Stock market today: The domestic benchmark indices, Nifty 50 and Sensex. continued their rebound this week, with both main indices starting in positive territory on Tuesday and further enhancing their growth.
The Nifty 50 commenced at 23,493.20, increasing by 84.40 points or 0.36 percent, while the Sensex began at 75,824.17, rising by 321.32 points or 0.43 percent.
Market analysts observed that despite ongoing selling from foreign portfolio investors (FPI), the markets displayed resilience.
Foreign Institutional Investors (FIIs) sold off equities valued at ₹9,365.52 crore on Monday, as reported by exchange data. In contrast, Domestic Institutional Investors (DIIs) purchased stocks amounting to ₹12,593.36 crore.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, and Hong Kong’s Hang Seng were all in positive territory, while Shanghai’s SSE Composite index was trading lower.
The US market closed higher on Monday.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
After hitting a fresh 10.5 month below 23,000-mark, Nifty 50 witnessed the highest intraday recovery seen in this leg of correction which has pulled the index down by nearly 3,300 pts from highs of 3rd February 2026. This makes yesterday’s – (Monday’s) low extremely important while making the short-term chart a buy on dip set up for target of 23,850. Only a closing above the same 23,850 can allow for new leg upside a closing below 22,900 can call for a fresh 800 – 1,000 pt down leg.
Bank Nifty
Bank Nifty has seen significant underperformance to Nifty 50 from the start of this month rapidly closing in the gap it had on a YTD basis. Going by price action – Bank Nifty has a much weaker short-term chart compared to Nifty 50. Currently the index has reached a band of 53,150 – 53,900 which has historically acted as a strong support for corrections on the index. And this band should be actively monitored on the index. Only a breach of the lower end of the band @ 53,150 should be seen as a signal for further weakness on the index. For the extreme short-term dips can be bought on the index below 53,900 for target of 55,250.
Stocks To Buy on Tuesday
On stocks to buy on Tuesday, Sagar Doshi of Nuvama recommended three stocks – Premier Energies Ltd, Power Finance Corporation Ltd (PFC), and Tata Power Company Ltd.
Premier Energies Ltd (BUY): LCP: ₹795; SL: ₹840; TGT: ₹765
After a 6-month sloping trendline breach last week, stock has been witnessing buying traction with 12 of the past 13 trading day’s witnessing closing higher than its opening suggesting active buying happening at these lower levels. Given the sectoral tailwind on power demand, solar and related stocks are seeing better charts in the broader market category and is likely to expand the ongoing run.
PFC (BUY): LCP: ₹406; SL: ₹391; TGT: ₹428
For the past 6 week stock has entered a sideways consolidation after crossing over its 200 DMA in early last month. Early signs of this short term compression ending are seen on price charts as it has not been breaching the 200 DMA support on downside despite a 10% correction on Nifty 50 in the same time. This signifies absence of sellers at these levels.
Tata Power Company Ltd (BUY): LCP: ₹390; SL: ₹375; TGT: ₹416
An 18-month sloping trendline breach has been seen on charts of Tata Power last week along with a 200 DMA crossover which adds to the ongoing cushion on the long side in these turbulent times. Given the sectoral tailwind on power demand and related stocks are seeing better charts in the broader market category and is likely to expand the ongoing run. Short term upside unfolds for another 6-8% from current base.
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.
