Stock market news: The domestic benchmark indices, Sensex and Nifty 50, ended lower on Tuesday after a day of fluctuating prices, representing the eighth consecutive session of declines due to ongoing foreign fund exits and caution ahead of the RBI’s upcoming interest rate announcement.
After an initial rise, Sensex dropped by 97.32 points, or 0.12%, closing at 80,267.62. Throughout the day, it reached a peak of 80,677.82 and a low of 80,201.15. Over the past eight trading days, the Sensex has decreased by 2,746.34 points, or 3.30%. The Nifty 50 decreased by 23.80 points, or 0.10%, to finish at 24,611.10.
Trading activity was muted on the day of monthly expiry, with markets remaining within a narrow trading range. Shares in the metal, auto, and banking sectors, especially PSU banks, showed gains while there was selling pressure on realty and consumer durables stocks.
Analysts noted that caution lingered in the market ahead of the RBI’s interest rate decision today.
Trade Setup for Wednesday
Vatsal Bhuva, a Technical Analyst at LKP Securities, noted that on the day of monthly expiry, the Nifty 50 index closed lower, encountering significant resistance near its 100-day EMA around the 24,750 level. The index has been establishing a pattern of lower highs and lower lows over the last three sessions, indicating strong bearish control.
The short-term outlook remains negative unless the Nifty 50 can regain and maintain levels above its 50-day EMA. Immediate support is found at 24,500, while resistance is situated around 24,800. Following the outcomes of the RBI policy and auto sales data, market sentiment may evolve, so a cautious approach is recommended.
Global Markets, Trump tariffs pressures, and RBI rate decision
Vinod Nair, the Head of Research at Geojit Investments, noted that the domestic market remained within a tight range on the day of the monthly expiry, as investors showed caution ahead of the RBI’s policy announcement. Following last week’s persistent decline, the market attempted to find stability. Performance across sectors was varied, with metal and banking stocks experiencing gains, while real estate and consumer durables encountered selling pressure.
Market participants are eagerly awaiting the RBI’s insights for clues about future interest rate directions, although a hold on rates is generally anticipated. The outlook for the near term remains cautious, suggesting that price movement is likely to remain confined within a range. Significant developments, particularly related to tariff policies and the approaching earnings season, will be important in influencing the market’s path beyond the current range.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these seven intraday stocks for today: Netweb Technologies India Ltd, Hindustan Zinc Ltd, Ashok Leyland Ltd, Canara Bank, Delhivery Ltd, Union Bank of India, and Moil Ltd.
Sumeet Bagadia’s stock picks
Netweb Technologies India Ltd: Bagadia recommends buying Netweb Technologies share price at ₹3,648.5 keeping a stoploss at ₹3,520 with a Netweb Technologies share price target of ₹3,905.
Netweb Technologies share price was trading at 3,648.5, the stock is currently displaying a Long-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions and has formed a new all-time high at 3,750, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action.
In conclusion, based on current technical conditions, Netweb Technologies share price offers a strong buying opportunity for short-term traders targeting ₹3,905, provided sound risk management measures are maintained.
Hindustan Zinc Ltd: Bagadia recommends buying Hindustan Zinc share price at ₹482.45 keeping a stoploss at ₹465 with a Hindustan Zinc share price target of ₹518.
Hindustan Zinc share price was trading at 482.45 and has been moving in a strong uptrend, reflecting sustained buying interest. The stock is developing a rounding bottom formation that signals a shift in sentiment and marks the beginning of a potential long-term uptrend. The breakout is accompanied by a noticeable rise in volume, indicating strong market participation and fresh buying interest.
In conclusion, based on the technical analysis and current market conditions, Hindustan Zinc share price presents a promising buying opportunity for those aiming for a 518 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre’s stocks to buy today
Hindustan Zinc Ltd: Ganesh Dongre recommends buying Hindustan Zinc share price at ₹482 with a stoploss at ₹465 with Hindustan Zinc share price target of ₹510.
Hindustan Zinc share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹482 and has established a solid support base at ₹465. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the ₹510 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹465 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone
Ashok Leyland Ltd: Ganesh Dongre recommends buying Ashok Leyland share price at ₹142 with a stoploss at ₹136 with Ashok Leyland share price target of ₹150.
Ashok Leyland share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹142 and maintaining a strong support at ₹136. The technical setup indicates the potential for a price retracement towards the ₹150 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹136 offers a prudent approach to capturing the anticipated upside.
Canara Bank: Ganesh Dongre recommends buying Canara Bank share price at ₹123 with a stoploss at ₹115 with Canara Bank share price target of ₹128.
Canara Bank share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹123 and maintaining a strong support at ₹115. The technical setup indicates the potential for a price retracement towards the ₹128 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹115 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
Delhivery Ltd: Shiju Koothupalakkal recommends buying Delhivery share price at ₹450 with a Delhivery share price target of ₹480 with a stop loss of ₹440.
Delhivery share price after having witnessed a decent correction from 490 zone has taken support near the 440 level and has indicated a positive candle formation on the daily chart with significant volume participation visible to improve the bias and can anticipate for further rise in the coming sessions. The RSI has corrected well and is currently well placed indicating a positive trend reversal to signal a buy with upside potential visible.
“With the chart technically looking good, we suggest buying the stock for an upside target of 480 keeping the stop loss at the 440 level,” said Koothupalakkal.
Union Bank of India: Shiju Koothupalakkal recommends buying Union Bank of India share price at ₹138.50 with a Union Bank of India share price target of ₹148 with a stop loss of ₹136.
Union Bank of India share price having maintained a strong positive bias has indicated a higher bottom formation on the daily chart taking support near the 134 zone and indicating a strong pullback with once again improving the bias anticipating for further rise in the coming sessions. The RSI is well positioned and has once again indicated a positive trend reversal to signal a buy and can expect for further gains with upside potential visible.
“ With the chart technically looking good, we suggest buying the stock for an upside target of 148 keeping the stop loss at the 136 level,” said Koothupalakkal.
Moil Ltd: Shiju Koothupalakkal recommends buying Moil share price at ₹370 with a Moil share price target of ₹390 with a stop loss of ₹360.
Moil share price has indicated a strong bullish candle formation on the daily chart to move above the consolidation phase with bias improving accompanied with significant volume participation visible. One can expect for further upward move in the coming sessions with the RSI also on the rise indicating strength and can carry on with the positive move further ahead.
“ With the chart technically looking attractive, we suggest buying the stock for an upside target of 390 keeping the stop loss at the 360 level,” said Koothupalakkal.
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.