In a dynamic trading environment, the Indian stock market showcased a modest upswing on Tuesday, primarily bolstered by gains in the IT and oil & gas sectors. The leading indices, Nifty 50 and BSE Sensex, managed to close slightly higher, reflecting a generally optimistic market sentiment. As investors navigated through volatility, the broader market outperformed the key indices, signaling healthy activity among smaller stocks.
Nifty 50 and BSE Sensex Performance
On Tuesday, the Nifty 50 index saw a slight increase of 7.45 points, closing at 24,335.95, equivalent to a 0.03% rise. The sectoral performance was varied:
- Nifty IT led the charge with a 1.2% gain.
- The Oil & Gas index followed closely with a 0.42% increase.
- In contrast, the Nifty Metal and Pharma indices fell by 0.8%, while the Realty, FMCG, and Auto sectors each dipped by 0.2%.
The broader market reflected stronger momentum, with Nifty Midcap 100 and Smallcap 100 indices gaining 0.3% and 0.4%, respectively.
Insights from Market Experts
Looking ahead, Siddhartha Khemka, Head of Research—Wealth Management at Motilal Oswal, anticipates that the upcoming developments regarding the U.S. trade deal will lend support to the market. He also noted that the ongoing earnings season could spark stock-specific movements.
Nifty 50 Outlook
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, provided insights on the Nifty 50’s trajectory. He stated that the bullish patterns remain intact, with expectations for Nifty to regain upward momentum after a brief consolidation phase. He highlighted that immediate support is set at 24,150, while a decisive break above 24,450 could pave the way to a target of 24,850.
Bank Nifty Analysis
Discussing the Bank Nifty, Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta, mentioned the formation of a shooting star candle on the daily chart. This suggests substantial selling pressure near the 56,000 mark, with support located at 54,450. He expects the index to fluctuate within this range until a breakout occurs, which will likely dictate its next movement.
Stocks to Consider Under ₹100
For investors seeking opportunities, several analysts have identified promising stocks under ₹100 for today. Recommendations include:
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Network18 Media
- Buy Range: ₹44.50 – ₹45.30
- Targets: ₹46.50, ₹48, ₹50, ₹52
- Stop Loss: ₹42.40
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Bank of Maharashtra
- Buy Range: ₹51 – ₹51.50
- Targets: ₹52.50, ₹55, ₹57
- Stop Loss: ₹49.80
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Kamdhenu
- Buy Price: ₹28
- Target: ₹29.30
- Stop Loss: ₹27.20
- NBCC
- Buy Price: ₹97
- Target: ₹102
- Stop Loss: ₹95
These stocks present a strategic entry point for investors looking to maximize their gains while keeping costs low. As always, it is advisable to conduct thorough research and consider market trends before making investment decisions.
