Stocks market today: Indian equity markets on Tuesday were trading on a steady note, with both benchmark indices registering marginal gains. The Sensex was trading up by 283.58 points, reaching 82,073.70 at 12:18 IST. Meanwhile, the Nifty 50 edged higher by 69.20 points, reclaiming the 25,000 mark at 25,146 . 75.
Market data indicated that the early rise was driven by gains in banking and metal stocks, bolstered by positive cues from overseas markets, despite ongoing geopolitical and economic uncertainties. Experts noted that Indian markets are moving in tandem with global trends, with PSU bank indices reaching record levels.
Riyank Arora of Mehta Equities Ltd commented that the overall trend in the markets looks positive for the time being. He advises traders to maintain a buy-on-dips approach as long as the Nifty 50 remains above the 24,960 level. This strategy suggests that there may continue to be upward momentum in the market, and dips could present buying opportunities for investors.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 – Technical View
Nifty 50 has its immediate support at 24,960 and resistance near 25,150–25,200 levels. The index is holding firmly above its key moving averages, reflecting renewed buying interest after recent consolidation. Momentum indicators are strengthening, suggesting that the ongoing recovery could extend further. Overall trend looks positive for now, and traders should maintain a buy-on-dips approach as long as Nifty 50 sustains above 24,960.
Bank Nifty
Bank Nifty has its immediate support near 55,700 levels and resistance around 56,400. The index continues to show strength led by sustained buying in private sector banks. RSI and volume trends indicate bullish momentum, with higher lows on the daily chart confirming an upward trajectory. Overall trend looks positive, and upward momentum is expected to continue as long as it remains above 55,700.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Anthem Biosciences Ltd, Jio Financial Services Ltd, and PG Electroplast Ltd.
Anthem Biosciences Ltd – Buy | CMP: ₹766 | SL: ₹730 | Target: ₹825
Anthem Bio has displayed notable strength after rebounding from its support levels, underlined by increased trading volumes and a bullish crossover in its short-term moving averages. The Relative Strength Index (RSI) trend is positive, reflecting upbeat momentum. If the stock remains above ₹766, it could escalate towards ₹825 in the near term, with ₹730 suggested as a solid stop-loss. The overall technical setup favours buyers as long as momentum persists.
Jio Financial Services – Buy | CMP: ₹308 | SL: ₹290 | Target: ₹350
Jio Financial Services exhibits steady accumulation at its breakout zone, forming a series of higher highs and higher lows, which signals the continuation of its uptrend. Firm momentum oscillators support the bullish view, and market sentiment in the financial space is improving. Holding above ₹308 can drive the price toward ₹350, while ₹290 is recommended as a safety stop-loss. The technical structure supports further gains if current sentiment holds.
PG Electroplast (PGEL) – Buy | CMP: ₹533 | SL: ₹500 | Target: ₹600
PG Electroplast is in a strong upward move after breaking out from a consolidation phase, bolstered by healthy trading volumes and a reinforced technical pattern. The RSI is staying in bullish territory, suggesting persistent buying interest. Sustaining above ₹533 can provide momentum for a rise towards ₹600, whereas ₹500 remains a crucial support level to manage downside risk. The stock’s technical indicators are positioned for potentially higher targets.
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.
