Stock market today: Indian stock market indices recovered from initial declines on Friday, with Nifty 50 reaching a one-year high, as increases in Reliance Industries ahead of its earnings report offset the drops in Infosys and Wipro, which experienced setbacks due to margin concerns despite strong earnings.
The Nifty 50 increased by 0.4% to 25,679 . 70, marking its highest level since October 1, 2024, while the Sensex rose by 0.50% to 83,878.81 as of 13:28 IST. Both indices had decreased by about 0.2% at the start of trading.
The indices concluded Thursday at three-month highs and are currently less than 3% away from their all-time highs recorded in September 2024.
Market trends show a bullish consolidation following a recent uptrend, ahead of the earnings announcements from ICICI Bank, HDFC Bank on Saturday, and Reliance after the market closes on Friday, according to analysts.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 witnessed a strong breakout above the 25,670 mark on daily charts, confirming continuation of the ongoing bullish trend. The index is now eyeing the psychological 26,000 level, with intermediate resistance at 25,850. Support is placed around 25,500, where buying interest is expected to emerge. Momentum indicators remain firmly positive, reflecting sustained strength across frontline stocks. As long as Nifty 50 holds above 25,500, the short-term outlook remains optimistic.
Bank Nifty
Bank Nifty extended its upmove, breaking decisively above 56,700 on the daily chart and signalling further upside potential. The index now faces resistance around 58,200 and 58,500, with immediate support near 57,200. Positive sentiment in large-cap banking names continues to support the rally. The formation of higher highs and higher lows suggests the uptrend is intact, and dips could provide fresh buying opportunities for traders.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – HDFC Life, Trent, and Granules India.
HDFC Life – Buy | CMP: ₹744 | SL: ₹725 | Target: ₹780 / ₹800
HDFC Life has broken out of its recent consolidation phase, trading above key moving averages with strong volume support. The stock’s structure remains positive, and RSI is trending upward, indicating sustained momentum. A move above ₹744 can trigger further upside towards ₹780 and ₹800. Traders may keep a stop-loss at ₹725 to manage downside risk.
Trent – Buy | CMP: ₹4,828 | SL: ₹4,700 | Target: ₹5,050 / ₹5,200
Trent continues to outperform broader markets, supported by strong institutional buying and robust price structure. The stock remains in a steady uptrend, holding comfortably above its 20-day EMA. Sustaining above ₹4,828 could push the stock toward ₹5,050 and ₹5,200 in the near term. A stop-loss at ₹4,700 is recommended for positional traders.
Granules India – Buy | CMP: ₹571 | SL: ₹550 | Target: ₹610 / ₹630
Granules India has given a fresh breakout on the daily chart, supported by strong volume and bullish momentum. The stock’s trend remains positive, with RSI indicating continued strength. Holding above ₹571 could drive further gains toward ₹610 and ₹630 levels. Traders can look to enter at current levels while keeping a stop-loss at ₹550 to protect profits.
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.
