The Indian stock market moved calmly on Tuesday, with the Nifty index hovering around 25,900 and the Bank Nifty staying strong, even as gold and silver prices slipped.
Market overview
Domestic factors like solid liquidity, steady consumer spending, and expectations that policies will stay the same helped keep investor confidence up, especially in banks and large‑cap stocks. However, global caution and a weaker rupee limited risk‑taking, so the market closed almost flat.
Nifty outlook
The Nifty is in a mild short‑term correction, forming lower highs and lower lows on the daily chart. The key support zone is between 25,800 and 25,900, backed by the 50‑day moving average and a rising trend line. If this zone holds, the index could bounce modestly to the 26,050–26,100 range. A clear break above 26,150–26,200 would be needed for a stronger bullish move toward 26,300. A drop below 25,900 could push the index down to 25,800–25,700.
Bank Nifty outlook
Bank Nifty is faring better than the broader market and is currently consolidating. Its main support lies at 58,800–59,000, matching a recent base and a rising trend line. A bullish engulfing candle on Tuesday suggests possible recovery from this zone. Immediate resistance is around 59,400–59,500; a sustained break above 59,500 could lift the index toward 59,800–60,000.
Gold and silver prices
Gold on the MCX settled near ₹1,36,100, up about ₹1,200, as the COMEX price found a base around $4,350. Yet profit‑taking near recent highs keeps upside limited, and trading volume remains modest. Expect gold to stay volatile within a ₹1,32,000‑₹1,38,500 range.
Silver is under pressure, with COMEX prices down more than 6% in early trade. This could lead to a gap‑down opening on the MCX, and the metal might even hit its lower circuit.
Rupee update
The rupee strengthened to ₹89.70 per US dollar, helped by buying in banking and financial stocks and by the pullback in gold and silver. However, uncertainty around the India‑US trade deal remains a risk. The currency is likely to trade between ₹89.70 and ₹90.40 for now.
Intraday stock picks
Several analysts suggested the following stocks for intraday trades today:
- Ashok Leyland – Buy at ₹179, target ₹191, stop loss ₹173
- IPL – Buy at ₹787, target ₹840, stop loss ₹760
- Shriram Finance – Buy at ₹980, target ₹1,015, stop loss ₹960
- SAIL – Buy at ₹140, target ₹149, stop loss ₹134
- Astral – Buy at ₹1,360, target ₹1,410, stop loss ₹1,340
- Dredging Corporation of India – Buy at ₹1,005, target ₹1,050, stop loss ₹980
- Paradeep Phosphates – Buy at ₹165, target ₹175, stop loss ₹161
- Mahindra & Mahindra – Buy at ₹3,660, target ₹3,785, stop loss ₹3,600
Disclaimer
Remember, this is just perspective, not a prediction. Do your own research or consult a certified advisor before making any investment decisions.