Chennai Petro, Mahindra Lifespaces, Vascon Engineers: 3 stocks to buy for short-term trade

Indian benchmark indices settled sharply lower on Friday on the back of weak quarterly earnings by IT and financial sectors, denting the elevated valuations. FIIs outflows further dented the sentiments. BSE Sensex dropped 501.51 points, or 0.61 per cent, to settle at 81,757.73, while NSE's Nifty50 cracked 143.05 points, or 0.57 per cent, to close at 24,968.40 for the day.
 

Select buzzing stocks including Mahindra Lifespace Developers, Chennai Petroleum Corporation and Vascon Engineers likely to remain under the spotlight of traders for the session today. Here is what a couple of brokerage firms have to say about these stocks ahead of Monday's trading session:
 

Chennai Petroleum Corporation | Buy | Target Price: Rs 900-915 | Stop Loss: Rs 690

Chennai Petro has been exhibiting a strong uptrend, trading consistently within a rising channel while forming a higher-high and higher-low pattern on both daily and weekly timeframes. Recently, it delivered a fresh breakout above an inverted head and shoulders pattern, confirming sustained bullish momentum. At present, the stock has once again found support at the neckline of this pattern and resumed its upward trajectory, surpassing the key resistance level of 775. Additionally, positive divergences in secondary oscillators reinforce the bullish bias, suggesting further upside potential in the near term. Therefore, one can accumulate a stock in the range of Rs 770-780 for the expected upside of Rs 900-915 levels with stop loss below Rs 690 levels.
Recommended by: SMC Global Securities
 

Vascon Engineers | Buy | Target Price: Rs 63 | Stop Loss: Rs 54

On the charts, we are witnessing a copy book formation of inverse bullish head and shoulder breakout in the stock around Rs 57 levels. The price action is supported with volumes, and the stock is now at calendar year’s high. Weekly RSI has managed to cross the 60 mark which signals a fresh upside. One can buy the stock in the range of Rs 57.50-56.50, with a stop loss of Rs 54 for an upside target of Rs 63 as an actionable trade in the stock.
Recommended by: Anand Rathi Shares & Stock Brokers
 

Mahindra Lifespace Developers | Buy | Target Price: Rs 420-425 | Stop Loss: Rs 350

Mahindra Lifespace has shown a consistent recovery after hitting a 52-week low of Rs 255.69 in April, trending upward within a well-defined channel and testing the key resistance at Rs 375. Technically, it has confirmed a breakout above an ascending triangle pattern while also reclaiming the 200-day EMA on the daily charts. The breakout is supported by a notable surge in trading volume, reinforcing bullish momentum. With key technical indicators turning positive and the price sustaining above crucial moving averages, the stock appears poised for further upside in the near term. Therefore, one can accumulate a stock in the range of Rs 375-380 for the expected upside of Rs 420-425 levels with stop loss below Rs 350 levels.
Recommended by: SMC Global Securities