Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, saw a rebound on Tuesday following a sharp selloff in the previous session, as investors engaged in bargain hunting amidst a broader recovery across Asia, driven by hopes for US tariff negotiations.
The Nifty 50 increased by 1.22% to reach 22,432.45, while the Sensex climbed 1.13% to 73,962.51 as of 12:01 IST. Earlier in the morning, both indices had surged by around 1.9%.
Market analysts suggest that this recovery is not unexpected given that the markets were oversold and in need of a correction, particularly among companies and sectors less affected by tariffs.
On Monday, the Nifty 50 and Sensex experienced declines of 3.2% and 3%, respectively, marking their largest single-day fall in ten months as anxieties over a global recession intensified due to new tariffs from the US.
Reports indicate that Asian markets also recovered from 1-1/2-year lows, with US stock futures indicating positive movement for the day. Japan’s Nikkei 225 surged by 6.3%, outperforming other indices in Asia. This increase followed statements from US President Donald Trump indicating that Japan would send a delegation for negotiations, raising hopes that the US might moderate its tariff approach. Nevertheless, the President also warned of new 50% tariffs on Chinese imports if Beijing continues to impose retaliatory tariffs, which tempered overall optimism.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50
CMP: ₹22,300
The index continues to face heightened volatility, having slipped below critical support levels. With the volatility index remaining elevated, markets are likely to remain choppy. Nifty 50 could test the next key support zones at ₹22,200 and ₹22,000, where a potential reversal may occur. On the upside, resistance is seen at ₹22,500 and ₹22,700. A decisive breakout above these resistance levels could signal a trend reversal and attract fresh buying interest. Until then, traders should remain cautious amid the prevailing uncertainty.
Bank Nifty is under pressure, trading just above the psychological mark of ₹50,000. Strong support is placed at ₹49,800 and ₹49,500, where buyers may emerge. Continued selling pressure could drag the index lower in the short term. On the upside, resistance is seen at ₹50,500 and ₹51,000. A clear breakout above ₹51,000 could provide much-needed relief and set the stage for a bullish reversal. However, volatility remains high and calls for disciplined risk management.
Shares to buy or sell for short term
Riyank Arora recommends these three stocks in the short term – Trent Ltd, Mazagon Dock Shipbuilders Ltd, and Garden Reach Shipbuilders & Engineers (GRSE).
Trent Ltd
CMP: ₹4,717 | SL: ₹4,600 | TARGET: ₹5,000
Trent is maintaining strong bullish momentum, trading near lifetime highs. The stock has been consolidating with healthy volume, but momentum is showing early signs of fatigue. RSI (14) at 36 indicates it’s entering an oversold zone, suggesting potential for a rebound. If it sustains above ₹4,700, a rally towards ₹5,000 is likely. A stop-loss at ₹4,600 is advised to manage downside risk effectively.
Mazagon Dock Shipbuilders Ltd
CMP: ₹2,352 | SL: ₹2,250 | TARGET: ₹2,500
Mazagon Dock has pulled back slightly from recent highs but remains in an uptrend. RSI (14) at 45 signals cooling momentum, though the structure still supports upside continuation. If the stock holds above ₹2,300, buyers may re-enter, targeting ₹2,500. A stop-loss at ₹2,250 is recommended for risk management.
Garden Reach Shipbuilders & Engineers (GRSE)
CMP: ₹1,535 | SL: ₹1,460 | TARGET: ₹1,670
GRSE is holding above key short-term support levels, though recent momentum has slowed. RSI (14) at 48 suggests the stock is in neutral territory with potential for buildup. A sustained move above ₹1,540 could trigger a fresh rally toward ₹1,670. A stop-loss at ₹1,460 remains prudent.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
