Stock market today: Indian stock markets faced pressure on Friday as Foreign Portfolio Investors (FPIs) contributed to a decline in investor sentiment.
At 11:30 IST, the Nifty 50 was positioned at 24,890 . 95, down by 170.40 points or 0.67%, while the Sensex was trading at 81,696.77, marking a drop of 480.05 points or 0.53%.
Foreign Institutional Investors (FIIs) offloaded equities amounting to ₹2,133.69 crore on Thursday, according to exchange statistics. In contrast, Domestic Institutional Investors (DIIs) bought shares valued at ₹2,617.14 crore.
Market analysts indicate that the short-term outlook for the market has deteriorated. Ongoing selling by FIIs, which has reached a total of ₹11,572 crore over the last four trading days, is likely to negatively affect the market.
Global signals also remained unfavorable. The upcoming US-China trade discussions scheduled in Sweden for Monday are anticipated to provide critical insights into the direction of US-India negotiations, particularly as talks regarding Russian oil supplies are also on the agenda in Stockholm. With a lack of fiscal measures and the monetary policy meeting set for August 6, Indian markets are preparing for a potentially weak conclusion to the week, which could result in the fourth consecutive week of losses.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 remains in a positive zone, with the 24,882 mark acting as the most important support for today. On the upside, the index faces stiff resistance at 25,246. As long as Nifty 50 holds above 24,882, the trend is expected to stay constructive, with any dip providing an opportunity to buy. Market breadth and participation from large-cap stocks continue to support the upward bias. Sustaining above 25,000 can lead to a push towards 25,200–25,250, but a breach of 24,882 would warrant caution.
Bank Nifty – Outlook
Bank Nifty’s primary support lies at 56,692, with a secondary cushion at 56,204. Key resistance levels are seen at 57,294 and 57,628. The index remains resilient and is likely to see further upside as long as 56,692 holds. Positive sentiment in both private and PSU banks is keeping the momentum strong. Traders are advised to maintain long positions with stop losses just below key support, as a move above 57,294 could open the way to 57,628 and higher.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Apollo Hospitals, Zee Ltd, and Bajaj Housing Finance.
Apollo Hospitals
Buy at ₹7,414 | SL: ₹7,200 | Target: ₹7,900
Apollo Hospitals has formed a strong base near ₹7,200 and is witnessing renewed buying interest. The stock has broken out above short-term resistance levels with healthy volumes, indicating bullish momentum. As long as ₹7,200 holds, Apollo Hospitals can rally toward ₹7,900. Suitable for short-term traders seeking momentum plays.
Zee Ltd
Buy at ₹127.39 | SL: ₹110.00 | Target: ₹160
Zee Ltd is showing signs of recovery from its recent lows, finding support near ₹122. A close above ₹127.39 confirms a bullish reversal, backed by improved volume activity and positive momentum on technical indicators. The stock has potential to move towards ₹150-160 in the near term, with a stop loss at ₹110 to manage risk.
Bajaj Housing Finance
Buy at ₹117.44 | SL: ₹100 | Target: ₹150
Bajaj Housing Finance is consolidating above key support at ₹112 and has started to show early signs of accumulation. A breakout above ₹117.44 could trigger a swift upmove towards ₹150. Momentum indicators are turning positive, making this an attractive buy for short-term positional traders with a well-defined stop loss at ₹100.
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.
