Stock market today: Stock market benchmark indices Sensex and Nifty 50 surged on Friday following a 25 basis point interest rate cut by the RBI aimed at further enhancing economic growth. After experiencing some volatility at the start of the session, the Sensex later rebounded, gaining 425.57 points to reach 85,698.23. The Nifty 50 also rose by 136.65 points to settle at 26,169 . 90.
The RBI’s decision to lower interest rates by 25 basis points to 5.25% comes despite ongoing concerns regarding the rupee’s depreciation, with the goal of further stimulating economic growth, which has surged to a six-quarter high of 8.2 percent in the second quarter of the current fiscal year.
This move is anticipated to make loans, including those for housing, automobiles, and commercial purposes, more affordable, according to experts.
In announcing the fifth bi-monthly monetary policy for this fiscal year, RBI Governor Sanjay Malhotra stated that the Monetary Policy Committee (MPC) has reached a unanimous agreement to reduce the short-term lending rate, known as the repo rate, by 25 basis points to 5.25%, maintaining a neutral stance.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 remained under pressure as the index failed to build strength above the 26,000 mark. Selling at higher levels kept upside capped, with resistance clearly seen near 26,098–26,154. Immediate support lies at 25,960 and then 25,890; a breakdown below these levels may trigger further downside. The index will only regain strength if it delivers a sustained close above 26,154. Until that happens, the broader sentiment stays cautious, and traders should avoid aggressive long positions and focus on selective opportunities.
Bank Nifty
Bank Nifty continued to exhibit weakness as selling emerged near the key resistance zone of 59,546–59,600. The index is struggling to reverse momentum and remains vulnerable unless it stabilizes above these resistance levels. Immediate support sits at 59,062, followed by a crucial level at 59,000. A close below 59,000 could accelerate bearish sentiment. Any intraday bounce is expected to face supply near resistance bands. Traders should maintain a defensive stance and consider fresh longs only on a decisive close above 59,600.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Adani Enterprises, DLF, and SBI Card.
Buy – Adani Enterprises
CMP: ₹2,227 | SL: ₹2,190 | Target: ₹2,300 / ₹2,357 / ₹2,400
Adani Enterprises is showing encouraging price action, with the stock holding firmly above key support at ₹2,190. Buying interest at lower levels indicates accumulation, and a move above immediate resistance zones can trigger a swift rally toward ₹2,300– ₹2,400. The overall structure remains positive as long as the stock trades above its support zone. Short-term traders can consider entering positions with a favourable risk-reward setup.
Buy – DLF
CMP: ₹721 | SL: ₹702 | Target: ₹740 / ₹760
DLF maintains a constructive upward structure, consistently attracting buyers near its support zone around ₹702. The stock is trading above key moving averages and shows signs of continued accumulation. A push above immediate resistances may open the path toward ₹740 and ₹760 in the short term. As long as the stock holds above ₹702, the trend stays positive, making it a buy-on-dips candidate with a favorable risk-reward profile.
Buy – SBI Card
CMP: ₹878 | SL: ₹840 | Target: ₹950
SBI Card is displaying signs of steady accumulation after forming a sustained base near the ₹850– ₹860 zone. The stock has been stabilizing well above its support levels, indicating renewed buying interest from lower zones. A move above near-term resistance could drive momentum toward the ₹950 mark. With strong support at ₹840, the risk-reward setup remains favourable for short-term traders looking for an upward continuation in the coming sessions.
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.
