Indian Stock Market Ends Lower Despite Positive Global Cues: Trade Setup and Stock Recommendations for Tuesday
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 also saw a decline of 28 points, closing at 48,895. The broad market indices fell more than the frontline indices, with the advance-decline ratio sharply at 0.45:1.
Looking ahead to Tuesday’s trading session, experts have shared their insights on the market outlook and recommended stocks to buy or sell.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the short-term trend of Nifty remains negative as long as the support of 22,300 holds. He mentioned that an upside in the market is possible, but a move below the support could lead to more weakness in the short term.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted that the Bank Nifty index underwent a sideways trading session, with immediate resistance at 49,300. He mentioned that a breakthrough could trigger short-covering moves towards 49,500, while a breach of the 48,900 mark may induce further selling pressure towards 48,400.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, provided support and resistance levels for Sensex/Nifty, with immediate support at 73,400/22,300 and resistance at 74,300/22,600. She also mentioned that the Bank Nifty would have a daily range of 48,400–49,400 levels.
Experts like Sumeet Bagadia, Ganesh Dongre, and Drumil Vithlani recommended stocks to buy for Tuesday’s trading session. Bagadia suggested buying Balkrishna Industries and Brigade Enterprises, while Dongre recommended buying Coal India. Vithlani’s pick was Jubilant Food for potential gains.
It is important to note that the views and recommendations provided by analysts are their own and investors are advised to consult with certified experts before making any investment decisions. Market conditions can change rapidly, and individual circumstances may vary.
