Stock market today: Domestic equities were flat during Friday’s trading session, even as the benchmark indices started with slight gains following the significant selling pressure from the previous day. Market analysts indicated that, although short-term sentiment is weak, the oversold conditions of the markets are contributing to a bounce back.
At 12:38 IST, the Nifty 50 was trading 24,532 . 35 level, up by 28.80 points or 0.10%, while the Sensex was trading at 80,173.06, marking a gain of 93.25 points or 0.12%.
Prashanth Tapse from Mehta Equities thinks that any rebound for Nifty 50 is likely to encounter resistance around 24,700, while if selling pressure persists, the downside could reach levels of 24,300–24,200. Tapse recommends three stock to buy in the near-term. Here’s what he says about the market.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 slipped below the crucial support of 24,673 and ended the day around 24,500. The breakdown signals further weakness, with the overall trend leaning negative in the near term. Any recovery will face resistance near 24,700, while the downside may extend towards 24,300–24,200 if selling pressure continues.
Bank Nifty
Bank Nifty broke below 54,467 and is now approaching the strong support zone of 53,500. Traders can consider buying if the index comes closer to 53,500, with a strict stop loss at 53,000. A rebound from this level may lead to a pullback towards 54,500, making it a crucial make-or-break zone for the short term.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Ola Electric, Denta Water, and Inox Green.
Ola Electric
Buy | CMP : ₹56.30 | SL : ₹50.00 | TARGET : ₹65.00
Ola Electric share price is showing strong momentum after sustaining above its short-term support levels. The stock is currently trading at ₹56.30, and the structure looks bullish as long as it holds above ₹50. A sustained move could push prices towards ₹65 in the coming sessions. Rising volumes support the uptrend, making dips an attractive buying opportunity for short-term traders.
Denta Water
Buy | CMP : ₹412.35 | SL : ₹383.00 | TARGET : ₹450.00
Denta Water share price is witnessing steady accumulation, with the stock holding above ₹400 levels. The current CMP of ₹412.35 indicates strength, supported by improving momentum indicators. Buying near this zone with a stop loss of ₹383 is advisable, as the stock has potential to head towards ₹450. Strong demand and healthy volumes suggest limited downside risk, making it favorable for positional traders.
Inox Green
Buy | CMP : ₹148 | SL : ₹142.00 | TARGET : ₹165.00
Inox Green share price is trading firmly near ₹148 and has been consolidating within a bullish setup. The stock has a strong base near ₹142, which acts as a solid stop loss. Once it sustains above ₹150, it could attract fresh buying interest and rally towards ₹165. Overall sentiment remains positive, and pullbacks should be used as entry opportunities for near-term gains.
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.
