India's stock market moved cautiously on Tuesday, with the Nifty staying around a crucial support level while bank shares showed stability. Below, we break down what this means for everyday investors.
Market Overview
Domestic factors such as strong liquidity and steady consumer demand kept confidence alive, especially for banks and large‑cap companies. At the same time, global caution and a weaker rupee limited big risk‑taking moves.
Buying at lower levels and short covering in banking, auto and metal stocks after the monthly futures expiry helped the Nifty recover most of its early losses and finish almost flat.
Technical Outlook
Analyst Vaishali Parekh notes that the Nifty is hovering just above its 50‑day exponential moving average (EMA) around 25,850. To boost bullish confidence, the index needs to close above 26,250.
- Immediate support: 25,800
- Resistance: 26,200
The Bank Nifty also respected its key support at 58,700 and closed near 59,200. A clear break above 59,800 would be needed for a fresh upside move.
Stock Picks for the Day
Based on technical signals, the following three stocks are suggested for a buy position today:
- 360 One – Buy at ₹1,180, Target ₹1,220, Stop‑Loss ₹1,160. The stock is in an uptrend and may gain new momentum.
- JBM Auto – Buy at ₹620, Target ₹660, Stop‑Loss ₹600. The chart shows a potential breakout above ₹650.
- Ola Electric Mobility – Buy at ₹36.30, Target ₹40, Stop‑Loss ₹35. The price appears to be recovering, not just a short‑term bounce.
Disclaimer
These insights are for educational purposes only. The opinions and stock recommendations belong to the analyst and are not endorsed by this platform. Always do your own research or consult a certified financial advisor before making any investment decisions.