Stock market today: Indian equity markets opened marginally higher on Tuesday after U.S. President Donald Trump hinted at a possible nuclear agreement with Iran, raising hopes of easing tensions in the three-month-long conflict.
The Nifty 50 advanced 0.11% to 23,675.3, while the BSE Sensex gained 0.17% to 75,441.27 in early trade.
Market breadth remained positive, with 14 of the 16 major sectoral indices opening in the green. The broader market also saw buying interest, with the midcap and smallcap indices rising around 0.3% each.
Investor sentiment improved after Trump said he had cancelled a planned strike on Tehran following a peace proposal from Iran, adding that there was now a “very good chance” of reaching a deal to limit Iran’s nuclear programme.
Nifty 50 Outlook by Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group
Nifty 50
Nifty 50 ended marginally flat after a 300-point intraday recovery from lows on Monday. We have been highlighting 23,760 as a crucial level to watch on the upside for the index to resume its leg higher over the past 4 trading days. Continuing its failure to reclaim, the index slides back down to 23,400/23,150. On a week-to-week basis, Nifty 50 lost -2.2% in trade largely due to the rupee hitting record lows and losing over -1% in in the same time.
Bank Nifty
Bank Nifty underperformed Nifty 50, losing nearly 200 points after completing its pending gap on the daily and weekly charts on the downside. This now limits the immediate downside for the index, while the chances of forming a base to outperform Nifty in the near term are high. With support at 52,800, Bank Nifty can be a buy-on-dip candidate at 53,700/54,500 on the upside.
Stocks To Buy on Tuesday
On stocks to buy on Tuesday, Sagar Doshi of Nuvama recommended three stocks – Varun Beverages, Max Healthcare Institute, and Page Industries.
Varun Beverages (BUY): LCP: ₹511; SL: ₹484; TGT: ₹545
After a breakout from an 18-month corrective consolidation on weekly charts earlier this fiscal, the daily charts have given an additional short-term breakout, which can act as a tailwind for the currently formed pole-and-flag pattern.
Max Healthcare Institute (BUY): LCP: ₹1,058; SL: 1,000; TGT: ₹1,160
Stock has rejected breaking below 950 last month and has now given a breakout on the weekly charts, signalling the end of its 10-month correction. Quick 10% upside unfolding.
Page Industries (BUY): LCP: ₹37,505; SL: ₹35,300; TGT: ₹40,000
After a strong recovery seen last month, the current pullback has allowed a pole and flag breakout on daily charts for target of 40k.
Disclaimer: This story is for educational purposes only. 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.
