On Tuesday, the Indian stock market showed little movement, with Sensex and Nifty 50 remaining mostly flat due to mixed global signals. Analysts predict some profit-taking after the recent rally.
As of 9:50 AM IST, Nifty 50 was stable at 25,010.40, while Sensex slightly dropped by 0.04% to 81,734.11.
Dr. V K Vijayakumar from Geojit Financial Services noted that the market is facing both positive and negative influences. Rising tensions in the Middle East and Ukraine are challenges, while the anticipation of U.S. interest rate cuts is a positive factor. These cuts could encourage similar actions from the Reserve Bank of India (RBI) to boost the Indian economy.
Ruchit Jain from 5paisa.com observed that the Nifty 50 started the week strong and maintained its upward trend, closing above 25,000. He advises traders to remain optimistic, with support levels between 24,800 and 24,750, and potential growth towards 25,400.
Stocks to Watch:
- JSW Steel Ltd: With the Dollar Index dropping, metal stocks like JSW Steel are gaining momentum. The stock has broken past its previous high, showing strong volumes and positive RSI signals. Ruchit Jain recommends buying in the ₹965-960 range, aiming for a target of ₹1,020-1,030, with a stop loss at ₹930.
- Cholamandalam Investment and Finance Company Ltd: After a correction phase, this stock has found support around its 100-day moving average and is showing signs of recovery. The RSI on the daily chart indicates positive movement. Jain suggests buying in the ₹1,400-1,390 range, targeting ₹1,500-1,560, with a stop loss at ₹1,300.
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