Stock market today: The Indian stock markets began the day under heavy selling pressure on Tuesday following new comments from US President Donald Trump, suggesting a potential 25% tariff on rice imports into the United States.
These remarks have diminished hopes for any relief during the ongoing visit of a prominent US trade delegation to India, causing further unease among investors.
The Nifty 50 index opened at 25,867.10, reflecting a decrease of -93.45 points or (-0.36%), while the BSE Sensex started the day at 84,742.87, down -359.82 points or -0.42%.
Analysts noted that the markets are currently in oversold territory and may react quickly to any positive developments.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 Outlook
Nifty 50 is approaching a crucial support zone, with immediate support placed at 25,900 and the next key level at 25,850. The index is currently hovering near these supports, making this a critical area to watch for either a reversal or further decline. On the upside, resistance is capped near 26,000 and 26,050, where selling pressure is likely to emerge. A sustained move above 26,050 will be required to shift the sentiment. Until then, traders should remain cautious as the index trades close to its lower support band.
Bank Nifty
Bank Nifty is consolidating near vital support at 59,000, with the next support lying at 58,900. A breakdown below these levels may invite further weakness, and the index remains vulnerable unless it stabilizes above these zones. On the higher side, resistance is seen at 59,350 and 59,450, where supply pressure may cap intraday rebounds. A decisive close above 59,450 is essential to regain bullish momentum. For now, the index is trading near support and requires monitoring for potential directional cues.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Bharat Electronics Ltd (BEL), Canara Bank, and Kaynes Technology.
Short Sell – BEL
CMP: ₹386 | SL: ₹400 | Target: ₹365 / ₹360
BEL is showing signs of exhaustion near the higher band, with clear rejection visible from recent resistances. The stock is struggling to sustain upward moves and has begun to slip below short-term support levels. A breakdown below immediate intraday support could accelerate selling pressure toward ₹365 and subsequently ₹360. With strong resistance overhead and weakening momentum, the setup favours a short-selling approach with a defined stop loss at ₹400.
Short Sell – Canara Bank
CMP: ₹142.84 | SL: ₹150 | Target: ₹135 / ₹130
Canara Bank is witnessing steady selling pressure after failing to hold above its recent resistance zones. The price structure has weakened, and the stock now trades below key short-term averages, indicating a shift toward a bearish bias. A sustained move below ₹142 can push the stock toward ₹135 and ₹130. With resistance firmly placed near ₹150, the risk-reward favors short positions for near-term downside continuation.
Buy – Kaynes Technology
CMP: ₹3,807 | SL: ₹3,700 | Target: ₹4,100 / ₹4,200
Kaynes Technology remains strong in its broader uptrend, consistently forming higher lows and attracting buying interest on dips. The stock is trading well above its crucial support at ₹3,700, maintaining strong momentum. A breakout above near-term resistances could trigger a sharp rally toward ₹4,100 and ₹4,200. With robust price action and supportive structure, the stock remains a compelling buy-on-dips candidate for short-term traders.
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.
