On Tuesday, the Indian stock market witnessed profit booking, dragging down benchmark indices. The Nifty 50 closed 1.39% lower at 24,578.35, while the Bank Nifty slipped 0.8% to settle at 54,940.80. Sectoral indices such as Auto, IT, and FMCG ended in the red, whereas Pharma stocks stood out with notable gains, showcasing resilience in a volatile session.
Mid- and small-cap indices, however, outperformed, registering gains of up to 0.8%, signaling underlying strength in broader markets.
Trade Setup for Today
Despite the correction, the short-term uptrend remains intact. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, Nifty is expected to bounce back from the crucial support zone of 24,400–24,500 in the coming sessions. He added that the immediate resistance is seen near 24,800.
Meanwhile, Bajaj Broking projects that Bank Nifty may head towards 56,400 in the short term, with support pegged between 54,500 and 54,000.
Stock Market Outlook and Global Cues
Tuesday’s pullback is seen as a healthy pause after Monday’s sharp rally. Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, noted that investor attention now turns towards macroeconomic data, especially India’s inflation figures and the U.S. CPI data. Global cues, institutional inflows, and geopolitical developments will also influence short-term sentiment.
Top Stock Picks for Today
Leading market experts have suggested the following stocks based on technical analysis and market trends:
Sumeet Bagadia – Choice Broking
- Schaeffler India Ltd
- Buy at ₹3,951.90
- Target: ₹4,230
- Stop Loss: ₹3,813
- Rationale: The stock has bounced from a strong support zone with a bullish candlestick on the daily chart. A breakout above ₹4,000 could push the price higher.
- Nippon Life India Asset Management Ltd
- Buy at ₹704.90
- Target: ₹755
- Stop Loss: ₹680
- Rationale: The stock has broken past a previous swing high and continues to form higher highs, indicating sustained bullish momentum.
Ganesh Dongre – Anand Rathi
- Cholamandalam Investment and Finance Company Ltd (CHOLAFIN)
- Buy at ₹1,580
- Target: ₹1,640
- Stop Loss: ₹1,545
- Rationale: A bullish trend is firmly in place, supported by strong price action above key support.
- Canara Bank
- Buy at ₹105
- Target: ₹112
- Stop Loss: ₹98
- Rationale: The stock shows a bullish reversal and strength from the support zone, suggesting a likely move higher.
- NTPC Ltd
- Buy at ₹342
- Target: ₹365
- Stop Loss: ₹330
- Rationale: Technical indicators show a bullish reversal from the oversold zone, pointing to a possible recovery.
Shiju Koothupalakkal – Prabhudas Lilladher
- Jamna Auto Industries Ltd
- Buy at ₹86.54
- Target: ₹91
- Stop Loss: ₹85
- Rationale: A higher bottom formation and a breakout above the 100-day moving average hint at further upside.
- Kalyan Jewellers India Ltd
- Buy at ₹554
- Target: ₹575
- Stop Loss: ₹542
- Rationale: A strong breakout above previous resistance and RSI strength suggest continued bullish momentum.
- Garden Reach Shipbuilders & Engineers Ltd (GRSE)
- Buy at ₹1,914
- Target: ₹2,040
- Stop Loss: ₹1,870
- Rationale: The stock has shown strong volume-backed recovery from key support levels, indicating a bullish trend continuation.
