“Stock Market Ends Lower Following Weak Global Sentiments on Iran-Israel War; Experts Provide Day Trading Guide and Stock Picks for Today”
The Indian stock market closed lower on Tuesday, influenced by weak global market sentiments surrounding the ongoing conflict between Iran and Israel. The Nifty 50 index lost 124 points to close at 22,147, the BSE Sensex corrected 456 points to close at 72,943, and the Bank Nifty index went down 288 points to finish at 47,484. Despite this, the broad market indices ended mildly in the positive zone, with an advance-decline ratio of 1.84:1.
Looking ahead, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the short-term trend of the Indian stock market remains weak. However, with the Nifty 50 index near the cluster support of around 22,000 levels, an upside bounce may be expected in the coming sessions, with immediate resistance at 22,260 levels.
For intraday trading strategies, Ruchit Jain, Lead Research at 5paisa.com, recommended a stock-specific approach for the near term. The Nifty 50 index is expected to find support in the range of 22,000 to 21,950, with a potential pullback towards 22,400. Traders are advised to monitor these levels closely and trade accordingly.
In terms of stock recommendations, experts like Sumeet Bagadia, Shiju Koothupalakkal, and Drumil Vithlani provided buy or sell suggestions for today’s trading session. Sumeet Bagadia recommended buying Escorts at ₹3063 with a target of ₹3260, while Shiju Koothupalakkal suggested buying Bharat Dynamics at ₹1847 with a target of ₹1940. Drumil Vithlani’s stock of the day was Shilpa Medicare, with a buy recommendation at ₹540 to ₹542 and a target of ₹562.
It is important to note that the views and recommendations provided by experts are individual opinions and not endorsed by Mint. Investors are advised to consult with certified experts before making any investment decisions.
