Stock market today: Equity benchmark indices Sensex and Nifty 50 were trading lower on Friday due to weak global market performance and concerns regarding the outcome of the Bihar elections, which affected investor sentiment. Traders noted that ongoing foreign fund withdrawals also contributed to the negative outlook for investors.
As of 13:52 IST, the Sensex benchmark had fallen by 412.33 points, or 0.49%, reaching 84,066.34. The Nifty 50 dropped by 134.60 points, or 0.51%, to 25,749.05.
Experts believe that today’s market focus will be on the Bihar election results. However, any market reaction to these results is expected to be short-lived, regardless of the outcomes. The medium to long-term market trend will depend on fundamentals, particularly earnings growth. On this front, there is cause for optimism, supported by the potential for robust GDP growth and an improvement in earnings.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 moved in a rangebound-to-weak zone as profit booking came in near higher levels. On the charts, the index is taking support around 25,850, while 25,940 continues to act as a strong resistance. Price action shows hesitation near the upper band, and candles indicate mild selling pressure. Unless Nifty breaks above 25,940 decisively, the index may stay in consolidation with a slightly negative tone. Technical indicators like RSI remain flat, showing lack of strong momentum.
Bank Nifty
Bank Nifty also showed weakness, especially near the resistance area of 58,500–58,600. The index is holding support at 58,300 and 58,100, but intraday charts show fatigue in major banking stocks. Price patterns indicate profit booking at higher levels, and the index is struggling to sustain pullbacks. RSI is softening, suggesting momentum is slowing down. A cautious approach is advised unless Bank Nifty closes above 58,600 with strength.
Shares to buy for short term
Prashanth Tapse recommends buying these three stocks in the short term – , , and .
Polycab – Buy | CMP: ₹7,706 | Support: ₹7,500 | Resistance: ₹7,950 / 8,200
Polycab is showing strong technical momentum, trading well above key moving averages. The stock has formed a positive structure with higher lows, signaling steady strength. Volume activity is improving, which supports the uptrend. If Polycab crosses 7,800, it may move toward 7,950–8,200. Support around 7,500 remains strong, keeping the trend positive as long as this level holds.
Hindustan Zinc – Buy | CMP: ₹495 | Support: ₹480 | Resistance: ₹515 / 530
Hindustan Zinc is moving firmly in an uptrend with strong buying visible on the charts. The stock is holding above the important 480 support zone, and the price structure continues to form higher highs. RSI is positive, showing continued momentum. If the stock sustains above 495, it can head toward 515–530 in the coming sessions.
IndiGo – Buy | CMP: ₹5,905 | Support: ₹5,750 | Resistance: ₹6,050 / 6,200
IndiGo is showing strong technical strength, supported by higher volumes and consistent higher-low formations. The stock is comfortably above 5,750 support, indicating good demand at lower levels. A move above 5,950 can trigger the next leg of the rally toward 6,050–6,200. Technical indicators remain positive, suggesting the uptrend is intact.
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 decisions.