Stock market today: Domestic benchmark indices began the day with slight increases on Tuesday, influenced by positive signals from global markets and a cautious sentiment among investors pending the crucial exit polls for the state elections.
At the start of trading, the Nifty 50 advanced by 42.65 points, which is a 0.17% increase, reaching 25,617, while the Sensex appreciated by 136.17 points, or 0.16%, opening at 83,671.52.
Analysts pointed out that the markets are expected to remain careful throughout the day as investors look forward to the release of exit polls and information regarding the recent explosion in Delhi. The incident that took place on Monday evening resulted in more than eight fatalities, but experts suggested that the impact on the market is likely to be minimal.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 Outlook
Nifty 50 continued to witness mild weakness, with the index struggling to hold firm above the 25,500 mark. The broader sentiment remains slightly negative as profit-booking persists at higher levels. The index now faces major resistance near 25,650, while immediate support lies around 25,500. A sustained move below 25,500 could open the door for further downside toward 25,350. On the upside, only a decisive close above 25,650 would indicate strength and a potential trend reversal. Until then, traders should stay cautious and avoid aggressive long positions.
Bank Nifty
Bank Nifty displayed limited directional movement, hovering within a narrow range and struggling to break above key resistance levels. The index now faces strong resistance at 58,100, while support is placed near 57,700. The trend remains slightly negative, with selling pressure visible at higher levels. A close below 57,700 may invite further weakness toward 57,400, while recovery attempts are likely to face hurdles near 58,100. Traders are advised to maintain a defensive stance and look for selling opportunities on intraday bounces until the index closes convincingly above 58,100.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – BHEL (Bharat Heavy Electricals Ltd), Godrej Properties, and Sambv Steel.
Buy – BHEL (Bharat Heavy Electricals Limited)
CMP: ₹273 | SL: ₹267 | Target: ₹282 / ₹285+
BHEL continues to trade in a strong uptrend, holding above its key short-term moving averages. The stock has shown strong volume-backed momentum in recent sessions, indicating sustained institutional buying. A move above ₹275 could accelerate the rally toward ₹282– ₹285 levels. On the downside, support around ₹267 should hold firm, making it a good buy-on-dips candidate for short-term traders.
Buy – Godrej Properties
CMP: ₹2,170 | SL: ₹2,120 | Target: ₹2,225 / ₹2,240
Godrej Properties maintains a bullish structure, forming higher highs and higher lows on the daily chart. The stock is consolidating near its breakout zone and looks poised for upward continuation. A sustained move above ₹2,180 could invite fresh buying, leading toward ₹2,225– ₹2,240 levels. Traders should stay positive and use any intraday dips toward ₹2,160– ₹2,165 for accumulation, keeping a stop loss below ₹2,120.
Buy – Sambv Steel
CMP: ₹114 | SL: 105 | Target: ₹125 / ₹130**
Sambv Steel has shown strong accumulation patterns near the ₹110 zone after a brief consolidation. The stock is now attempting to form a breakout structure, supported by improving volume activity. Sustaining above ₹115 may trigger further upside momentum toward ₹125– ₹130 levels. Traders can consider buying within the ₹113– ₹115 zone, keeping ₹105 as a strict stop loss for short to medium-term gains.
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.
