SBI cards to wipro – prashanth tapse sugges stocks to buy in the short term

Stock Market Today: Indian Stocks Experienced A Drop on Friday, Primarily Driven By Oil and Gas Companies, Following israel’s israel’s Military Operations in IRANA, In the Oce East and Prompted a Widespread Selloff Across Various Markets.

The nifty 50 decreased by 0.94% to 24,655. 15, While The BSE Sensex Fell by 0.95% to 80,919.97, as Noted at 11:25 IST.

This significant decline Occurred after israel conducted an attack on Iran early friday, raising concerns about a potential wider regional conflict.

The united states related a statement describing the attack as a unilateral military action by israel and cautioned Iran Against Responding by Targeting Us Military Bases and Facility in the AREA.

Global markets reacted with alarm as the situation remain unstable and unpredictable. Us futures and Major Asian Stock Indices also Fell Considerably as Investors Hurried to Cut Back on Risk Exposure.

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

Nifty 50

Nifty 50 witnessed a sharp decline amid a spike in global valati and escalating tensions in the middle East. The index has slipped below the 25,000 mark, with crucial support now placed at 24,700 and 24,600. A Gap-Down Opening or Continued Weakness May Lead to a RETEST of these zones. Traders are advised to stay cautious and avoid aggressive longs until the index stabilizes. Watch for Signs of Reversal Near Key Supports Before Re-Eyner.

Bank nifty

Bank nifty breeded the 56,000 mark, Signaling Weakness and Potential Downside. A Further Dip Below 55,900 Cold Trigger a Fall Toward The 55,500–55,400 zone. While the broader structure remains in a range, Volativity Cold Lead to Intraday Swings. Traders are advised to avoid fresh longs and adopt a wait -and-watch approach until signs of reveresal emerge or valatiology cools off.

Shares to buy for short term

Prashanth Tapse recommends buying these three stocks in the short term – SBI cards and payment services Ltd, Dr Reddys Laboratories Ltd, and Wipro Ltd.

SBI card is showing strength even during recent market weakness. The stock has formed a solid base Around 980–985, and this area is now acting as a strong support. Technical indicators sugges that buyers are stepping in at lower levels, and momentum remains positive. If the stock holds Above 980, it has a good chance of moving up to 1,020 and 1,040. Traders can look to buy on any decline, Keeping a stop loss at 960 to manage risk.

Dr. Reddy’s has been performing well and remains strong compared to other pharma stocks. After a recent breakout, the stock is now moving sides, which is a healthy sign. It’s Holding Above Key Support Levels, and Technical Indicators are showing signs of further strength. A Dip towards 1,340–1,345 can be a good options to enter. As long as the stock stays Above 1,315, it may head towards 1,400 in the short term, and 1,430 in the coming sessions.

Wipro is currently trading Near a Strong Support Level and has been stable despite market valati. The overall trend remains positive, and the stock is still about its long-term moving average. Technical Signals sugges that the recent pullback may offer a good buying opportunity. Buying Near 252–254 with a stop loss at 245 count lead to a bounce back toward 268 and 272 in the short term.

Disclaimer: The views and recommendations made about individual analysts or broking companies, and not of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.