Stock market today: Indian stocks declined on Tuesday, impacted by losses in the financial and IT sectors, while shares of the Adani group fell after the Wall Street Journal reported that the US is investigating whether the conglomerate imported Iranian LPG to India.
The Nifty 50 decreased by 0.73% to 24,537.05, and the Sensex dropped by 0.87% to 80,669.63 as of 12:55 IST.
Market analysts observed that global stock markets are under a shadow of uncertainty due to ongoing tariff disputes, renewed geopolitical issues like the situation between Russia and Ukraine, and financial troubles in the United States. These elements have together kept investors anxious and put additional strain on global equities.
Riyank Arora suggests three stocks in the short term – Network 18 Media & Investments Ltd, Anant Raj Ltd, and One 97 Communications Ltd (Paytm). Check out his views on the overall market.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50
Nifty 50 is trading at 24,716, showing a modest decline but still maintaining its bullish structure. The index is holding above crucial support at 24,500–24,650, with favourable momentum indicators supporting the trend. RSI is moderately placed, suggesting ongoing buying interest, while MACD remains close to a potential crossover, which could reaffirm the uptrend. A sustained move above 24,900 could lead to a test of higher levels. Until then, traders may look to accumulate on dips near support.
🔹 Support: 24,650 – 24,500
🔹 Resistance: 24,800 – 24,900
Bank Nifty – Technical Outlook
Bank Nifty is trading at 55,903, up by 154 points, and continues to maintain a positive trajectory. The index is respecting support around 55,500–55,700 and remains above its key moving averages. RSI is firm, showing continued strength, and MACD is close to a bullish crossover. A decisive breakout above 56,000–56,100 could set the stage for a sharp rally. Traders should monitor the zone closely and consider dips as buying opportunities with favorable risk-reward.
🔹 Support: 55,700 – 55,500
🔹 Resistance: 56,000 – 56,100
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Network 18 Media & Investments Ltd, Anant Raj Ltd, and One 97 Communications Ltd (Paytm).
Network18 | Buy | CMP: ₹56.50 | SL: ₹54 | TARGET: ₹60 / ₹62
Network18 is showing strong accumulation with an uptick in volume. The price is hovering near breakout levels and supported by bullish RSI trends. A move above ₹56.50 may trigger upward momentum toward ₹60 and ₹62. Traders can consider fresh entries above ₹56.50 with a stop loss at ₹54.
Anant Raj | Buy | CMP: ₹580 | SL: ₹560 | TARGET: ₹620 / ₹640
Anant Raj is trending higher within a rising channel and has formed a base near ₹560. With a positive RSI and rising volume, the technical setup supports a continuation of the uptrend. A breakout above ₹580 can lead to swift targets of ₹620 and ₹640. Consider buying at current levels with a defined stop loss.
Paytm | Buy | CMP: ₹924 | SL: ₹900 | TARGET: ₹1,000
Paytm is building bullish momentum after a steady consolidation. The stock is supported by a rising RSI and positive MACD setup, suggesting upside continuation. A move above ₹924 could attract strong buying interest, aiming for ₹1,000 in the near term. Traders may consider initiating long positions with a stop loss at ₹900.
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.
