Stock market today: Indian stock market indices experienced a decline in Tuesday’s session, weighed down by losses in the financial and IT sectors amidst weakness in regional markets and widespread profit-taking. Despite rebounding for a while, Nifty 50 decreased by 0.26% to 24,934.20, while the Sensex dropped 0.32% to 81,912.58 as of 12:19 IST.
Analysts observed that investors might be retreating after the Nifty 50 closed above 25,000 on Monday, a pattern seen over the past couple of weeks. As experts indicated, investors adopted a cautious stance ahead of the release of industrial and manufacturing production figures for April on Wednesday, along with the first quarter GDP results anticipated later this week.
On the technical front, Riyank Arora of Mehta Equities Ltd advises traders to view any dips as buying opportunities. Here’s what he say about the overall market.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50
Nifty 50 continues to exhibit a strong bullish structure, having rebounded firmly from key support near 24,750–24,800. The index is supported by favorable technical indicators, with the RSI at 61.45, reflecting positive momentum. Additionally, the MACD is on the verge of a positive crossover, indicating a likely continuation of the uptrend. On the upside, a decisive breakout above 25,150 could lead to a fresh rally. Traders should remain bullish above support levels, with any dips viewed as buying opportunities in anticipation of strength resuming.
🔹 Support: 24,800 – 24,750
🔹 Resistance: 25,100 – 25,150
Bank Nifty – Technical Outlook
Bank Nifty remains in a consolidation range with strong support at 55,000–55,300 and overhead resistance near 55,900–56,000. The index has held above key moving averages, signaling underlying strength. The RSI stands at 60.4, showing bullish momentum, while the MACD is on the verge of a positive crossover, hinting at a potential breakout. A close above 56,000 could trigger a sustained upward move. Until then, traders may consider accumulating on dips within the support zone, keeping a close watch for confirmation from price and volume action.
🔹 Support: 55,300 – 55,000
🔹 Resistance: 55,900 – 56,000
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Action Construction Equipment Ltd, Olectra Greentech Ltd, and Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC).
Action Construction | Buy | CMP: ₹1,355–1360 | SL: ₹1,335 | TARGET: ₹1,400 / ₹1,420
Action Construction share price is exhibiting strong bullish momentum, trading near recent highs within a rising price channel. The stock is showing continued strength, supported by a high RSI of 68.6, suggesting strong buying interest. With price action consistently making higher highs and higher lows, a breakout above ₹1,360 can lead to upside targets of ₹1,400 and ₹1,420. The technical structure remains favourable, and volume buildup supports the bullish view. Traders may consider entering between ₹1,355–1,360 with a stop loss at ₹1,335.
Olectra Greentech | Buy | CMP: ₹1,345–1,350 | SL: ₹1,275 | TARGET: ₹1,420 / ₹1,450
Olectra Greentech share price is forming a bullish base above key moving averages and consolidating in the ₹1,345–1,350 range. The RSI at 67.3 reflects building momentum, and MACD is nearing a positive crossover, indicating a likely upside breakout. A move above ₹1,350 could attract fresh buying interest and drive the stock toward ₹1,420 and ₹1,450 levels. The recent surge in volume confirms accumulation. Traders may consider buying on minor dips or upon breakout, with a stop loss placed at ₹1,275 to manage downside risk.
GNFC (Gujarat Narmada Valley Fertilizers & Chemicals) | Buy | CMP: ₹546 | SL: ₹525 | TARGET: ₹600+
GNFC share price is showing signs of strength after a base formation near its key support at ₹525. The stock has been witnessing positive price action, and with RSI at 67.8, momentum is favoring the bulls. A move above ₹546 could confirm a breakout, with the potential to rally toward ₹600+. The setup is further validated by improving volume and MACD positioning. Given the strong technical foundation, traders may consider buying at current levels, with a stop loss at ₹525 for a favourable risk-reward setup.
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.
