Stock market today: Indian stock markets increased on Friday, following global market gains, as weaker U.S. jobs data outweighed a higher-than-anticipated inflation figure and heightened expectations for Federal Reserve interest rate reductions.
As of 12:55 IST, the Nifty 50 climbed 0.40% to reach 25,104.85, while the BSE Sensex saw a 0.44% rise to 81,903.34.
The anticipation of a U.S. rate cut next week and in the upcoming two meetings increased, boosting domestic market sentiment, as data revealed a sluggish U.S. labor market despite higher-than-expected inflation.
Prashanth Tapse from Mehta Equities mentioned that it’s essential for the Nifty 50 to remain above 24,900 to keep its strength, while pullbacks could present new buying chances. Tapse recommends three stocks to buy in the near-term. Here’s what he says about the overall market.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 is trading near its resistance of 25,050 with immediate support placed at 24,900. A breakout above 25,050 could extend the rally towards 25,200–25,250 levels in the short term. The broader undertone remains positive, supported by strong momentum indicators. Sustaining above 24,900 will be crucial for maintaining strength, while dips may offer fresh buying opportunities. Traders are advised to continue with a buy-on-dips strategy, as the index maintains bullish traction in the current market setup.
Bank Nifty
Bank Nifty is currently trading close to its resistance of 54,750, with strong support near 54,400. A sustained breakout above 54,750 can trigger a rally towards 55,250–55,500 levels. Momentum indicators show strength, suggesting the index may continue its positive trajectory. However, 54,400 remains a key cushion for short-term traders. Sustaining above resistance levels will be important to confirm further upside potential. Traders should remain focused on accumulation, as the index structure continues to support a bullish bias in the near term.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Gail (India) Ltd, Hindustan Zinc Ltd, and Tata Motors Ltd.
GAIL
Buy | CMP: ₹183 | SL: ₹177 | Target: ₹200
GAIL share price is consolidating near ₹183 while holding strong above its support at ₹177. The chart structure suggests bullish continuation with improving momentum. A breakout above current levels could drive the stock towards ₹200. The overall setup looks favourable, making dips attractive for fresh buying opportunities in the short term.
Hindustan Zinc
Buy | CMP: ₹448 | SL: ₹435 | Target: ₹480
Hindustan Zinc share price is sustaining near ₹448, with immediate support placed at ₹435. The stock is witnessing steady accumulation, supported by volume strength. Any sustained move higher could lead to upside targets of ₹480. The bias remains positive, favouring positional traders to buy on declines and ride the trend for near-term gains.
Tata Motors
Buy | CMP: ₹715 | SL: ₹690 | Target: ₹800
Tata Motors share price is trading firm at ₹715, with strong support at 690 levels. The technical structure remains bullish, indicating potential upside towards ₹800. A sustained move above current levels may attract fresh buying momentum. Overall sentiment is positive, and traders can use dips as entry opportunities to capture 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.
