Shares to buy: Prashanth Tapse of Mehta Equities suggests these three stocks to buy in the short term

Stock market today: The main domestic indices, Nifty 50 and Sensex, experienced declines on Friday, influenced by weak performances in IT and auto stocks as investors adopted a cautious stance amid anticipated US reciprocal tariffs to be announced next week.

As of 14:19 IST, the Nifty 50 dropped 0.29% to 23,523.80, while the Sensex fell 0.22% to 77,432.27. Other Asian markets also declined, primarily impacted by auto stocks, following US President Donald Trump's announcement of a 25% tariff on automotive imports set to take effect next week.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that the market's endurance, despite Trump's threats of reciprocal tariffs, is fueled by renewed buying interest from foreign institutional investors (FIIs), instilling confidence among bullish traders. Currently, bearish sentiments are subdued, and this market dynamic could persist unless Trump issues particularly unfavourable news.

In addition to the tariffs, the market is anticipating the monetary policy meeting on April 9th, followed by Q4 earnings reports. Today's release of US. PCE inflation data may provide insights into inflation trends in the US, but the implications of inflationary expectations stemming from Trump's tariffs will be more significant.

During this period of increased uncertainty, investors should maintain composure and allow time for clarity to emerge. Continued FII buying is likely to support large-cap stocks that are relatively valued.

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

Nifty 50

Nifty 50 witnessed good buying in thursday's trading session from lower levels and closed being up by almost 100 points. Technically, 23,400 seems to be most important support and 23,750 and 23,870 are most important resistance on the upside. Overall, we are trading in a sideways range with base trend being positive, so one should focus on buying the dips.

Bank Nifty

Bank Nifty has its immediate support at 51,500 below which the major support is placed around 51,000 levels. With the overall trend being positive and PSU , Private Banking and Financial stocks having a good technical structure, we expect Bank Nifty to go towards 51,900 and 52,100 eventually. Positional traders should maintain a deeper SL strictly at 51,000 mark on all their active longs.

Shares to buy for short term

Prashanth Tapse recommends buying these three stocks in the short term - State Bank of India (SBI), Tech Mahindra, and DOMS Industries.

State Bank of India (SBI)

Buy | CMP : ₹777 | SL : ₹765 | TARGET : ₹800

SBI is trading at ₹777 with strong support at ₹765 and an RSI of 64, indicating bullish momentum. The stock is approaching the overbought zone but still has room to reach its ₹800 target. A sustained move above ₹777 could lead to further strength, while a break below ₹765 may signal a short-term pullback. Traders should watch for any resistance near ₹800 before booking profits.

Tech Mahindra

Buy | CMP : ₹1,411 | SL : ₹1,360 | TARGET : ₹1,480

Tech Mahindra, at ₹1,411, has an RSI of 34, suggesting it is in the oversold zone and due for a reversal. The stock is nearing strong support at ₹1,360, making it an attractive buy on dips. A rebound from current levels could drive it toward the ₹1,480 target, especially if RSI moves above 40. Traders should maintain a strict stop loss at ₹1,360 to manage downside risk.

DOMS Industries

Buy | CMP : ₹2,873 | SL : ₹2,800 | TARGET : ₹3,000

DOMS is currently at ₹2,873 with an RSI of 58, reflecting neutral-to-bullish momentum. The stock remains in an uptrend, with ₹2,800 acting as a strong support level. A breakout above ₹2,900 could accelerate the move toward ₹3,000, confirming further strength. However, any dip below ₹2,800 could weaken the trend and invite selling pressure.

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 decision.