In a range-bound Indian stock market, where the benchmark Nifty 50 is exhibiting signs of struggle after hitting a record high, experts are suggesting a focused approach towards stock picking. With caution prevailing ahead of the Q3FY26 earnings season and geopolitical tensions escalating, the market sentiment is subdued. In this environment, identifying stocks with favorable technical indicators becomes crucial for short-term gains.

Navigating the Range-Bound Market

The Nifty 50 slipped by approximately 0.40% in intraday trade on Tuesday, January 6, potentially extending losses for the second consecutive session. This comes after a 0.30% dip in the previous session due to profit booking, following a record high of 26,340 on January 2. The absence of positive developments regarding the India-US trade deal further contributes to the cautious market sentiment.

Expert Recommendations

To navigate this range-bound market, Vishnu Kant Upadhyay of Master Capital Services and Aakash Shah of Choice Equity Broking recommend focusing on specific stocks with promising technical setups for the short term. These picks are based on technical analysis and aim to capitalize on short-term momentum.

Stock Picks for the Short Term

Here are six stocks recommended by experts, focusing on technical indicators:

• PG Electroplast (PGEL): Vishnu Kant Upadhyay suggests buying PGEL at ₹630, with target prices of ₹675 and ₹690, and a stop loss at ₹586. The stock has demonstrated a decisive breakout from an ascending triangle, supported by a strong bullish candle, indicating improving upside momentum. The bullish crossover of the 21-EMA above the 55-EMA reinforces this positive trend, and the RSI breakout from a symmetrical triangle suggests fresh momentum.
• Cyient: Upadhyay recommends buying Cyient at ₹1,154, with target prices of ₹1,240 and ₹1,260, and a stop loss at ₹1,070. Cyient is approaching a potential breakout from a descending triangle, supported by a Morning Star pattern, signaling emerging bullish momentum. The stock price sustaining above the 21-EMA and 55-EMA on lower timeframes further strengthens the positive outlook.
• Prestige Estates Projects Ltd: Somil Mehta of Mirae Asset Sharekhan suggests buying Prestige in the range of ₹1671 & ₹1672, with a stop loss at ₹1550 and a target of ₹1900. The stock has broken out of an Ending Diagonal pattern and is taking support from the 200-day moving average. Positive momentum indicators suggest a resumption of the uptrend. Key resistance is at ₹1760, and support is at ₹1583.
• Great Eastern Shipping Company Ltd: Mehta recommends buying GESHIP in the range of ₹1126 & ₹1127, with a stop loss at ₹1050 and a target of ₹1280. The stock is forming a small triangle pattern above the 20 and 40-day daily moving averages, suggesting a likely uptrend. Momentum indicators show a positive crossover above the zero line, and the stock has broken out of a falling trendline.
• Nuvama Wealth Management Ltd: Mehta suggests buying Nuvama in the range of ₹1492 & ₹1493, with a stop loss at ₹1390 and a target of ₹1650. The stock has been consolidating within a broad range, remaining above the 20 and 40-day moving averages. A breakout above this range is anticipated, with momentum indicators showing strength.
• Other Potential Stocks: Some additional stocks that investors might consider for the short term include ICICI Bank, Tata Motors, Adani Green Energy, SRF Limited, Infosys Limited, Maruti Suzuki India Limited, Avenue Supermarts Limited, Bajaj Finance, Zomato and Reliance Industries.

Disclaimer

It's important to note that these recommendations are based on expert analysis and technical indicators as of January 6, 2026. Market conditions are dynamic, and investors should conduct their own thorough research and consider their risk tolerance before making any investment decisions. Short-term stock investments carry higher risk and require a good understanding of market trends.