- Despite positive global market cues, the Indian stock market ended lower after a highly volatile session on Monday. The Nifty 50 index lost 33 points and finished at 22,442, while the BSE Sensex ended marginally higher at 73,895. The Bank Nifty index went off 28 points and closed at 48,895.
- The broad market indices fell more than the frontline indices even as the advance-decline ratio fell sharply to 0.45:1.
- Experts provide their outlook for the Nifty and Bank Nifty today, along with stock recommendations for investors.
Explore the latest movements in the Indian stock market, including expert analysis and stock recommendations for investors.
Trade setup for Tuesday
Senior Technical Research Analyst at HDFC Securities, Nagaraj Shetti, suggests that the short-term trend of Nifty remains negative as long as the support of 22300 holds. However, an upside in the market is possible if the support holds. A move below the support could open more weakness in the short term.
Outlook for the Bank Nifty
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, notes that the BankNifty index underwent a sideways trading session, with bulls successfully defending the support zone around 49000-48900. Immediate resistance is noted at 49300, and a decisive breakthrough could trigger short-covering moves towards 49500. Conversely, a significant breach of the 48900 mark may induce further selling pressure towards 48400, where the 20DMA is positioned.
Buy or sell stock ideas by experts
Stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended four stocks to buy or sell on Tuesday.
Sumeet Bagadia’s stocks to buy today
Bagadia recommends buying Balkrishna Industries at ₹2465 with a target of ₹2610 and a stop loss of ₹2398. He also suggests buying Brigade Enterprises at ₹1110 with a target of ₹1166 and a stop loss of ₹1077.
Ganesh Dongre’s stock of the day
Dongre recommends buying Coal India at its current market price with a target of ₹490 and a stop loss of ₹430.
Drumil Vithlani’s buy or sell stock
Vithlani recommends buying Jubilant Food at ₹473 to ₹474 with a target of ₹485 and a stop loss of ₹467.
Conclusion
Despite a volatile session, experts provide a mixed outlook for the Nifty and Bank Nifty today. They also offer various stock recommendations for investors to consider. As always, investors are advised to consult with certified experts before making any investment decisions.
