Stock market today: The Indian stock markets began the day on a low note on Tuesday, influenced by ongoing selling by foreign portfolio investors (FPI) and worries regarding a potential delay in the India-US trade agreement, which could result in a 15 percent tariff.
The Nifty 50 index commenced at 24,609.65, falling by 71.25 points or 0.29 percent, while the BSE Sensex started lower at 80,620.25, showing a decline of 270.77 points or 0.33 percent.
Market analysts pointed out that Indian equities are presently in an oversold condition, and although a short-term technical recovery could occur, a sustained upward movement is likely to happen only if FPI inflows become positive.
From a technical perspective, Riyank Arora of Mehta Equities expressed that if the Nifty 50 does not recover above 24,800, we could experience additional declines in the short term. Arora recommends three stocks to buy in the near-term. Here’s what he says about the overall market.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 – Technical View
The Nifty 50 is trading weak and has slipped below important levels. It is facing selling pressure, and the index can fall further toward 24,450–24,500 if this weakness continues. Market sentiment is negative, and every small bounce is being sold into. Indicators like RSI and momentum are also showing a weak trend. Unless Nifty 50 climbs back above 24,800, we may see more downside in the near term. Traders should follow a sell-on-rise approach and keep strict stop-losses to manage risk in this volatile phase.
Bank Nifty Outlook
Bank Nifty is also under pressure after breaking below its key levels. It may slide further toward 55,000 if selling continues. Heavyweights in the banking space are dragging the index lower, and momentum indicators are still pointing to weakness. The index is trading below short-term moving averages, which adds to the negative tone. Any bounce is likely to face selling pressure. Traders are advised to remain cautious and continue with a sell-on-rise strategy while maintaining strict stop-loss levels.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Apollo Micro Systems Ltd, Eternal Ltd, and Senores Pharma Ltd.
Apollo Micro Systems Ltd
Buy | CMP: ₹179 | SL: ₹170 | Target: ₹190 / ₹200
Analysis: Apollo Micro share price has broken out above ₹175 with strong volumes, which shows renewed buying interest. The stock is trading above key short-term moving averages, and RSI is pointing upwards, suggesting bullish momentum. As long as it holds above ₹179, it can move towards ₹190 and ₹200. Its price pattern of higher highs and higher lows supports the positive view. Traders can consider buying with a stop-loss at ₹170 to limit risk while aiming for further upside.
Eternal Ltd
Buy | CMP: ₹302 | SL: ₹290 | Target: ₹340 / ₹350
Analysis: Eternal share price has bounced strongly from its recent support and crossed ₹300 with good volumes. The stock is trading above both its 20-day and 50-day moving averages, showing strength. RSI is also positive, indicating there is room for more gains. If it sustains above ₹302, it can reach ₹340– ₹350 soon. The overall price structure looks healthy, and traders can consider buying with a stop-loss at ₹290 for a favorable risk-to-reward trade.
Senores Pharma Ltd
Buy | CMP: ₹667 | SL: ₹600 | Target: ₹800 / ₹850
Analysis: Senores Pharma share price has given a strong breakout from its consolidation zone with heavy volume. It is trading above key short-term moving averages, which shows strong momentum. RSI is near 68, which is bullish but not overbought. Holding above ₹667 can take the stock to ₹800– ₹850 levels. The chart pattern and strong buying support indicate more upside ahead. Traders can enter at current levels with a stop-loss at ₹600 to manage risk.
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.
