Stock market today: India’s main stock indexes saw a slight increase at the start of trading on Tuesday, influenced by broader gains across Asia as investors looked forward to updates on US trade discussions before President Donald Trump’s tariff deadline on July 9.
The Nifty 50 climbed 0.25% to reach 25,580.65 points, while the Sensex rose 0.24% to 83,806.17 at 9:38 IST.
The MSCI Asia ex-Japan index advanced by 0.6%, and Wall Street finished higher the previous night, buoyed by optimism that trade negotiations between the US and its key partners were progressing.
Additionally, Indian officials will prolong their visit to the US in an effort to finalize a trade agreement with the Trump administration and address ongoing concerns from both parties, as reported by Reuters on Monday, referencing two Indian government sources.
On the technical front, Sachin Gupta of 5paisa, believes the Nifty 50 support levels in the near term to be at 25,235 and 25,060, while resistance is placed at 25,730 and 25,870. He suggests two stocks to buy today. Here’s what he says about the overall stock market.
Market Review and Outlook – Sachin Gupta, Senior Research Analyst at 5paisa
The Nifty 50 index declined 0.47% to close at 25,517.05, weighed down by a broad-based selling pressure, with 31 of its 50 constituents ending in the red. The index’s decline was led by heavyweights such as HDFC Bank (-0.74%), ICICI Bank (-1.18%), and Axis Bank (-2.13%), which collectively account for over 25% of the index’s weight. While select consumer-centric stocks like Trent (+3.04%) and Jio Financial (+1.24%) managed to post gains; along with BEL, State Bank of India and Indus Ind Bank, the overall market sentiment remained subdued.
Technically, Nifty 50 has retreated from its recent peak, closing below 25,600. The RSI had entered overbought territory, and the current correction aligns with previous instances where profit booking occurred at elevated RSI levels. However, despite the weakness in large-cap stocks, both the Midcap and Smallcap indices ended the session on a positive note. In the near term, key support levels are seen at 25,235 and 25,060, while resistance is placed at 25,730 and 25,870.
Shares to buy or sell today on Tuesday- Sachin Gupta
On shares to buy on Tuesday, Sachin Gupta recommends two stocks on Tuesday — Bharat Dynamics Ltd, and Federal Bank Ltd.
Bharat Dynamics Ltd
After undergoing a healthy time-wise correction, Bharat Dynamics share price has resumed its upward trajectory, signaling renewed strength in the trend. It has recently given a bullish breakout from a flag pattern, a continuation formation that typically indicates the resumption of a prior uptrend. This breakout is a strong technical confirmation of bullish momentum.
Adding to the positive setup, the stock has moved decisively above its 21-day Exponential Moving Average, underpinned by higher-than-average volume activity, a sign of strong participation and conviction among buyers. Additionally, the Relative Strength Index has exhibited a positive crossover, further reinforcing the strengthening bullish sentiment.
Hence, traders are advised to look for buying opportunities around ₹1,943, with anupside potential towards ₹2,060 and ₹2,140. Astop loss can be placed at ₹1,827to manage downside risk effectively.
Federal Bank Ltd
Federal Bank share price is currently exhibiting a strong bullish trend, characterized by a consistent formation of higherntops and higher bottoms, which signals sustained upward momentum. This positive price structure is further supported by a bullish moving average crossover, indicating strengthening trend confirmation and continued buying interest.
Additionally, the price is holding firmly above the Parabolic SAR, reinforcing the ongoing uptrend and suggesting that momentum remains in favour of the bulls. The MACD indicator has also shown a positive setup, with the MACD line crossing above the signal line, confirming a bullish shift in momentum.
Overall, the technical setup suggests that the stock is well-positioned for further upside, with trend-following indicators and momentum oscillators aligned in favor of continued strength.
Traders are advised to maintain their holding positions and also consider fresh buying around ₹210, targeting ₹225 and ₹232, with a strict stop loss at ₹199 on a closing basis.
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.
