Stock Market Update: Nifty Outlook, Cabinet Insights, And Top Stock Recommendations For Tuesday

Stock Market Update: Nifty Outlook, Cabinet Insights, And Top Stock Recommendations For Tuesday

The Indian stock market closed lower on Monday, influenced by weak global cues triggered by hotter-than-expected US job data. Here are the key highlights from today’s trading session:

Market Performance:

• The Nifty 50 index edged lower by 30 points to close at 23,259, while the BSE Sensex shed 203 points, ending at 76,490.
• The Bank Nifty index finished 22 points lower at the 49,780 mark.
• Despite the overall decline, broad market indices ended positively, with the advance-decline ratio remaining firm at 1.92:1.

Trade Setup for Tuesday:

• According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, Nifty is currently facing resistance at the 23,250 level, with a bearish weekly candlestick pattern suggesting a possible downward correction.
• Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, highlighted that the Bank Nifty index formed a hanging man candlestick pattern, indicating resistance at 51,130-51,140 levels and immediate support near 49,000 levels.

Buy or Sell Recommendations:

Sumeet Bagadia’s Recommendations:

1. Zensar Technologies: Buy at ₹688.40, target ₹730, stop loss ₹665.
2. VA Tech Wabag: Buy at ₹1153.35, target ₹1222, stop loss ₹1111.

Ganesh Dongre’s Recommendations:

1.   Punjab National Bank (PNB): Buy at ₹126, target ₹135, stop loss ₹120.
2.   AWL: Buy at ₹345, target ₹365, stop loss ₹338.
3.   LT: Buy at ₹3542, target ₹3650, stop loss ₹3480.

Analysts provided insights into potential buying opportunities for investors based on technical analysis and stock market trends. It’s essential for investors to conduct thorough research and consider their risk appetite before making any investment decisions.