares to buy in short term: Mehta Equities’ Riyank suggests IIFL Finance, IndiGo, ICICI Lombard shares in short term

Stock market today: Indian stock indices gave up early advances to trade flat on Tuesday, as profit-taking in financial shares counterbalanced the positive sentiment from U.S.-China trade discussions and support from central bank policies.

As of 12:12 IST, the Nifty 50 was up 0.13% at 25,136 .10, while the BSE Sensex increased by 0.04% to 82,475.27. Analysts credited the gains to robust purchases in rate-sensitive sectors, particularly financial stocks, and noted that key indicators suggest potential further gains in upcoming sessions. 

Given the recent surge in the market, some level of profit-taking is expected. Nevertheless, significant liquidity is anticipated to encourage buying on dips, helping the market to stabilize and consolidate, according to analysts.

Riyank Arora suggests three stocks in the short term - IIFL Finance Ltd, InterGlobe Aviation Ltd (IndiGo), and ICICI Lombard General Insurance Company Ltd. Check out his views on the overall market.

Market Views - Riyank Arora, Technical Analyst, Mehta Equities Ltd

Nifty 50 

Nifty 50 is currently trading at 25,003, registering a strong intraday gain of over 250 points. The index has now entered a narrow consolidation phase between 25,070 and 25,142, and a breakout from this zone will be crucial to determine the next directional move. Momentum indicators like RSI and MACD remain in bullish territory, reflecting continued buying interest. However, traders are advised to wait for a clear breakout above resistance or a breakdown below support before initiating aggressive positions. Buying on dips near the support zone remains a preferred strategy for positional traders.

Bank Nifty – Technical View

Bank Nifty is trading at 56,578, up by 817 points, showing strong positive momentum. That said, the index remains range-bound between 56,800 and 57,050. A convincing breakout from this band will confirm a fresh trending phase. The RSI continues to exhibit strength, and the MACD is nearing a bullish crossover. Until a breakout is seen, intraday traders may prefer a range-play strategy, while positional traders can accumulate on dips with a stop loss below 56,500.

Shares to buy for short term

Riyank Arora recommends these three stocks in the short term - IIFL Finance Ltd, InterGlobe Aviation Ltd (IndiGo), and ICICI Lombard General Insurance Company Ltd. 

IIFL Finance | Buy | CMP: ₹487 | Stop Loss: ₹475 | Target: ₹525

IIFL Finance share price is showing signs of breakout from its recent consolidation, supported by rising volumes and a firm price structure. The stock has formed a bullish base around ₹475, which now acts as a key support. A move above ₹490 could lead to a swift upmove toward ₹525. Traders can initiate fresh longs with a stop loss at ₹475 for short-term gains.

IndiGo | Buy | CMP: ₹5,695 | Stop Loss: ₹5,640 | Target: ₹5,800

IndiGo share price has resumed its upward trend after a brief consolidation near ₹5,600. The stock is trading above its key moving averages with bullish momentum intact. The RSI is holding in a positive zone, supporting the case for further upside. A sustained move above ₹5,700 may lead to a test of ₹5,800 in the near term. Ideal for short-term traders with a defined stop loss.

ICICI Lombard General Insurance Company | Buy | CMP: ₹2,021 | Stop Loss: ₹1,980 | Target: ₹2,100

ICICI Lombard share price is nearing a breakout above ₹2,025, a level that has capped its recent advances. The technical setup shows rising momentum with a bullish MACD crossover likely. Price is holding firmly above short-term averages, and a breakout could push it toward ₹2,100. Traders may buy with a stop loss at ₹1,980 for a positional move.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.