India's stock market faced a shock for the second consecutive day of the week. Pressure was seen on Sensex and Nifty from Tuesday morning itself. Sensex had fallen by up to seven hundred points in the morning. Nothing has been finalised yet regarding the trade agreement between India and America. On top of that, US President Donald Trump has issued a stern threat about imposing fresh tariffs on Indian rice. Meanwhile, a crash was witnessed in the stock market on Tuesday morning. However, according to a Mint report, experts believe the market is now in oversold territory. As a result, even a slight positive development is expected to impact the market.
Also Read | Rs 7 lakh crore market cap wiped out as markets crash on Monday, Sensex, Nifty tumble
Meanwhile, Riyang Aurora, technical analyst at Mehta Equities, has advised focusing on several stocks in the short term.
According to him, the Nifty 50 is now within an important support zone. If immediate support is considered at 25900, then the next key level is 25850. However, on Tuesday, the Nifty 50 index fell below this level as well. On the flip side, resistance will be seen between 26000 to 26050. For the index to rise further beyond that level, some sentiment is needed. Until then, Riyang Aurora has advised traders to take cautious steps. Meanwhile, he has recommended short-selling in 2 stocks and buying one stock.
BEL- Short sell
This stock's price is continuously falling. This stock is falling below short-term support levels. If it goes below that level, this stock's price may fall further. This is why the expert recommends short selling.
CMP: ₹386, Stop Loss: ₹400, Target: ₹365/₹360
Canara Bank- Short sell
Continuous selling pressure is also being seen in Canara Bank's stock. The stock is unable to hold above the resistance zone. This company's stock price is below short-term averages. If it goes below ₹142, this stock could reach the doorstep of ₹130, experts believe. Short selling has been recommended in this case.
CMP: ₹142.84, Stop Loss: ₹150, Target: ₹135/₹130
Also Read | What will drive the market this week? Key stocks to watch today
Kaynes Technology- Buy
A strong uptrend is currently visible in Kaynes Technology. The company is trading well above important support zones. If near-term resistance is broken, this company will rise further. Considering the short term, this stock can be bought, according to the expert.
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
