Hot Stocks | Here's why Bata India, SRF and Pidilite are a buy for short term

On the technical front, Bank Nifty is facing hurdles in the zone of 23,800-24,000 levels above which, once again, bulls will likely take control.

For the coming sessions, we expect that bias is likely to remain bullish with some stock-specific action.

However, a decisive move above 12,000 will add follow-up buying which could take Nifty towards 12,200.

Here are three buy calls for the next 2-3 weeks:

Bata India | LTP: Rs 1,353.20 | Target price: Rs 1,501 | Stop loss: Rs 1,260 | Upside: 11%

The stock can be seen trading in a rising channel on the daily charts with prices holding well above short-term moving averages.

This week, the stock has managed to give breakout above its 200-days exponential moving average along with positive divergences on secondary oscillators.

Additionally, the stock has also formed a symmetrical triangle pattern and given a breakout above the same.

SRF | LTP: Rs 4,380 | Target price: Rs 4,790 | Stop loss: Rs 4,085 | Upside: 9%

During the last eight to nine weeks, this stock was seen consolidating in a range of Rs 4,000-4,400 along with consistent buying around support levels.

On the daily charts, the stock is still holding well above its short and long-term moving averages.

This week, it has given a breakout above the key resistance level of Rs 4,400 after a prolonged consolidation of nearly two months.

Additionally, the stock has also formed a rectangle pattern on the daily interval which suggests further upside in the prices.

Pidilite Industries | LTP: Rs 1,481.50 | Target price: Rs 1,570 | Stop loss: Rs 1,380 | Upside: 6%

This stock has been consistently moving higher on the weekly charts with prices seen trending in a rising channel with the formation of a higher high and higher low pattern.

A few weeks back, the stock fell from Rs 1,515 to Rs 1,390 and took support at its 200-days exponential moving average on the daily interval.

On the technical front, it has formed a double-bottom pattern and bounced back sharply above its short-term moving averages to surpass Rs 1,485.

At the current juncture, the stock has given a breakout above the falling trendline of the downward sloping channel on the short-term charts.

The breakout has occurred with very high volumes which suggest the next up-move in the prices.

(The author is Senior Technical Analyst at SMC Global Securities)

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.