Buy or sell stocks: Following the renewed fear of Trump’s tariffs, the Indian stock market underperformed global markets on Tuesday. The Nifty 50 index ended 73 points lower at 24,649, the BSE Sensex finished 308 points down at 80,710, while the Bank Nifty index corrected 259 points and closed at 55,360. Titan, IndusInd Bank and SBI Life led the charge among the Nifty’s top performers. Conversely, it was a particularly tough session for heavyweights like Adani Ports, Reliance Industries, and Infosys, which ended as the major losers within the Nifty pack. Trading volumes on the NSE cash market were higher by 6% compared to the previous session.
Among the sectoral indices, Nifty OIL & GAS, pharma, and FMCG ended as major losers. In contrast, auto, consumer durables, and metals ended in the green, indicating pockets of buying interest despite the overall cautious sentiment. Both the Midcap and smallcap Indices witnessed profit booking, along with the Benchmark Index. The Nifty Midcap 100 fell 0.39%, while the Nifty Smallcap Index lost 0.16%. Market breadth turned negative, with advancing shares outnumbering declining ones, as indicated by an advanced-decline ratio on the BSE, which was 0.77.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious to positive as the Nifty 50 index is sustaining above the crucial 24,500 support. The Prabhudas Lilladher expert said the 50-stock index is facing a hurdle at the 50-DEMA levels, which are around 24,950. So, the key benchmark index is trading in a tight 24,500 to 24,950 range. A bullish or bearish trend can be assumed on the breakage of either side of this range.
Speaking on the outlook of the Nifty 50 indices, Vaishali Parekh said, “The Nifty 50 index once again slipped down from the 24700 zone in the morning session and thereafter hovered near the 24600 level for the rest of the trading session with bias precariously placed and would need further clarity in the coming sessions. Once again, we maintain our view that the crucial support zone of 24500 level needs to be sustained to maintain the overall trend intact, failing which one can expect further intensified selling pressure from the counters, with 24000 level positioned as the next major support.”
On the outlook of the Bank Nifty today, Parekh added, “The Bank Nifty index is slipping down slowly towards the 55000 zone with bias weakening and would need a revival in the coming sessions to expect some decent pullback. The index has the important 100-period MA at the 56,700 level, which would be the next support zone and would need to be sustained. On the upside, a decisive breach above the 50-DEMA zone at the 56,000 level is much needed to improve the bias, and thereafter, expect a further rise.”
Parekh said that support for the Nifty 50 index is at 24,500, while resistance is at 24,800. The Bank Nifty would have a daily range of 54,800 to 56,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended these three intraday stocks: GMR Airports, Mazagon Dock Shipbuilders, and PNB Housing Finance.
1] GMR Airports: Buy at ₹92, Target ₹96, Stop Loss ₹89;
2] Mazagon Dock Shipbuilders: Buy at ₹2847, Target ₹3020, Stop Loss ₹2720; and
3] PNB Housing Finance: Sell at ₹765, Target ₹740, Stop Loss ₹790.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
