Stocks market today: Indian stocks retraced early gains on Friday as profit-taking in consumer shares and a decline in information technology offset a surge in the automotive sector following tax reductions.
The NSE Nifty 50 slid 0.03% to 24,724.1, while the BSE Sensex decreased 0.13% to 80,608.99 at 10:32 a.m. IST. Both indices had previously risen by 0.3% at their peak during the trading session.
Indian stock markets continued their positive momentum on Friday’s early trade, starting with a strong opening fueled by optimism regarding the newly implemented GST 2.0 reforms. Investors are hopeful that the new tax simplification measures will bolster overall consumption in the economy, driving growth in the upcoming quarters.
Market experts indicate that these reforms could signal the beginning of a recovery phase, especially after a period of underperformance in the equity markets.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 has strong support at 24,700 and resistance at 24,900. The overall trend remains positive, with buying seen on declines. Sustaining above 24,700 could lead to strength toward 24,900 in the near term. Momentum indicators also point to stability, suggesting a bullish undertone.
Bank Nifty
Bank Nifty is holding support at 53,800 while facing resistance near 54,400. The index trend remains positive as long as it stays above 53,800. Sustaining gains could drive it towards 54,400, with momentum indicators backing further upside.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – RBL Bank, BSE, and CDSL.
RBL Bank – Buy | CMP: ₹275 | SL: ₹260 | Target: ₹320
RBL Bank is showing strong buying momentum after rebounding from key support levels. The stock is trading above its short-term averages, confirming bullish sentiment. RSI is trending upward, and volumes have picked up, suggesting sustained accumulation. If the stock holds above ₹275, it may extend gains toward ₹320 in the coming sessions. Traders may consider fresh long positions with a stop-loss at ₹260 to manage downside risk effectively.
BSE – Buy | CMP: ₹2,281 | SL: ₹2,100 | Target: ₹2,600
BSE has resumed its uptrend after consolidating around the ₹2,200– ₹2,250 zone. The stock is trading comfortably above key moving averages, reflecting underlying strength. Strong volumes and improving RSI suggest robust bullish momentum. Sustaining above ₹2,281 could accelerate the move towards ₹2,600 in the short term. The stock’s chart pattern indicates higher highs formation, making it attractive for fresh buying with a stop-loss at ₹2,100.
CDSL – Buy | CMP: ₹1,529 | SL: ₹1,440 | Target: ₹1,750
CDSL has broken out from its consolidation zone with good volumes, signaling fresh bullish momentum. The stock is holding well above short-term moving averages, indicating strength. RSI has turned positive, reflecting renewed buying interest. Sustaining above ₹1,529 may lead to a rally toward ₹1,750. The broader trend remains intact, and traders can consider buying at current levels with a stop-loss at ₹1,440 for a favorable risk-to-reward opportunity.
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.
