Shares to buy: Prashanth Tapse of Mehta Equities suggests these three stocks to buy in the short term | Stock Market News

Stock market today: India’s main stock indices dropped on Friday, primarily due to declines in IT giant Infosys and private lender Axis Bank following their quarterly earnings reports. Conversely, Reliance Industries Ltd surged almost 5% after announcing a 7.4% increase in net profit for the December quarter. The leading stock rose 4.44 percent to ₹1,325.10 on the BSE, making it the largest gainer among the 30 companies listed on the BSE Sensex.

As of 12:46 IST, the Nifty 50 decreased by 0.42%, reaching 23,214.70 points, while the Sensex fell by 0.50%, landing at 76,653.92. Experts indicated that persistent selling by foreign portfolio investors (FPI) continues to exert pressure on the indices. Additionally, Donald Trump’s upcoming inauguration is expected to heighten market volatility, as his initial executive orders will be closely monitored for their implications on tariffs and taxes.

The dollar advanced alongside US and European stock futures during a mixed trading session for risk assets, while Asian markets saw a retreat, according to reports. The MSCI Asia Pacific Index ended a three-day rally, with investors largely dismissing the update that China’s economy grew at its quickest rate in six quarters. Following the data release, the country’s benchmark CSI 300 Index showed fluctuations but was higher in the afternoon session. Stocks in South Korea, Australia, and Japan experienced declines.

Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities

Nifty 50

The benchmark has its major support at 23,134 and major resistance at 23,391 levels. Overall, trend is looking to be on a sideways note and market should likely consolidate within this range for sometime. Base trend remains negative as we have had a break-down below 23,263 previously on 13th Jan 2025. Considering present market situation, we suggest a sell-on-rise strategy for the time being.

Bank Nifty

Post a break-down below the immediate support mark of 49,659, bank nifty witnessed some bit of short covering coming in in last few days which made it re-test its previous support turned resistance mark. Immediate support currently for bank nifty is placed at 48,430 and immediate resistance is near 49,459 levels. We suggest a sell-on-rise strategy looking at the current market conditions for the time being.

Shares to buy for short term

Prashanth Tapse recommends buying these three stocks in the short term – ICICI Bank, Apollo Hospital, and Central Depository Services Ltd (CDSL).

ICICI Bank

Buy | CMP : 1229 | SL : 1210 | TARGET : 1265

The stock is trading around its major support levels of 1225 and indicating good signs of reversal from lower levels. RSI (14) being near 34 is indicating slight bit of oversold conditions and we expect the stock to bounce towards 1260-1265 odd targets. A set stoploss is advised near 1210 mark to manage risk well.

Apollo Hospital

Buy | CMP : 6794 | SL : 6575 | TGT : 6950

The stock is trading around its major support mark of 6625 and indicating signs of reversal from lower levels. With mean-reversion following in and stock having its immediate resistance near 6900-6950 zones; pullback targets can be expected around those levels. A strict stoploss should be kept at 6675 to manage risk well. RSI (14) near 35 and seeing signs of reversal from lower levels can push the stock high up above.

CDSL

Buy | CMP : 1613 | SL : 1555 | TGT : 1740

The stock is indicating signs of reversal from lower levels having its AVWAP support near 1560 odd levels. RSI (14) on daily time frame being near 38 levels is showing signs of reversal, momentum and strength. We advise upside targets of 1740 and above. A set stoploss should be kept at 1555 mark to manage risk well.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.