Hot Stocks | Here's why you should bet on Canara Bank, Kalyan Jewellers, JSW Steel for short term

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The Nifty has been consolidating in a range for the last few days after a strong recovery in the preceding trading sessions. So far, it has found resistance at the 50-day EMA (exponential moving average 18,155); a further directional upmove would require a decisive move above this.

On the lower end, the support is intact at 18,070. As long as it remains above 18,070, the sideways pattern may continue.

However, a decisive fall below 18,070 may trigger a mild selling pressure in the market.

For the short term, the Nifty may hover within a broader range of 17,800-18,350; any decisive move on either side may induce a directional move.

Here are three buy calls for short term:

Canara Bank: Buy | LTP: Rs 316.1 | Stop-Loss: Rs 305 | Target: Rs 335 | Return: 6 percent

The stock price has moved up after forming a bullish Harami pattern on the daily chart, indicating a rise in optimism. Besides, the stock could reclaim the short-term moving average (50-day EMA).

The momentum indicator RSI (relative strength index) has entered a bullish crossover. The trend is likely to remain positive over the short term.

On the higher end, it may move up towards Rs 335. On the lower end, support is visible at Rs 305.

Kalyan Jewellers India: Buy | LTP: Rs 131.15 | Stop-Loss: Rs 127 | Target: Rs 139 | Return: 6 percent

The stock price has moved above the recent consolidation, indicating a rise in optimism. The rally in price has been backed by a rise in volume.

Besides, the stock has sustained above the near-term moving average (20-day EMA). The momentum indicator RSI has entered a bullish crossover.

The trend is likely to continue in the near-to-short term. On the higher end, it may move up towards Rs 135-139. On the lower end, support is visible at Rs 127.

JSW Steel: Buy | LTP: Rs 761.7 | Stop-Loss: Rs 747 | Target: Rs 800 | Return: 5 percent

The stock has given a downward consolidation breakout on the daily chart, suggesting a rise in optimism. The stock price has remained above the 50-day moving average.

The RSI is in bullish crossover. The short-term trend looks positive, and on the higher end, it may move up towards Rs 800. Support on the lower end is pegged at Rs 747.

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