Stock market today: Indian stocks gained on Friday, recovering from an initial decline, following the Reserve Bank of India’s unexpected decision to cut its key repo rate by 50 basis points to bolster economic growth.
In a surprise move, the central bank also reduced banks’ Cash Reserve Ratio (CRR) by 100 basis points and shifted its policy stance from accommodative to neutral.
As of 12:46 IST, the Nifty 50 increased by 0.93% to reach 24,980 . 45, while the Sensex was up by 0.9% at 82,131.45. Prior to the RBI’s policy announcement, the indices were down approximately 0.2%.
Prashanth Tapse of Mehta Equities believes that Nifty 50 breakout above the 24,900 level could open the door to a new leg higher. Tapse recommends buying SBI Cards, PCBL Chemical, 360 ONE WAM, and Piramal Pharma.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 is currently trading at 24,716, showing a mild pullback but still maintaining its overall bullish setup. The index continues to hold key supports at 24,650 and 24,500, which are acting as accumulation zones. Momentum indicators such as RSI remain neutral to positive, and the MACD is close to a bullish crossover. A breakout above the 24,900 level could open the door to a new leg higher. Until then, buying on dips near support is recommended for positional traders.
Support: 24,650 – 24,500
Resistance: 24,800 – 24,900
Bank Nifty – Technical View
Bank Nifty is trading at 55,903, up by 154 points, and continues to trend upward within a broad consolidation range. The index has respected its support at 55,700 and 55,500, and momentum remains intact. The RSI reflects steady strength, while the MACD is on the verge of confirming a bullish signal. A close above 56,100 would confirm a breakout and may result in strong momentum-driven gains. Traders may use any intraday dips to build long positions with a defined stop loss.
Support: 55,700 – 55,500
Resistance: 56,000 – 56,100
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term –SBI Cards and Payment Services Ltd, PCBL Chemical Ltd, 360 ONE WAM Ltd, and Piramal Pharma Ltd.
SBI Cards and Payment Services Ltd| Buy | CMP: ₹944 | Stop Loss: ₹918 | Target: ₹980 / ₹1000
SBI Cards share price is maintaining a positive trend after stabilizing near the ₹920– ₹930 range. The stock is forming a strong base with gradually improving momentum on the daily chart. Technical indicators such as RSI are showing a bullish bias, suggesting increased buying interest. The price is also holding well above short-term moving averages. A move above ₹950 could trigger a breakout, opening targets of ₹980 and ₹1000. Traders may consider initiating fresh longs at current levels with a stop loss at ₹918, aligning with a favourable risk-to-reward setup.
PCBL Chemical Ltd | Buy | CMP: ₹427 | Stop Loss: ₹414 | Target: ₹445 / ₹460
PCBL Chemical share price is exhibiting early signs of a potential breakout from its consolidation phase. The stock has been trading in a tight range while building higher lows, which is a constructive technical sign. Momentum indicators like RSI are trending higher, and volume has started to rise slightly, hinting at accumulation. The price structure suggests that a move above ₹430 could lead to a quick rally toward ₹445 and ₹460. Traders can consider buying at current levels with a stop loss at ₹414 to capture the next directional move.
360 ONE | Buy | CMP: ₹1074 | Stop Loss: ₹1040 | Target: ₹1120 / ₹1150
360 ONE share price has been consolidating within a narrow range after a sharp run-up, indicating strength and readiness for a continuation move. The stock is trading above key moving averages and is supported by a strong RSI and MACD setup. A breakout above ₹1,080 could lead to a fresh rally toward ₹1,120 and beyond. The consolidation pattern adds reliability to the setup, and the stock looks well-positioned for a short- to medium-term uptrend. Entries near the current level are attractive, with a protective stop loss at ₹1,040.
PPL Pharma | Buy | CMP: ₹208 | Stop Loss: ₹198 | Target: ₹225 / ₹235
PPL Pharma share price has shown a strong rebound from its recent lows and is now trading with a positive bias near ₹208. The stock is forming a bullish flag pattern, supported by increasing volumes and an improving RSI trend. Momentum is gradually building, and the MACD is on the verge of a crossover that could add further strength. If the price sustains above ₹210, it may witness a swift up move toward ₹225 and ₹235. Traders looking for fresh opportunities in the pharma sector can consider buying with a stop loss at ₹198.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
