Stock market today: Indian stocks trading in red on Friday as investors opted to stay on the sidelines while anticipating a possible trade agreement between India and the US and evaluating the market regulator’s prohibition on US trading firm Jane Street over suspected manipulation in derivatives trading.
The Nifty 50 increased by 0.04% to reach 25,415.45 points, while the Sensex climbed 0.05% to 83,274.26, as of 10:17 IST.
On Thursday, the Securities and Exchange Board of India (SEBI) issued a temporary order against Jane Street, one of the largest quantitative trading firms globally, claiming manipulation via derivative positions.
Investors are also looking forward to a potential trade agreement between India and the US, as President Donald Trump’s deadline of July 9 for reciprocal tariffs draws near.
Prashanth Tapse of Mehta Equities believes a sustained move above 25,400 could push the Nifty 50 toward the upper end of the range, at 25,600. Tapse recommends four stocks to buy in the short-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 at 25,395, well within the near-term range of 25,300 to 25,600. The broader trend remains bullish, supported by firm momentum indicators and healthy sector participation. A sustained move above 25,400 could push the index toward the upper end of the range at 25,600, while any intraday dip toward 25,300 is likely to attract buying interest. Traders should maintain a positive bias with appropriate stop loss placement, as the structure continues to favor bulls.
Bank Nifty – Technical View
Bank Nifty is trading at 56,729, maintaining a strong upward tone within the short-term range of 56,500 to 57,200. The index has been making higher highs and higher lows, indicating continuation of bullish momentum. A move past 57,000 can open the path toward 57,200, while support remains firm around 56,500. The trend remains positive, with heavyweight banking stocks showing consistent strength. Traders can look to ride the trend with tight risk control near supports.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – Tata Motors Ltd, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Syngene International Ltd, and Sigachi Industries Ltd.
Tata Motors
Buy | CMP: ₹688 | Stop Loss: ₹670 | Target: ₹730
Tata Motors share price is trading with a positive structure, having rebounded from a key support near ₹670. The RSI is pointing higher, and price action indicates fresh accumulation. With auto sector sentiment staying firm, a move toward ₹730 appears likely. A stop loss at ₹670 is recommended.
GRSE (Garden Reach Shipbuilders & Engineers)
Buy | CMP: ₹3,005 | Stop Loss: ₹2,880 | Target: ₹3,250
GRSE share price has maintained strong momentum and is trading in a defined uptrend channel. The stock has recently bounced from the lower band of the trendline and is supported by rising volumes and a strong RSI reading. Technically, the setup favors a rally toward ₹3,250. Keep a stop loss at ₹2,880.
Syngene
Buy | CMP: ₹641 | Stop Loss: ₹620 | Target: ₹685
Syngene share price has formed a bullish continuation pattern after consolidating near its 50-day moving average. The stock has shown strength above ₹635, supported by momentum indicators. The structure points to a short-term move toward ₹685. A stop loss at ₹620 should be maintained to manage risk.
Sigachi Industries
Buy | CMP: ₹42 | Stop Loss: ₹39.50 | Target: ₹48
Sigachi share price has broken out of a base formation with volume confirmation, suggesting a fresh leg of rally could be underway. RSI has picked up from oversold levels, and price is trading above short-term moving averages. With improving sentiment in the small-cap space, Sigachi may head toward ₹48. A stop loss at ₹39.50 is advised.
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.