Stock market today: The benchmark stock market indices, Sensex and Nifty 50, continued to experience significant losses during noon on Friday as tensions escalated between India and Pakistan, raising concerns about a potential broader conflict.
On Thursday night, India rapidly countered Pakistan’s latest attempts to target military sites with drones and missiles, particularly in Jammu and Pathankot, after successful interceptions of similar efforts at 15 locations in the northern and western parts of the country, amid rising tensions between the two nations.
On Wednesday, Indian armed forces executed targeted missile strikes on nine terror-related locations in Pakistan-occupied Kashmir (PoK) and Pakistan as part of ‘Operation Sindoor’.
Continuing the drop from the previous day, the 30-share BSE benchmark index plummeted by 950 points to reach 79,384.36 in the second half of Friday. Meanwhile, the Nifty 50 fell by 293 points to settle at 23,980.55.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 witnessed a sharp fall and ended the session below its crucial support of 24,200, closing near 24,273. This breakdown suggests short-term weakness, and we now expect the index to drift lower towards 24,000 and 23,800 levels. On any bounce, 24,400 and 24,500 will act as stiff resistance. The index remains vulnerable, and traders should approach with caution until a decisive move above 24,400 is seen.
Bank Nifty
Bank Nifty slipped sharply and closed right at its major support zone around 54,000. A sustained break below this level could open up further downside towards 53,600–53,500. However, if the index manages to hold, some recovery towards 54,600–54,800 can’t be ruled out. Traders should keep a strict stop loss below 54,000, as a breakdown may bring intensified selling pressure.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – State Bank of India (SBI), Tata Motors, and Zen Technologies.
1. SBI – Buy at ₹775 | Stop Loss: ₹750 | Target: ₹820
SBI share price is showing strength near key support and has been forming higher lows, indicating bullish undertone. The stock is trading above key moving averages, and momentum indicators like MACD are showing early bullish crossover signals. RSI (14) is stable, suggesting room for further upside. With PSU banks performing well, SBI share price is poised to benefit. A sustained move above ₹775 could trigger fresh buying interest and lift the stock toward ₹820 in the near term. The risk-to-reward ratio is favorable with a stop loss at ₹750. Overall, the structure remains positive with potential for short-term price expansion.
2. Tata Motors – Buy at ₹703 | Stop Loss: ₹675 | Target: ₹725
Tata Motors share price has rebounded after testing key support near ₹675 and is showing signs of trend reversal. The stock is holding well above its short-term moving averages, supported by rising volumes and a recovering RSI (14). Price action confirms demand near the ₹700 zone, indicating strong buying interest. A close above ₹703 could initiate upward momentum, targeting ₹725 in the coming sessions. Technical indicators remain favourable, with MACD nearing a bullish crossover. The auto sector is stable, providing a supportive backdrop. With stop loss at ₹675, the trade offers a solid risk-reward opportunity for short-term gains.
3. Zen Technologies – Buy at ₹1,406 | Stop Loss: ₹1,350 | Target: ₹1,500
Zen Technologies share price is showing strong momentum after breaking out of a consolidation range near ₹1,350– ₹1,400. The stock has witnessed high volumes, indicating institutional participation. RSI (14) is trending upwards but remains below overbought territory, signaling healthy momentum. The stock has also crossed key exponential moving averages, reinforcing bullish sentiment. A move above ₹1,406 confirms continuation of the uptrend, and technical indicators like MACD support further upside. The defense sector remains in focus, adding fundamental strength. With support at ₹1,350, any dip can be considered a buying opportunity. The setup favors a short-term rally toward ₹1,500 with limited downside risk.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
