Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced gains during Tuesday’s session, primarily driven by information technology shares following Infosys’s announcement to consider a share buyback, alongside expectations of a US interest rate reduction and positive sentiment stemming from tax cuts.
The Nifty 50 index increased by 0.32%, reaching 24,851 . 25, while the Sensex climbed 0.31% to 81,045.14 at 12:44 IST.
Experts suggest that the favorable news regarding GST reductions and the anticipated US interest rate cut is establishing a support level for the market, shielding it from potential declines. This support was crucial given the ongoing uncertainty related to US tariffs.
The prospects of a US rate cut and the depreciation of the rupee are also benefiting the IT industry, according to analysts.
Reduced interest rates in the US are advantageous for IT companies as they could stimulate technology spending in the world’s largest economy, a critical market for this sector. Additionally, lower rates enhance the appeal of emerging markets like India for investors.
Speculation surrounding a Federal Reserve rate cut during its policy meeting scheduled for September 16-17 has intensified after reports indicated lower-than-expected job growth in August.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 – Technical View
Nifty 50 has strong support at 24,750 and 24,620, while resistance is placed at 24,900 and 25,000. The overall trend remains positive, with buying expected on dips. Sustaining above 24,750 could lead to further strength toward 24,900–25,000 levels. Momentum indicators are stable, pointing toward continued bullishness. The broader market sentiment supports upside, suggesting investors maintain a positive outlook.
Bank Nifty
Bank Nifty is holding support at 54,000 and 53,700, with resistance at 54,500 and 54,700. The index remains positive above 54,000, and sustaining gains could trigger a breakout toward 54,700. Technical indicators reflect firm momentum, with RSI and volumes supporting strength. Any dip toward support levels may attract fresh buying. The overall undertone remains bullish, indicating scope for higher levels in the near term.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Ltd, Ltd, and Ltd.
POCL – Pondy Oxides – Buy | CMP: ₹1,245 | SL: ₹1,150 | Target: ₹1,400
Pondy Oxides share price is trading with strong bullish momentum near ₹1,245, supported by rising volumes and positive RSI. Sustaining above this level could fuel an upside toward ₹1,400. The stock is holding above key averages, reflecting accumulation. Traders may consider fresh longs with a stop-loss at ₹1,150, as the setup offers a favourable risk-to-reward ratio.
Precision Camshaft – Buy | CMP: ₹249 | SL: ₹230 | Target: ₹300
Precision Camshaft share price has shown a strong breakout above ₹249, backed by volume strength and positive RSI. The stock is well-positioned above its short-term support, indicating continued bullishness. A sustained move could extend gains toward ₹300, supported by improving momentum indicators. Fresh long positions are advised with a stop-loss at ₹230 to limit downside risks while targeting further upside.
Ujjivan Small Finance Bank – Buy | CMP: ₹47 | SL: ₹44 | Target: ₹55
Ujjivan SFB share price has regained bullish momentum, holding firmly above ₹47. The stock shows improving volumes and a positive RSI trend, reflecting accumulation at lower levels. Sustaining above current support can lead to a rally toward ₹55. Traders can consider initiating fresh long positions with a stop-loss at ₹44, as the chart setup favors further gains in the near term.
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.