Stock market today: Indian benchmark indices dipped on Friday, as declines in information technology stocks, influenced by renewed uncertainty regarding US tariffs, overshadowed the optimism ahead of domestic growth data set to be released later in the day.
The Nifty 50 fell by 0.34% to 24,743.45 at 15:02 IST, while the Sensex decreased by 0.27% to 81,391.38. IT firms, which obtain a significant portion of their revenue from the United States, declined by 1% after an appeals court temporarily reinstated the most extensive tariffs imposed by President Donald Trump.
On the technical front, Prashanth Tapse of Mehta Equities believes that if Nifty 50 moves above 25,000 with good momentum, we could witness gains in the upcoming trading sessions. Tapse has recommended buying the below three stocks in the short term.
Nifty 50 continues to look positive after closing above the 24,800 level. The index has strong support at 24,700, and as long as this holds, the uptrend is likely to continue. On the upside, 24,900 and 25,000 are important resistance levels. If Nifty 50 moves above 25,000 with good momentum, we may see further gains in the coming sessions.
Resistance: 24,900 – 25,000
Bank Nifty is moving sideways but shows slight bullishness. It has a solid support level near 55,000. On the higher side, 55,550 and 55,875 are key resistance levels. A close above 55,875 could start a fresh upward move, but until then, the index may stay in a range with buying opportunities on dips.
Resistance: 55,550 – 55,875
Prashanth Tapse recommends buying these three stocks in the short term – Eternal Ltd, Central Depository Services Ltd (CDSL), and IndusInd Bank Ltd.
Eternal share price has been consolidating in a narrow range and has now shown signs of a breakout above ₹230, indicating a potential short-term rally. The RSI (14) is rising, reflecting increasing bullish momentum, while the MACD is about to trigger a positive crossover, supporting the upward trend. The price action suggests accumulation at lower levels, and any dip towards ₹225–228 should attract buying interest.
A move above ₹235 can lead to a swift rally toward ₹250. The risk-reward remains favourable with a stop loss placed at ₹222. Overall sentiment and technicals support a near-term bullish outlook.
CDSL share price has shown strong price strength after rebounding from support at ₹1,490, backed by a noticeable rise in volumes. The breakout above ₹1,530 indicates bullish continuation. RSI (14) at 64 reflects positive momentum, while MACD crossover confirms the ongoing uptrend.
As a key player in the booming depository and fintech space, CDSL stands to benefit from rising investor participation. The technical structure points toward a potential move to ₹1,650 in the short term. Any intraday dip toward ₹1,520–1,530 can offer a buying opportunity. Maintain a stop loss at ₹1,495 for risk management.
IndusInd Bank share price has bounced back smartly from the ₹795 support zone, indicating strong buying interest at lower levels. The stock has reclaimed its short-term moving averages and is showing signs of bullish reversal. RSI (14) has crossed 60, and MACD has turned positive, both suggesting further upside.
With Bank Nifty trending higher, IndusInd is well-placed to participate in the rally. The next hurdle lies around ₹835, above which a move toward ₹870 appears likely. Strong fundamentals, improved asset quality, and positive sentiment in the sector support this view. Keep a stop loss at ₹795 to limit downside risk.
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.
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