Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, remained unchanged on Friday, hovering near record highs but poised for their best month since March, influenced by improved earnings outlooks and renewed foreign investments.
The Nifty 50 decreased by 0.44% to reach 25,763 . 15, while the BSE Sensex dipped by 0.42% to settle at 84,055.80, as of 14:25 IST.
The indices experienced a decline of approximately 0.7% each on Thursday after U.S. Federal Reserve Chair Jerome Powell expressed skepticism about a potential rate cut in December following this week’s 25-basis-point decrease, alongside concerns regarding a U.S.-China trade agreement.
The Nifty 50 and Sensex have risen around 5% each in October, targeting their best performance since March, and they are currently trading nearly 1.5% and 1.8%, respectively, below their all-time peaks reached in September 2024.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 maintained its bullish undertone throughout the session, holding comfortably above the 25,800 mark. Immediate support lies at 25,800 and 25,700, while resistance is placed at 25,975 and 26,100. A decisive close above 25,975 could accelerate momentum toward 26,100 and higher. Market breadth remains positive, supported by strong sectoral participation and firm global cues. Indicators such as RSI continue to show strength, suggesting that the short-term trend remains firmly bullish. Traders should continue to adopt a buy-on-dips strategy as long as Nifty 50 sustains above 25,800.
Bank Nifty
Bank Nifty extended its positive momentum, comfortably trading above key supports at 57,900 and 57,770. The index now faces resistance near 58,300 and 58,500, where minor profit booking could emerge. A breakout above 58,500 may open the door for fresh highs in the coming sessions. With leading private and PSU banks showing resilience and RSI holding firm in bullish territory, the overall structure remains constructive. Traders may look for long opportunities on dips while keeping a close watch on 57,900 for directional confirmation.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – HDFC AMC, Bajaj Finance, and IIFL Finance.
HDFC AMC – Buy | CMP: ₹5,435 | SL: ₹5,300 | Target: ₹5,600 / ₹5,750
HDFC AMC is showing a strong upward momentum, trading well above key moving averages with rising volume support. The stock has formed a bullish continuation pattern, indicating sustained institutional buying. A breakout above ₹5,460 could extend gains toward ₹5,600 and ₹5,750. Traders may maintain a stop-loss at ₹5,300 for disciplined risk management.
Bajaj Finance – Buy | CMP: ₹1,064 | SL: ₹1,020 | Target: ₹1,105 / ₹1,140
Bajaj Finance is attempting to rebound from its short-term base near ₹1,040, supported by improving RSI and volume activity. A sustained close above ₹1,075 may accelerate momentum toward ₹1,105 and ₹1,140. The trend remains positive, with buyers regaining control. Traders can consider accumulating with a stop-loss at ₹1,020.
IIFL Finance – Buy | CMP: ₹541 | SL: ₹520 | Target: ₹565 / ₹580
IIFL Finance is witnessing a bullish breakout from its recent consolidation zone, backed by strong volumes and improving momentum indicators. The stock remains in a higher-top, higher-bottom formation, reinforcing its uptrend. A sustained move above ₹541 could push it toward ₹565 and ₹580. Traders may consider long positions while keeping a stop-loss at ₹520.
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.
