Stock market today: Domestic stocks started on a negative note on Tuesday after the United States Customs Department confirmed its decision to impose 50 percent tariffs on Indian products and released a draft notice. These new tariffs will take effect on August 27.
Although investors had mostly anticipated the likelihood of such significant tariffs, there was still some optimism in the market for a potential delay or relief through informal channels. With the announcement confirming the implementation of the tariffs, investor confidence declined during early trading.
The Nifty 50 index commenced at 24,899.50, falling by 68.25 points or 0.27 percent, while the BSE Sensex began at 81,377.39, decreasing by 258.52 points or 0.32 percent.
Market Views – Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 – Technical View
Nifty 50 has broken below 24,850 , it may extend weakness towards 24,700 and 24,650 on the downside. Resistance is placed near 25,000. Overall trend is looking to be on slight negative side.
Bank Nifty
Bank Nifty is Sustaining below 54,900 may trigger weakness towards 54,100 and 54,000. Resistance is placed near 55,000–55,100. Trend remains negative.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term – Ola Electric, JSW Cement, and Devyani International.
Ola Electric – Buy | CMP: ₹51 | SL: ₹44 | Target: ₹60 / ₹65
Ola Electric has shown strong volumes with a sustained move above ₹50 levels. The stock is forming a higher base on the daily chart, while momentum oscillators indicate further upside potential. Sustaining above ₹50 could open the way towards ₹60–65 in the near term.
JSW Cement – Buy | CMP: ₹152 | SL: ₹149 | Target: ₹165 / ₹170
JSW Cement is holding firm above its support zone of ₹148–150. Price action indicates accumulation at lower levels with improving momentum. If it sustains above ₹152, the stock has potential to move towards ₹165–170.
Devyani International – Buy | CMP: ₹173 | SL: ₹165 | Target: ₹200
Devyani has rebounded strongly from its support near ₹165. The stock is forming higher highs on the daily chart with strong bullish momentum. A sustained move above ₹175 could push it towards ₹200 in the coming sessions.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
