Israel-Iran war: DMart to Eicher Motors— Jigar Patel of Anand Rathi recommends 3 stocks to buy for the short term

Stocks to buy for the short term: Indian stock market benchmarks, the Sensex and the Nifty 50, crashed over a per cent each in intraday trade on Monday, June 23, as Israel-Iran war escalates further, crude oil prices rise sharply and investors dump riskier equities and rush to safe haven assets.

As it is difficult to predict the trajectory of the stock market amid rapidly changing geopolitical scenarios, Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, advises traders to remain vigilant.

"A decisive breakout above 25,300 could pave the way for a sustained rally toward 25,500–25,600. Conversely, any faltering near current levels could signal renewed caution. On the downside, immediate support lies at 24,700, with a stronger floor near 24,450. Until confirmation is evident, restraint remains prudent near resistance zones," said Patel.

Stock picks for the short term

Jigar Patel recommends buying shares of DMart, Eicher Motors and Biocon for the next two to three weeks.

Eicher Motors | Previous close: ₹5,525 | Target price: ₹5,900 | Stop loss: ₹5,300

Over the past month, Eicher Motors has witnessed a healthy correction of approximately 12 per cent from its recent peak of ₹5,906.

Notably, the stock has established a firm base over the last 15 trading sessions, consolidating between its 50- and 100-day exponential moving averages — a sign of stabilizing price action.

In the latest session, Eicher decisively broke out of a dual descending trendline, supported by a steadily improving Relative Strength Index (RSI), which has consistently held above the 40 mark and now stands at 61.42.

"The confluence of favourable technical indicators positions Eicher as an attractive long candidate. Traders may consider initiating positions in the ₹5,530–5,480 range, targeting ₹5,900, with a stop loss placed below ₹5,300," said Patel.

Avenue Supermarts (DMart) | Previous close: ₹4,300.30 | Target price: ₹4,700 | Stop loss: ₹4,100

Following a steep decline from its recent high of ₹4,557, DMart has entered a consolidation phase, forming a strong base around the confluence of its 50-, 100-, and 200-day exponential moving averages (DEMA).

Notably, the stock has triggered a bullish golden crossover, with the 50-DEMA moving above the 200-DEMA — a technically significant development often interpreted as a precursor to upward momentum.

Adding weight to the bullish bias, the stock has also broken out of a descending trendline, indicating a potential trend reversal.

"Given this confluence of positive technical signals, traders may consider initiating long positions in the ₹4,300–4,250 zone, with an upside potential toward ₹4,700. A stop loss should be maintained below ₹4,100 on a daily closing basis," Patel said.

Biocon | Previous close: ₹351.35 | Target price: ₹385 | Stop loss: ₹332

Biocon has recently established a robust base around the confluence of its 50-, 100-, and 200-day exponential moving averages (DEMA), signalling price stability after a period of consolidation. A golden crossover — with the 50-DEMA crossing above the 200-DEMA — further reinforces the emerging bullish sentiment.

On June 19, 2025, the stock also formed a bullish harami candlestick pattern, accompanied by a close above the R3 Camarilla monthly pivot, strengthening the technical outlook. This alignment of key indicators suggests a potential upside move.

"Traders may consider initiating long positions in the ₹353–348 range, with a projected target of ₹385. A protective stop loss should be placed below ₹332 on a daily closing basis to manage risk effectively," said Patel.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.