Stock market today: The Indian stock markets began the new week on a negative trend, impacted by global uncertainties despite robust domestic GDP numbers.
The benchmark indices fell during the initial trading session on Monday, with investor confidence shaken by renewed tariff threats from U.S. President Donald Trump.
The Nifty 50 index commenced at 24,669.70, reflecting a drop of 81.00 points or 0.33%. Likewise, the Sensex also started off lower at 81,214.42, decreasing by 236.59 points or 0.29%. The indices continued to decline during early trading.
Rupak De, Senior Technical Analyst, LKP Securities said that Nifty 50 seems to be stuck in a range, unable to break past a key level. On the downside, immediate support lies at 24,700. De recommends three stocks to buy or sell in the F&O segment.
Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O market:
Nifty 50
The Nifty 50 kicked off the June series on a shaky note, staying volatile with a slight negative bias throughout the day. On the shorter time frame, a bearish moving average crossover has emerged, adding to the cautious mood. The hourly RSI is also pointing to weakening momentum, hinting at some short-term pressure on the index. On the daily chart, the RSI shows signs of fatigue, along with a strong negative divergence — not the most encouraging signal for the bulls.
That said, Nifty 50 seems to be stuck in a range, unable to break past a key level. On the downside, immediate support lies at 24,700. If that gives way, we could see the index slide further toward 24,500. On the flip side, 24,800 is shaping up to be a tough hurdle, especially with call writers piling on heavy positions around that mark.
Open Interest Analysis: Significant open interest additions were seen in Calls at 24,800 strike and in
Puts of 24,400 strike. Maximum Call and Put writing seen at 24,800 strike.
Strategy: Weakness might increase if Nifty falls below 24700.
Trade: Buy Nifty 5May 24600PE ABOVE 140 TGT 200 SL 110.
Buy Bank of Maharashtra Above ₹54 | Target: ₹62 | Stop-Loss: ₹51
Bank of Maharashtra share price has registered a consolidation breakout on the weekly chart, indicating a notable increase in buying interest. The stock trend appears bullish, with price action sustaining above the 21-week exponential moving average (EMA). Furthermore, the Relative Strength Index (RSI) on the weekly chart has shown a bullish crossover, supporting the positive momentum. In the short term, the stock is expected to maintain strength with an upside potential toward ₹62. Key support is placed at ₹51; a breach below this level may lead to a loss of momentum.
Buy Pidilite Industries Above ₹3,125 | Target: ₹3,300 | Stop-Loss: ₹3,030
Pidilite Industries share price has broken out of a consolidation phase on the daily chart, reflecting a surge in buying interest. The price remains well-supported above the 50-day EMA, maintaining a positive bias. The daily RSI has also formed a bullish crossover, adding to the strength of the technical setup. In the near term, the stock is likely to remain firm, with potential to move toward ₹3,300. Immediate support lies at ₹3,030; a breakdown below this level may weaken the momentum.
Sell REC at ₹402–404 | Target: ₹385 | Stop-Loss: ₹412
REC share price has shown signs of weakness after failing to surpass a key moving average resistance. The RSI has entered a bearish crossover, indicating a deteriorating trend. Additionally, the stock has broken below a recent consolidation range on the hourly chart, further confirming the bearish outlook. In the near term, the stock is expected to face continued selling pressure, with downside potential toward ₹385. Resistance is now placed at ₹412.
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.
