Groww to Coforge - Prashanth Tapse of Mehta Equities suggests stocks to buy in the short term

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, started off positively on Friday, propelled by Infosys after the IT giant released impressive quarterly results and upgraded its full-year revenue growth projections.

At 9:15 IST, the Nifty 50 increased by 0.12% to reach 25,696.05, while the Sensex grew by 0.35% to 83,670.79.

The country’s second-largest software services provider unexpectedly revised its revenue outlook to 3%-3.5% from the previous forecast of 2%-3% and indicated a strong demand environment, citing consistent discretionary tech spending and a rebound in its primary financial services sector.

At the open, nine out of the 16 major sectors saw increases. The broader small-cap and mid-cap segments grew by 0.1% and 0.2%, respectively.

Market Views - Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities

Nifty 50

Nifty 50 is trading near a crucial support zone, with immediate support placed at 25,600. This level will be important to watch, as a decisive breakdown below it may invite further weakness in the index. On the upside, resistance is seen near 25,800, where selling pressure is likely to emerge on pullbacks. A sustained move above 25,800 will be required to improve sentiment and signal a short-term reversal. Until then, the index is expected to remain range-bound with a cautious undertone.

Bank Nifty

Bank Nifty is hovering close to its key support at 59,400. Holding above this level is essential to prevent further downside. A break below 59,400 could open the door for additional corrective moves. On the higher side, resistance is placed near 59,800, which is likely to cap any immediate recovery. A strong close above 59,800 will be needed to revive bullish momentum. For now, the index is in a consolidation phase near support, and traders should watch for directional cues.

Shares to buy for short term

Prashanth Tapse recommends buying these three stocks in the short term - Groww, Belrise Industries, and Coforge.

Buy – Groww

CMP: ₹170 | SL: ₹162 | Target: ₹182 / ₹190

Groww is showing steady accumulation near its support zone, indicating buying interest at lower levels. The stock structure remains positive, with momentum indicators gradually improving. A move above ₹172 can trigger fresh upside toward ₹182 and ₹190. As long as it holds above ₹162, the near-term outlook remains constructive.

Buy – Belrise Industries

CMP: ₹172 | SL: ₹165 | Target: ₹182 / ₹190

Belrise is trading in a positive setup after consolidating for a brief period. The stock is holding above its short-term support, suggesting strength in the ongoing trend. A sustained move above ₹175 may accelerate momentum toward ₹182 and ₹190. Traders can consider buy-on-dips with a strict stop-loss at ₹165.

Buy – Coforge

CMP: ₹1,725 | SL: ₹1,680 | Target: ₹1,780 / ₹1,830

Coforge continues to maintain a strong uptrend, supported by higher-high and higher-low formations. The stock is trading above key moving averages, indicating trend continuation. A breakout above ₹1,740 can lead to further upside toward ₹1,780 and ₹1,830. The structure remains bullish as long as it holds above ₹1,680.

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.