Stock market today: The domestic stock markets commenced almost flat in negative territory on Tuesday, suggesting a day of volatility as investors approached key global events scheduled for this week with caution.
This movement reflected the mixed trends observed in other Asian markets.
The Nifty 50 index began the day at 25,939.95, slipping by 26.10 points or 0.10 percent, while the BSE Sensex opened at 84,653.43, falling by 125.41 points or 0.15 percent.
The lackluster opening indicates that traders are likely to take a wait-and-see stance amid increased uncertainty surrounding global signals. In the meantime, global markets have stayed cautious as investors look forward to significant developments this week.
US markets achieved another record close, buoyed by optimism regarding US-China trade relations, a robust earnings season, and anticipations for a Federal Reserve rate cut on Wednesday. Nevertheless, worries persist as the US government shutdown continues into its fourth week, with no indications of a resolution between the opposing parties.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 Outlook
Nifty 50 maintained its bullish momentum, consolidating above the 25,880 zone with strong buying interest across key sectors. Immediate support lies at 25,880, followed by 25,800, while resistance levels are placed at 26,000 and 26,100. A sustained close above 26,000 may trigger further upside toward 26,100 and beyond. Momentum indicators remain supportive, suggesting that the near-term trend stays firmly positive. Traders should continue to adopt a buy-on-dips approach as long as Nifty 50 holds above 25,880.
Bank Nifty
Bank Nifty extended its bullish bias, trading comfortably above key supports at 57,900 and 57,500. The index faces resistance at 58,225 and 58,600, where profit-booking could emerge. However, a close above 58,600 may push the index toward fresh record highs. With private and PSU banks showing strength and RSI trending higher, the outlook remains positive. Traders can look for buying opportunities on dips while keeping a close watch on the 57,900 zone for directional cues.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Ltd, Ltd, and Ltd.
Jayaswal Neco – Buy | CMP: ₹79 | SL: ₹74 | Target: ₹88 / ₹95
Jayaswal Neco continues to witness strong accumulation near current levels, backed by rising volumes and a positive price structure. The stock remains above key short-term moving averages, confirming bullish strength. A move above ₹80 could accelerate momentum toward ₹88 and ₹95. Traders may initiate fresh longs while maintaining a stop-loss at ₹74 to manage risk effectively.
Sharda Cropchem – Buy | CMP: ₹938 | SL: ₹900 | Target: ₹1,020 / ₹1,080
Sharda Cropchem is showing a strong breakout pattern on the daily chart after a brief consolidation phase. The stock has gained traction with improving RSI and rising volume participation, suggesting renewed buying interest. Sustaining above ₹938 could lead to an advance toward ₹1,020 and ₹1,080. A stop-loss at ₹900 is advised to manage downside risk effectively.
CEAT Ltd – Buy | CMP: ₹4,052 | SL: ₹3,950 | Target: ₹4,250 / ₹4,400
CEAT Ltd continues to trade in a steady uptrend, forming higher highs and higher lows on the daily chart. The stock’s strong price action, coupled with robust RSI readings, suggests sustained bullish momentum. Holding above ₹4,052 may drive the next leg of the rally toward ₹4,250 and ₹4,400. Traders can continue to buy on dips, keeping a stop-loss at ₹3,950 for effective risk management.
Disclaimer: 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 decisions.