Shares to buy or sell: Riyank Arora of Mehta Equities suggests these three stocks to buy or sell in short term

Stock market today: The main benchmark indices in India, the Nifty 50 and Sensex, dropped on Tuesday, primarily driven by declines in the information technology and private banking sectors, as they mirrored a widespread sell-off across Asian markets following a sharp decline on Wall Street due to concerns that the US economy might be headed for a recession.

This downturn came after US President Donald Trump declined to provide an outlook on whether the country could enter a recession, raising worries about his tariff strategies and increasing investor anxiety regarding global economic stability.

As of 12:12 IST, the Nifty 50 decreased by 0.13% to 22,431.05, while the Sensex fell by 0.26% to 73,924.82.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that President Trump’s inconsistent tariff policies and the resulting high level of uncertainty have begun to affect US stock markets: the S&P 500 and Nasdaq fell by 2.6% and 4% respectively yesterday as a reaction to Trump’s tariffs and the looming possibility of a US recession by year-end. We will need to observe how the situation unfolds.

A notable effect of the current market downturn is that India is now outperforming the US markets. Over the past month, while the S&P 500 has decreased by 7.5%, the Nifty has only dropped by 2.7%. Additionally, the dollar index has fallen from 109.3 when Trump took office to 103.71 now. If this pattern continues, it will benefit emerging markets like India, as capital outflows from the country are expected to lessen.

Market Views - Riyank Arora, Technical Analyst, Mehta Equities Ltd

Nifty 50

Nifty 50 has found support around 22,300 and is showing signs of stability. With the overall trend remaining positive, a breakout above 22,500 could push the index higher. RSI (14) on the daily charts is at 38, indicating that momentum is gradually picking up. Traders should watch for a move towards 22,600 - 22,800 levels if buying pressure sustains.

Bank Nifty

Bank Nifty has immediate support at 47,700, with a major resistance at 48,000. A breakout above this level could lead to further upside towards 48,300. The overall trend remains positive, with PSU and private banking stocks showing strong technical structure. RSI (14) is at 35, signaling potential strength if momentum builds. A strict stop loss at 47,500 should be maintained for positional traders.

Shares to buy or sell for short term

Riyank Arora recommends buying or selling these three stocks in the short term - Kalyan Jewellers, Paytm, and Hindalco Industries.

Kalyan Jewellers

Sell | Entry: ₹415 | SL: ₹425 | Target: ₹390 / 380

Kalyan Jewellers is witnessing weakness after failing to sustain higher levels. RSI (14) is at 32, indicating that the stock is struggling to gain momentum. A breakdown below 415 could lead to further declines towards 390 - 380 levels. The stock has seen lower highs and lower lows, confirming a bearish trend. A strict stop loss at 425 should be maintained to avoid reversal risk.

Paytm

Buy | Entry: ₹690 | SL: ₹660 | Target: ₹750

Paytm has formed a positive MACD crossover, signaling a potential upside move. RSI (14) is at 38, showing that the stock is gradually recovering from oversold conditions. The stock has bounced from a key support zone, indicating that buyers are stepping in at lower levels. If momentum sustains, we expect Paytm to move towards 750 levels in the near term. A stop loss at 660 should be followed for risk management.

Hindalco

Buy | Entry: ₹692 | SL: ₹670 | Target: ₹720

Hindalco is displaying strong bullish momentum, with RSI (14) at 72, confirming an overbought condition. The stock has shown a strong breakout, supported by high volumes, indicating further upside potential. The metal sector remains in strong demand, which could further drive prices higher. A move beyond 700 could trigger momentum buying, taking it towards 720 levels. A strict stop loss at 670 should be maintained to manage downside risk.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.