Stock market today: The Indian stock markets began cautiously on Tuesday, with both key indices remaining flat in early trading. Investors remained vigilant amid the ongoing peace negotiations in Ukraine and awaited international cues.
The Nifty 50 index started at 24,891.35, marking an increase of 14.40 points or 0.06%, while the BSE Sensex opened at 81,319.11, up by 45.36 points or 0.06%. Market analysts indicated that any developments in the Ukraine-Russia ceasefire will serve as a significant catalyst for Indian stocks.
Global influences also impacted market sentiments. The forthcoming address of US Federal Reserve Chair Jerome Powell at the annual Jackson Hole Symposium is being monitored closely for insights on Fed policy in relation to tariffs and potential interest rate changes.
Although the increase in the US Producer Price Index (PPI) for July has slightly diminished the likelihood of a rate cut in September, the prevailing market view still leans toward a reduction. Additionally, US retail earnings due this week are anticipated to provide guidance on consumer strength in the largest economy in the world.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 – Technical View
Nifty 50 opened nearly 300 points higher but soon faced selling pressure at the upper levels. The index is now encountering resistance at 24,960, and a move beyond this level could take it towards 25,022. On the daily chart, a bearish candle has appeared near the anchor VWAP resistance, hinting at short-term profit booking. Unless Nifty 50 decisively sustains above 25,000, the index could slip towards 24,675 before finding support. Traders should stay cautious at higher levels.
Bank Nifty
Bank Nifty crossed 55,600 but saw selling pressure in the 56,000–56,100 region. The index is currently consolidating in a broad 55,500–56,400 range. A breakout above 56,100 could fuel further gains, while a drop below 55,500 may attract renewed selling. For now, the structure is sideways with no clear trend, and traders should prepare for more consolidation before a directional move emerges.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – NSDL, Gabriel India, and BSE.
NSDL
Buy | CMP: ₹1,207.80 | SL: ₹1,150 | Target: ₹1,300 & ₹1,400
NSDL recently held firm at its anchor VWAP support near 1,175 and is showing early signs of recovery. The stock has been consolidating well around this support, while increasing volumes point towards buying interest. This signals the possibility of the uptrend resuming, with upside targets placed at 1,300 and 1,400. To protect against any downside risk, traders should maintain a strict stoploss at 1,150, as a break below this level could weaken the current bullish setup.
Gabriel India
Buy | CMP: ₹1,146 | SL: ₹1,075 | Target: ₹1,250 & 1,300
Gabriel India has broken out of its consolidation phase and is trending firmly higher. Supported by strong volumes and improving sentiment, the stock looks set for a continued rally. Technical indicators point to sustained momentum, suggesting possible upside towards 1,250 and 1,300 in the near term. However, to manage risk effectively, traders should place a strict stoploss at 1,075. A close below this level may negate the positive setup, while above it, the stock remains in a bullish trajectory.
BSE Ltd
Buy | CMP: ₹2,494 | SL: ₹2,400 | Target: ₹2,700
BSE Ltd has given a breakout above a key resistance level, backed by strong volumes and positive momentum. The technical setup remains healthy, with the stock showing strength and potential to move towards 2,700 in the short term. Support is placed at 2,400, which should act as a strict stoploss to safeguard positions. As long as this level holds, the outlook for BSE remains bullish, and traders can expect the uptrend to continue with higher targets ahead.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
