Stock market news: The Indian stock market mostly remained flat on Friday after experiencing a day of volatile trading, with the Sensex dipping around 95 points and the Nifty 50 closing just under the 25,500 mark.
On Friday, the Sensex declined by 94.73 points, or 0.11%, settling at 83,216.28, while the Nifty 50 slipped by 17.40 points, or 0.07%, to end at 25,492.30.
Analysts pointed out that this stable result was primarily driven by mixed sentiment among investors, as ongoing selling from foreign institutional investors was somewhat offset by cautious support from domestic institutional investors that helped mitigate the drops.
Lackluster indicators from global markets, especially weakened technology and AI stocks in the US, also contributed to the subdued trading environment.
Additionally, profit-taking pressures persisted, especially in sectors like financials and real estate, while the metals sector showed resilience, providing some support to the indexes.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 continued to face profit-booking pressure, slipping below the crucial 25,500 zone, signaling short-term weakness. The index now finds support at 25,350 and 25,200, while resistance is placed near 25,650. A close below 25,450 could trigger further downside toward lower supports. However, pullbacks toward 25,650 cannot be ruled out if short covering emerges. Traders should stay cautious and avoid aggressive long positions until the index sustains above 25,650, which would confirm a reversal in sentiment.
Bank Nifty
Bank Nifty remained volatile, struggling to maintain momentum above the 58,000 level. Immediate support lies at 57,500, below which weakness may extend toward 57,200–57,000. Resistance around 58,000 is acting as a supply zone, with sellers active at higher levels. For renewed strength, the index needs a decisive close above 58,000–58,200. Until then, traders should adopt a cautious stance, focusing on booking profits on intraday recoveries and maintaining a defensive approach below key resistance levels.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Dr. Reddy’s Labs, Max Healthcare, Orkla India, and Le Travenues Technology (Ixigo).
Buy – Dr. Reddy’s Labs
CMP: ₹1,205 | SL: ₹1,185 | Target: ₹1,250 / ₹1,265
Dr. Reddy’s Labs maintains its positive bias as the stock trades near the ₹1,200 zone with sustained volume participation. The overall trend remains constructive, supported by consistent higher lows and healthy momentum. A breakout above ₹1,220 may trigger fresh upside toward ₹1,250– ₹1,265. On the downside, immediate support is placed at ₹1,185, which should act as a cushion for short-term traders. The stock remains a strong candidate for positional buying.
Buy – Max Healthcare
CMP: ₹1,135 | SL: ₹1,110 | Target: ₹1,165 / ₹1,185
Max Healthcare continues to display strength with higher lows on the daily chart and steady buying interest. The uptrend remains intact as the stock trades above key moving averages. A sustained move above ₹1,140 could lead to a breakout, targeting ₹1,165– ₹1,185. Momentum indicators show continued bullishness, suggesting accumulation on dips. Traders can maintain a positive outlook and use declines toward ₹1,120– ₹1,125 as buying opportunities while keeping a strict stop-loss at ₹1,110.
Buy – Orkla India
CMP: ₹706.95 | SL: ₹675 | Target: ₹825 / ₹850
Orkla India, though newly listed, exhibits encouraging early strength supported by accumulation on lower levels. The stock has been forming a base near ₹680– ₹700, indicating investor confidence. The short-term outlook remains positive with potential for a 15–20% upside from current levels. Sustaining above ₹715 could trigger a fresh rally toward ₹825– ₹850. Traders can adopt a buy-on-dips approach, keeping a stop-loss at ₹675, as the stock shows promising technical potential for medium-term gains.
Buy – Ixigo
CMP: ₹280.40 | SL: ₹265 | Target: ₹300 / ₹310
Ixigo has stabilized after recent consolidation, finding firm support near ₹275. The overall trend remains constructive, with the price showing higher lows and rising volumes, reflecting accumulation interest. Sustaining above ₹280 could reignite upward momentum toward ₹300– ₹310. Short-term traders can stay positive as long as the stock holds above ₹265. A decisive move above ₹285– ₹288 could further strengthen the structure, making it attractive for gradual accumulation for medium-term investors.
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.