State Bank of India to Laurus Labs- Prashanth Tapse of Mehta Equities suggests stocks to buy in the short term

Stock market today: On Friday, the domestic benchmark indices, Nifty 50 and Sensex, experienced a downturn as investors responded to geopolitical tensions following the announcement from the United States about ending the sanctions waiver for Iran's Chabahar Port, with this taking effect on September 29. This development negatively impacted investor sentiment during early trading.

At 12:31 IST, the Nifty 50 index was trading at 25,296 . 55, slipping by 125.70 points or 0.49 percent, while the BSE Sensex was at 82,531.52, marking a drop of 486.59 points or 0.59 percent.

Market analysts linked the pressure to the recent decision by the Trump administration to revoke the special waiver that had been granted to India in 2018 regarding operations at the Chabahar Port in Iran.

As stated by the US Department of State, operators at Chabahar Port will face American sanctions starting September 29. This action, perceived as another firm step by Washington against India, has raised alarms about New Delhi's strategic and trade interests.

On the other hand, nearly all stocks related to the Adani Group began positively as the Securities and Exchange Board of India (SEBI) announced its findings regarding the allegations made by US short seller Hindenburg against the Adani Group.

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

Nifty 50

Nifty 50 remains in a strong uptrend, with support near 25,300 keeping the momentum intact. On the upside, levels of 25,500 and 25,550 appear likely in the near term. The broader structure shows strength with buying interest on every decline. Technical indicators are supportive, reflecting sustained positive sentiment. As long as Nifty 50 holds above 25,300, the outlook stays bullish. Traders should adopt a buy-on-dips approach, targeting higher zones as the index maintains its constructive momentum.

Bank Nifty

Bank Nifty is trading firm, holding key support around 55,500–55,400. The index structure remains positive, with potential upside towards 56,000 and 56,100 in the short term. Momentum indicators suggest continued strength, while accumulation in frontline banking stocks adds conviction. Higher highs and higher lows are intact, keeping the trend favorable. Buying on declines is advised, as the setup remains constructive. Sustaining above 55,500 will be crucial to maintain momentum and drive further gains in the coming sessions.

Shares to buy for short term

Prashanth Tapse recommends buying these three stocks in the short term - State Bank of India, Belrise Industries Ltd, and Laurus Labs Ltd.

State Bank of India (SBI)

Buy | CMP: ₹854 | SL: ₹840 | Target: ₹900

SBI share price has given a clear breakout, supported by strong volumes and sustained buying interest. The stock is trading near ₹854, comfortably above its support at ₹840, signaling strength. The breakout structure suggests momentum could drive prices higher towards ₹900 in the near term. Forming higher highs confirms bullish sentiment, while broader trends remain positive. Dips should be used as opportunities for fresh entry, with the stop loss maintained at ₹840 to manage risk effectively.

Belrise

Buy | CMP: ₹154 | SL: ₹145 | Target: ₹175

Belrise share price is nearing an all-time high breakout, with sharp volume pickup confirming renewed interest. The stock is consolidating near ₹154 while holding support at ₹145, making the setup favorable. A breakout above current levels could trigger a rally towards ₹175. The trend is strong, with technical indicators pointing to further upside momentum. Traders can look to accumulate on dips, using ₹145 as a protective stop. The sentiment remains bullish with scope for short-term gains.

Laurus Labs

Buy | CMP: ₹923 | SL: ₹900 | Target: ₹1,000

Laurus Labs share price has broken past its all-time high resistance, confirming strong bullish momentum. The stock is currently at ₹923, with ₹900 acting as a key support base. The breakout has been accompanied by strong volumes, adding conviction to the move. The setup suggests potential to scale towards ₹1,000 in the short term. Traders can buy on dips, keeping ₹900 as a strict stop loss. The overall outlook stays positive, with momentum favoring continued upside ahead.

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.