Stock market today: India’s stock market indices began lower on Tuesday after experiencing six straight days of gains, as investors adopted a cautious stance ahead of important economic data from the US that could indicate whether the Federal Reserve will decrease interest rates next month.
Sensex declined 292.95 points to 84,658 in early trade; Nifty 50 dropped 83.3 points to 25,930.15.
Over the past six sessions, the benchmarks gained approximately 2%, bolstered by an earnings season without significant disappointments, robust domestic investments, and the conclusion of the U.S. government shutdown. The indexes are currently about 1.3% shy of their all-time highs reached in September 2024.
US stocks finished lower the previous day, and Asian markets declined by 1.6% amid dwindling expectations for a US rate cut in December, ahead of crucial data releases in the US, including the jobs report for September.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 Outlook
Nifty 50 traded with a mildly positive tone but continues to face stiff resistance near the 26,100 mark. The index has strong support around 25,700, and a major directional move is likely only if Nifty 50 manages a decisive close above 26,100. RSI is hovering near 65, suggesting steady momentum, but the index needs an RSI breakout above 75–77 to trigger a strong trending move. Until then, the bias remains cautiously optimistic, with traders advised to watch for a breakout confirmation.
Bank Nifty
Bank Nifty has delivered a clean all-time high breakout above 58,600, indicating strong underlying strength. The index now looks poised for an extension toward 59,500 and 60,000 in the near term. On the lower side, support is firmly placed at 58,400, and dips toward this region may attract fresh buying. The structure remains strongly bullish, and traders can continue to hold a positive stance as long as the index sustains above 58,400.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Ltd (MRPL),Ltd, and Ltd.
Buy – MRPL
CMP: ₹183.52 | SL: ₹176 | Target: ₹190 / ₹195
MRPL is showing steady upward momentum after holding firmly above its short-term moving averages. The stock has formed a constructive base near the ₹180 zone and is now attempting to resume its uptrend. A push above ₹185 could open gates toward ₹190– ₹195 levels. Traders can consider buying on minor dips, with ₹176 as a protective stop loss.
Buy – Hero MotoCorp
CMP: ₹5,798 | SL: ₹5,700 | Target: ₹5,950 / ₹6,050
Hero MotoCorp continues to display strength after maintaining a sequence of higher lows on the daily chart. The stock is trading comfortably above key moving averages, reflecting strong buyer interest. A sustained move above ₹5,820 may accelerate momentum toward ₹5,950– ₹6,050. Dips toward ₹5,760– ₹5,780 may offer attractive entry opportunities.
Buy – Chennai Petro
CMP: ₹1,075 | SL: ₹1,045 | Target: ₹1,120 / ₹1,150
Chennai Petro is trading near a breakout zone after forming a solid consolidation base. Strong volume activity suggests institutional accumulation. A move above ₹1,085 could fuel a sharp rally toward ₹1,120– ₹1,150 levels. Traders can look to accumulate in the ₹1,065– ₹1,075 zone while keeping a strict stop loss at ₹1,045.
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.