The stock market experienced a downturn today, reflecting a global trend influenced by new tariffs announced by former US President Donald Trump. Despite expectations of an interest rate cut and a dovish stance from the Reserve Bank of India (RBI), investor sentiment remained subdued. The BSE Sensex fell by 379.93 points, or 0.51%, closing at 73,847.15. During trading, it hit a low of 73,673.06, marking a decline of 554.02 points at one point. Similarly, the NSE Nifty dropped by 136.70 points, or 0.61%, ending at 22,399.15.

Market Trends and Technical Analysis

The Nifty 50 continues to hover below the resistance level of 22,500, indicating potential short-term weakness. The Relative Strength Index (RSI) has shown a bearish crossover, hinting at ongoing negative momentum. Technical analyst Rupak De from LKP Securities commented, "The market trend will likely remain weak unless it surpasses 22,500. A breakout could see the index reach between 22,750 and 22,800, while failure to breach this level might drag it down towards 22,000."

Additionally, the Bank Nifty created a small bearish candle with a long lower shadow, suggesting a phase of consolidation and specific stock movements. Immediate resistance is noted around 51,000, and a sustained push above this level could lead to a bounce back towards 51,500 and 52,100. According to Bajaj Broking, "If the Bank Nifty can maintain above 51,000, we may see upward movement. However, immediate support lies between 49,000 and 48,700."

Global Market Influences

Market analysts on D-Street observed that the stock market suffered a setback following the announcement of fresh tariffs on China, which prompted a gap-down opening and a range-bound trading session. Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, remarked, "The market’s volatility continues to keep traders cautious, and with the earnings season approaching, any near-term relief appears unlikely. We advise adopting a hedged approach to weather potential sharp movements, especially given the elevated India VIX."

Stock Picks for Today

Experts have identified several stocks to consider for today’s trading sessions:

• Max Healthcare Institute: Buy at ₹1,117, with a stop loss of ₹1,080 and a target of ₹1,200. The stock is demonstrating bullish momentum, showing strong buying interest and positive trends according to the RSI.

• Hindustan Petroleum Corporation Ltd (HPCL): Buy at ₹379.3, with a stop loss of ₹365 and a target of ₹405. HPCL has shown resilience, consolidating around key moving averages, indicating a potential breakout.

Additional Recommendations

Ganesh Dongre from Anand Rathi and Shiju Koothupalakkal from Prabhudas Lilladher suggest several noteworthy stocks:

• Avenue Supermarts (DMart): Buy at ₹4,140, target ₹4,250.
• United Spirits: Buy at ₹1,450, target ₹1,520.
• DLF: Buy at ₹612, target ₹640.

Expert Insights on Promising Stocks

• Torrent Power: Buy at ₹1,530, targeting ₹1,600. The stock is showing positive momentum with good volume participation.
• Bharat Heavy Electricals Ltd (BHEL): Buy at ₹212, targeting ₹224. The stock has rebounded nicely, indicating a potential for further gains.

Conclusion

In summary, the stock market remains on shaky ground, influenced by external factors such as tariffs and internal technical indicators. Investors are encouraged to explore strategic buying opportunities in selected stocks while being mindful of market volatility. Always consider expert recommendations and maintain a diversified portfolio to navigate the current trading landscape effectively.