Today stock market: the Interior Benchmark -Indices, Nifty 50 and Sensex, participated on Tuesday in a global aid after the US President Donald Trump indicated that he could consider offering additional tariff exemptions, which positions the domestic indices to recover their losses since the implementation of the Taria.
During early trade, the Nifty 50 and Sensex surpassed their final figures of 2 April, on 23,332.35 points and 76,617.44 points, respectively, which marked a return to levels that was seen prior to the announcement of Trump of considerable retribution rates, including India.
From 11:58 am on Tuesday, Nifty 50 had risen by 2.11% to reach 23,311.60, while the SENSEX rose by 2.10% to 76,739.73.
Dr. VK Vijayakumar, main investment strategist at Geojit Investments Limited, said that the S&P 500 has risen by 9% since the lows in April, largely due to the stopping of the rates. The Nifty 50, on the other hand, has only increased by 3% compared to the LOS points of April, indicating that it has the only reason to cover.
This gap and some briefly covering will probably support strong market performance for the day. However, investors must realize that the uncertainty created by Trump remains considerable and that extra uncertainty may result from the sectoral rates that he has announced will be implemented.
Market views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50
CMP: £23,280
Nifty 50 is reserved at 23,350 in Tuesday’s trade session and what some signs of profit booking indicates at higher levels. Nifty 50 has a strong resistance at 23,350 and great support near 23,000 and 22,900. According to the risk-acknowledgment and broad gap, we believe that a profit booking is due to higher levels and that one should remain careful for buying at the current levels, and waiting for a withdrawal to lower levels.
Bank Nifty has hit its resistance marking of 52,000 and seems to exchange far above. Since the start of the day – however, we are constantly confronted with a good sales pressure of the 52,300. If we manage to go beyond 52,300 Mark – we should see a good strong purchase and market go to go 53,000 and 53,200 levels. However, a strict stop loss must be held on all lungs at 51,800 for the day.
Shares to buy or sell for short term
Riyank Arora recommends these three shares in the short term – Kotak Mahindra Bank LTD, Tata Consumer Products LTD and Mazagon Dock Shipbuilders Ltd.
Kotak Mahindra Bank Ltd
CMP: £2,117 | SL: £2,080 | GOAL: £2,200
Kotak Bank has shown strength with a breakout above the key -attacking averages, which indicates bullish intention. The RSI (14) on 58 reflects the construction momentum with space for further upwards. Persistent price action above £2,100 can attract more purchasing interest rates, aimed at a movement to £2,200. A stop-loss £2,080 is proposed to manage downward risks.
Tata Consumer Products Ltd
CMP: £1,100 | SL: £1,050 | GOAL: £1,200
TATA consumer has broken above a crucial resistance marking, indicating a strong bullish momentum. The RSI (14) in 70 places the stock near Overbought area but also confirms strength. If it applies above £1.090– £1,100, a rally to £1,200 stays on the cards. A stop-loss £1,050 is recommended to protect capital.
CMP: £2,577 | SL: £2,473 | GOAL: £2,750
Mazagon Dock has been revived with a breakout above progressive averages, indicating the continuation of his upward trend. RSI (14) at 56 shows that Bullish Momentum is recording again. Holding above £2,550 can lead to an upward movement in the direction of £2,750. A stop-loss £2,473 will help protect against unexpected reversations.
Disclaimer: The views and recommendations above are those of individual analysts, experts and brokers, not from Mint. We advise investors to check with certified experts before we make investment decisions.
