The Indian stock market extended its losing streak for the fourth consecutive session on Thursday amid rising crude oil prices and persistent geopolitical concerns. According to reports from Religare Broking, the benchmark Nifty 50 has lost 2% in these four sessions, and is now below 23,900. Ajit Mishra, SVP of Research at Religare Broking, pointed out that the index has once again retested the lower band of its prevailing consolidation range of 23,800–24,400. He believes a decisive break below this support could trigger the next leg of the decline towards 23,600, which coincides with the rising trendline support. On the upside, the 24,000–24,150 range may act as the immediate resistance on any rebound.
Mishra recommends Biocon for the next 1-2 weeks with a target price of ₹466 and stop loss at ₹420. According to Religare Broking, Biocon continues to maintain a robust technical structure, with the stock forming an elevated base above the neckline of its previous consolidation breakout. The stock has been attracting consistent buying interest on declines while sustaining comfortably above its key weekly moving averages, highlighting strong underlying demand. As reported by Religare Broking, this phase of healthy consolidation is likely to pave the way for a resumption of the broader uptrend. As long as the stock holds above the ₹420–415 support zone, buying momentum is expected to remain intact.
Mishra recommends Mahindra and Mahindra with a target price of ₹3,450 and stop loss at ₹3,120. According to Religare Broking, Mahindra and Mahindra share price is displaying improving technical momentum, supported by the strengthening outlook for the auto sector. The stock has established a solid base above a crucial support zone and recently confirmed a breakout from its consolidation range, accompanied by a noticeable rise in trading volumes. It has also reclaimed its key long-term moving average, indicating a probable trend reversal and the conclusion of the recent corrective phase. The stock's resilience amid broader market volatility, coupled with improving sectoral sentiment, further strengthens the case for continued upside.
Mishra recommends United Spirits with a target price of ₹1,530 and stop loss at ₹1,360. According to Religare Broking, United Spirits has witnessed a meaningful improvement in its technical setup after attracting strong buying interest near its long-term moving average (200-week EMA). This rebound resulted in a breakout above a falling trendline, signalling a positive shift in the overall trend. Following the breakout, the stock has sustained comfortably above the breakout zone along with a cluster of key weekly moving averages, reinforcing the bullish price structure. The stock has also developed a strong buying pivot around these support levels, indicating the potential for the prevailing uptrend to continue.
As reported by Religare Broking, given the mixed earnings outlook, elevated geopolitical risks, and persistent volatility, the firm continues to advocate a stock-specific approach while maintaining disciplined risk and position management. Mishra emphasized that considering the favourable technical setups and constructive chart patterns of these three stocks, investors may consider accumulating within the recommended buying ranges for short-term gains over the next 1-2 weeks.
