<ul>
<li>Despite concerns over valuation and election-related uncertainties, the Indian stock market achieved remarkable milestones last week.</li>
<li>Benchmarks the Nifty 50 reached a new high of 23,026.40, and the Sensex set a fresh peak at 75,636.5 on Friday, May 24.</li>
<li>"Experts expect the benchmarks to sustain gains. However, as the Lok Sabha election result day draws closer, there could be short-term volatility," said Ajit Mishra, SVP of research at Religare Broking.</li>
</ul>
<p><strong>Discover the latest stock market trends and expert recommendations for potential short-term gains amidst election-related uncertainties.</strong></p>
<h2><strong>Indian Stock Market Hits New Highs</strong></h2>
<p>The Indian stock market has been on an upward trajectory, with the Nifty 50 reaching a new high of 23,026.40 and the Sensex hitting 75,636.5. This marks the second consecutive week of gains, with both indices rising by 2%. According to Ajit Mishra, SVP of research at Religare Broking, the market's buoyancy over the last two weeks has countered the previously bearish sentiment. The Nifty is expected to move toward the 23,150-23,400 range soon.</p>
<h3><strong>Potential Short-term Volatility Ahead</strong></h3>
<p>As the Lok Sabha election result day approaches, experts anticipate short-term volatility in the market. Mishra suggests that in the event of a dip, the 22,550-22,800 zone is expected to provide strong support. While all key sectors are contributing to the rally, banking and IT sectors still have significant upside potential. Their participation could drive the index to much higher levels. Mishra recommends a stock-specific trading approach, favouring large and mid-cap stocks for short-term trades.</p>
<h2><strong>Top Stock Picks for Short-term Gains</strong></h2>
<p>Even as the market is at a record high level, experts say some stocks look attractive on the technical charts, and one can consider buying them for short-term gains. Based on analysts' recommendations, the below stocks may give double-digit returns in the short term:</p>
<h3><strong>Tata Motors</strong></h3>
<p>Technical Analyst Riyank Arora from Mehta Equities suggests that Tata Motors has taken strong support at the ₹920 mark and bounced strongly, indicating a potential double-bottom reversal pattern. With the RSI (14) near 46, the stock shows good signs of momentum and strength, with price targets of ₹1,200 and above. A strict stop loss should be kept at ₹900 to manage risk.</p>
<h3><strong>Tata Consumer Products</strong></h3>
<p>Arora also recommends Tata Consumer Products, which has given a strong breakout above its trendline resistance mark of ₹1,115. With the RSI (14) rising from 37 to 53, the stock shows strong momentum. A strict stop loss should be kept at ₹1,050, with potential targets of ₹1,300 and above.</p>
<h3><strong>Larsen & Toubro (L&T)</strong></h3>
<p>Equity Research Analyst Mandar Bhojane from Choice Broking highlights L&T, which is trading near ₹3,600 and exhibiting a strong reversal from the bottom level. The price action has formed a bullish engulfing pattern with substantial volume, signalling a bullish reversal. Bhojane suggests a target price of ₹3,800 to ₹4,000, with a stop loss at ₹3,400.</p>
<h3><strong>PNB Housing Finance</strong></h3>
<p>SEBI registered independent research analyst Vijay Laxmi A Ambala recommends PNB Housing Finance, which trades above its key moving averages. The stock could benefit from increased demand in the housing finance sector, driven by favourable government policies during election periods. Ambala suggests a target price between ₹830 and ₹900, with a stop loss at ₹742.</p>
<h3><strong>Conclusion</strong></h3>
<p>In summary, the Indian stock market has shown remarkable resilience and growth, achieving new highs despite election-related uncertainties. Experts recommend a stock-specific trading approach, focusing on large and mid-cap stocks for short-term gains. Investors should remain cautious of potential short-term volatility as the Lok Sabha election results approach, but the overall outlook remains positive with significant upside potential in key sectors.</p>
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