Stock market today: India’s stock benchmarks dipped on Tuesday as the markets took a breather following a significant rally last month, with profit-taking in major financial and IT stocks outweighing gains in Bharti Airtel and Titan Company.
The Nifty 50 slipped 0.62% to 25,606 . 60, while the BSE Sensex decreased 0.56% to 83,511.03, as of 15:00 IST. According to market analysts, although the outlook is becoming more positive, the upward momentum remains weak as the indices find it challenging to surpass their previous all-time highs. Additionally, global signals contributed to a mixed investor sentiment. The U.S. markets exhibited a similar pattern, with the AI-driven rally continuing to elevate select tech stocks while the broader market remained in a state of consolidation.
In the primary market, IPO activity has stayed robust. Despite concerns over elevated valuations, Lenskart Solutions, the eyewear retailer, experienced its public offering being subscribed 15.18 times by the third day. Billionbrains Garage Ventures Ltd. (Groww), which started today, has seen a 40% subscription, so far.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 Outlook
Nifty 50 witnessed range-bound movement throughout the session, consolidating within a narrow band as traders awaited fresh triggers. Immediate support lies at 25,600, followed by 25,500, while resistance is seen at 25,800 and 25,950. A sustained move above 25,800 could reignite bullish momentum toward 25,950 and 26,100 levels. The undertone remains positive, with momentum oscillators like RSI holding firm above the midline. As long as Nifty 50 sustains above 25,600, the short-term trend stays intact, and traders are advised to continue adopting a buy-on-dips approach.
Bank Nifty
Bank Nifty traded with a positive bias but faced mild resistance near the upper end of its range. Immediate support is placed at 57,500 and 57,300, while resistance lies at 58,200 and 58,500. A decisive breakout above 58,500 could lead to renewed strength toward fresh record highs. The index structure remains constructive, supported by firm action in leading private banks and improving momentum readings. Traders can continue to look for long opportunities on dips, with 57,500 acting as a key level for directional bias.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Rubicon Research, JK Tyre, and Stallion Fluorochem.
Rubicon Research – Buy | CMP: ₹655 | SL: ₹635 | Target: ₹680 / ₹700
Rubicon Research has witnessed a strong breakout from its recent consolidation phase, supported by healthy volumes and sustained momentum. The stock is trading above all key moving averages, indicating continued strength. A sustained move above ₹660 could push prices toward ₹680 and ₹700. Traders may consider long positions with a stop-loss at ₹635 for a favourable risk–reward setup.
JK Tyre – Buy | CMP: ₹462 | SL: ₹448 | Target: ₹480 / ₹495
JK Tyre continues to exhibit strong bullish momentum, maintaining its higher-top, higher-bottom structure on the daily chart. The stock is showing steady accumulation and has comfortably held above its 20-day moving average. A breakout above ₹465 could open the door for further upside toward ₹480 and ₹495. Traders may initiate longs with a stop-loss at ₹448.
Stallion Fluorochem – Buy | CMP: ₹247.65 | SL: ₹238 | Target: ₹260 / ₹270
Stallion Fluorochem has formed a bullish reversal pattern near its short-term support zone, accompanied by rising volumes. The stock is showing early signs of momentum buildup, with RSI turning upward from the oversold zone. A sustained move above ₹250 could lead to a rally toward ₹260 and ₹270. Traders may consider buying on minor dips with a stop-loss at ₹238.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
