Midhani to Ashok Leyland- Prashanth Tapse of Mehta Equities suggests stocks to buy in the short term | Stock Market News
Stock market today: Indian stocks dipped on Friday, as a decline in IT shares linked to Tata Consultancy Services’ disappointing results overshadowed the gains made by consumer giant Hindustan Unilever.
The Nifty 50 slid 0.37% to 25,262 points, while the BSE Sensex decreased by 0.41% to 82,854.18 as of 10:13 IST.
Investors were also considering remarks from US President Donald Trump, who announced plans to impose a 35% tariff on imports from Canada next month and is contemplating imposing blanket tariffs of 15% to 20% on most other trade partners.
Talking about the Nifty 50, Prashanth Tapse of Mehta Equities advises traders to consider buying with a stop loss at 25,300, expecting an upside toward 25,500. Tapse recommends three stocks to buy in the near-term. Here’s what he says about the overall market.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 is currently trading near the key support zone of 25,300, which is acting as a strong base for the bulls. The risk-reward remains favorable as long as this level holds. A bounce from this zone could push the index toward 25,500. The broader structure remains positive, and momentum indicators are gradually turning up. Traders may consider buying with a stop loss at 25,300, expecting an upside toward 25,500.
Bank Nifty – Technical View
Bank Nifty is trading in a rangebound manner with immediate support placed at 56,800, followed by a stronger base at 56,500. On the higher side, resistance is seen at 57,400–57,600. The index is likely to remain sideways in the near term, but with positive undertones due to strength in heavyweight banking names. Traders should focus on buying near support zones with strict stop losses, as the broader uptrend remains intact.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Midhani (Mishra Dhatu Nigam Ltd), Ashok Leyland Ltd, SBI Card Ltd.
Midhani (Mishra Dhatu Nigam Ltd)
Buy | CMP: ₹416 | Stop Loss: ₹400 | Target: ₹450
Midhani share price is showing bullish price action after consolidating near ₹400 support. The stock has formed a higher base and is witnessing rising volume participation. With strong defense and aerospace sector sentiment, the stock is likely to move toward ₹450. A stop loss at ₹400 is advised for short-term positions.
Ashok Leyland
Buy | CMP: ₹250 | Stop Loss: ₹240 | Target: ₹270
Ashok Leyland share price has rebounded smartly from the ₹240 support zone and is now trading in a positive channel. The RSI is trending upward, and price action is confirming accumulation at lower levels. With the commercial vehicle segment gaining traction, the stock is poised for a move toward ₹270. A stop loss at ₹240 should be maintained.
SBI Card
Buy | CMP: ₹935 | Stop Loss: ₹900 | Target: ₹1,000
SBI Card share price is showing signs of a breakout above short-term resistance near ₹930. The momentum indicators are turning positive, and the price has crossed above key moving averages. With financials remaining firm, the stock is well-placed for a rally toward ₹1,000. Maintain a stop loss at ₹900 to manage 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.
