HDFC Life to Trent - Prashanth Tapse of Mehta Equities suggests stocks to buy in the short term

Stock market today: Indian stock market indices recovered from initial falls on Friday, with Nifty 50 hitting a one-year high as gains in Reliance Industries ahead of its earnings report offset declines in Infosys and Wipro, which experienced setbacks on margin concerns despite strong earnings. The Nifty 50 gained 0.4% to 25,679. 70, marking its highest level since October 1, 2024, while the Sensex rose 0.50% to 83,878.81 as of 13:28 IST. Both indices fell by around 0.2% at the start of trading. The indices closed at three-month highs on Thursday and are currently less than 3% away from their all-time highs set in September 2024. Market trends show a bullish consolidation after a recent uptrend, ahead of the earnings announcements of ICICI Bank, HDFC Bank on Saturday, and Reliance after the market closed on Friday, according to analysts. Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities Nifty 50 Nifty 50 has seen a strong breakout above the 25,670 mark on daily charts, confirming the continuation of the ongoing bullish trend. The index is now looking at the psychological 26,000 level, with intermediate resistance at 25,850. Support is placed around 25,500, where buying interest is expected to emerge. Momentum indicators remain solidly positive, reflecting continued strength across the front-line stocks. As long as Nifty 50 holds above 25,500, the short-term outlook remains optimistic. Bank Nifty Bank Nifty extended its uptrend and definitely broke above 56,700 on the daily chart indicating further upside potential. The index now faces resistance around 58,200 and 58,500, with immediate support near 57,200. Positive sentiment in large-cap bank names continues to support the rally. The formation of higher highs and higher lows indicates that the uptrend is intact, and declines may present new buying opportunities for traders. Stocks to Buy for Short Term Prashanth Tapse recommends buying these three stocks in the short term – HDFC Life, Trent and Granules India. HDFC Life – Buy | CMP: ₹744 | SL: ₹725 | Target: ₹780 / ₹800 HDFC Life has broken out of its recent consolidation phase and is trading above key moving averages with strong volume support. The stock’s structure remains positive, and RSI is trending upwards, indicating sustained momentum. A move above ₹744 could trigger further upside towards ₹780 and ₹800. Traders can keep a stop loss at ₹725 to manage downside risk. Trent – ​​​​Buy | CMP: ₹4,828 | SL: ₹4,700 | Target: ₹5,050 / ₹5,200 Trent continues to outperform broader markets, supported by strong institutional buying and robust price structure. The stock remains in a steady uptrend, holding comfortably above its 20-day EMA. Sustaining above ₹ 4,828 could push the stock towards ₹ 5,050 and ₹ 5,200 in the near term. A stop loss at ₹4,700 is recommended for positional traders. Grains India – Buy | CMP: ₹571 | SL: ₹550 | Target: ₹610 / ₹630 Granules India has given a fresh breakout on the daily chart, supported by strong volume and bullish momentum. The stock’s trend remains positive, with RSI indicating continued strength. Holding above ₹571 could propel further gains towards ₹610 and ₹630 levels. Traders can try to enter at current levels while keeping a stop loss at ₹550 to protect profits. Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to check with certified experts before making any investment decisions.