Here’s what you need to know for trading on Tuesday. Experts have shared their insights and stock picks for the day.
Nifty Outlook
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, noted that Nifty is currently moving between 23,300 and 23,500. He mentioned that if Nifty moves above 23,500, it could indicate an upward trend. Conversely, falling below 23,300 might suggest a downward trend.
Bank Nifty Outlook
Ashwin Ramani, a Derivatives & Technical Analyst at SAMCO Securities, observed that Bank Nifty recovered well and closed at 50,002, rising by 155 points. He highlighted strong put option activity at the 50,000 level, indicating a battle between bullish and bearish traders. This options activity will likely guide Bank Nifty’s direction.
General Market Outlook
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects the market to continue its upward trend, driven by positive macro trends, government spending, policy continuity, a good monsoon, and strong earnings.
US Fed Rate Cut in Focus
Avinash Gorakshkar, Head of Research at Profitmart Securities, mentioned that upcoming US retail sales data and speeches from US Federal Reserve officials might influence the market. He expects range-bound trading with potential cues from US data.
Stock Picks for Today
Sumeet Bagadia’s Recommendations:
- TVS Motor
- Buy at: ₹2504
- Target: ₹2650
- Stop Loss: ₹2410
- Reason: Strong momentum and breakout above ₹2450 suggest further gains.
- Timken India
- Buy at: ₹4579.35
- Target: ₹4850
- Stop Loss: ₹4415
- Reason: Recent breakout above ₹4400 with strong volume indicates a rise towards ₹4850.
Ganesh Dongre’s Recommendations:
- Birla Corporation
- Buy at: ₹1575
- Target: ₹1650
- Stop Loss: ₹1520
- Reason: Strong support at ₹1520 with potential rally towards ₹1650.
- Punjab National Bank (PNB)
- Buy at: ₹129
- Target: ₹135
- Stop Loss: ₹124
- Reason: Bullish reversal pattern suggests a rise to ₹135.
- ITC
- Buy at: ₹431
- Target: ₹440
- Stop Loss: ₹425
- Reason: Support at ₹425 with potential to rally to ₹440.
These expert recommendations provide a mix of buy strategies with specific targets and stop losses to guide your trading decisions today.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
