Prashanth Tapse of Mehta Equities Shares Top Short-Term Stock Picks: SBI Card, DLF and More

The week ended on a strong and positive note for the Indian stock market, with both Sensex and Nifty 50 registering very good gains on Friday. The upward movement happened just after the Reserve Bank of India (RBI) made a surprise but welcome announcement of a 25 basis points decrease in the repo rate, aimed at energizing the economy.

Though there was a little volatility during the first part of the trading day, the market forces soon turned to the buy side. The Sensex rose 425.57 points and finished at 85,698.23, whereas Nifty 50 increased by 136.65 points and was at 26,169.90 at the end of the day.

The RBI's reduction in key rate indicates an ongoing policy support to bolster the economy even when the rupee continues to be under stress. The regulator's move also coincides with the recent GDP growth spurt of India which at 8.2% has reached a six-quarter high, thereby strengthening the belief that the economy is on the right path.

Market analysts are in agreement that the rate cut will have the effect of cheapening loans, including home, auto, and business loans, and thus, a rush of new demand across major sectors may occur.

Market Outlook by Prashanth Tapse (Mehta Equities)

Prashanth Tapse, Senior Vice President and Research Analyst at Mehta Equities, shared his short-term outlook on the markets and highlighted three stocks to keep an eye on—Adani Enterprises, DLF, and SBI Card.

Nifty 50: A Cautious Market Mood with Crucial Levels in Focus

The Nifty 50 struggled to stay comfortably above the 26,000 level, facing consistent selling pressure whenever it tried to move higher.

Key Resistance Levels: 26,098 – 26,154

Immediate Support: 25,960

Stronger Support: 25,890

According to Tapse, the index needs a strong close above 26,154 to regain its upward momentum. Until that happens, the overall sentiment is expected to remain cautious. Traders are encouraged to stay selective and avoid taking heavy long positions in the current setup.

Bank Nifty: Weakness Persists

The Bank Nifty is still experiencing a downward pressure as sellers are prevailing around the important resistance area of 59,546–59,600.

Immediate Support: 59,062

Critical Level: 59,000

A close below 59,000 may further instill negative sentiment, while any intraday bounce is likely to be met with resistance. Traders should exercise caution and only consider long positions if the index ends above 59,600.

Top Short-Term Stock Picks by Prashanth Tapse

1. Adani Enterprises – Buy

CMP: ₹2,227 | SL: ₹2,190 | Target: ₹2,300 / ₹2,357 / ₹2,400

With a strong upward trend and a firm hold above its support of ₹2,190, Adani Enterprises is quite active in terms of price movement. Buyer activity is evident from the fresh accumulation at lower levels. A breakout above immediate resistance may lead the stock to ₨2,300–₨2,400 in the short run. The trend remains favorable if the price is above support.

2. DLF – Buy

CMP: ₹721 | SL: ₹702 | Target: ₹740 / ₹760

DLF's price movement remains upward at a good speed, having the buyers consistently around the ₹702 zone. The stock is above the important moving averages and is showing accumulation. Once the stock goes above the resistance levels, the stock price will reach ₹740 and ₹760 in the near future. Good for buy-on-dips traders.

3. SBI Card – Buy

CMP: ₹878 | SL: ₹840 | Target: ₹950

Strong support levels of ₹850–860 are being formed by SBI Card, thus proving the existence of buying interest. Given the support level of ₹840, the stock is poised for a short-term uplift. A breakout following the resistance might bring the stock price up to ₹950. Hence, SBI Card becomes the preferred choice among traders wanting to invest in momentum-based trades.