Shares to buy: Riyank Arora of Mehta Equities suggests these three stocks to buy in short term | Stock Market News

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced an increase on Tuesday, following the upward movement in other Asian markets, as the US deferred its intended tariffs on Canada and Mexico, alleviating worries about a potential global trade conflict.

The Nifty 50 had climbed by 0.82% to reach 23,553 points as of 10:12 IST, while the Sensex had advanced by 0.88% to 77,858.88.

On Monday, US President Donald Trump postponed his proposal for high tariffs on Mexico and Canada, agreeing to a 30-day delay in exchange for certain concessions. However, tariffs on China are set to be implemented within hours.

The Nifty 50 began February on a low note due to a mixed federal budget and concerns about trade wars, which threatened to prolong a four-month decline. This situation has rendered stock prices comparatively more affordable.

Dr. V K Vijayakumar, the Chief Investment Strategist at Geojit Financial Services, pointed out that following the global sell-off in equity markets yesterday, there are encouraging signs today. Trump’s decision to temporarily halt tariffs on Mexico and Canada while initiating negotiations reflects a clear aspect of his strategy: to impose tariffs initially and then negotiate to reach an agreement. This approach is likely to be applied in upcoming negotiations with China as well. It is crucial to recognize that an all-out trade war would also hurt the US economy.

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

Nifty 50

The benchmark index has broken out above its immediate resistance mark of 23,547 and successfully managing to trade well above the same in its intraday trading session. An immediate support is placed at 23,450 intraday below which the major support is near 23,350 odd levels. Overall, the trend structure is positive and with some bit of relief coming in from the trade war news side, we expect upward momentum to continue further.

Bank Nifty

As we mentioned in our previous posts, Bank Nifty is continuing to maintain its positive trajectory. A major support is kept at 49,600 and over-head resistance is placed near 50,100 odd levels. If 50,100 is broken then upside can be towards 50,400 – 50,500 odd levels easily. A major resistance is only near 51,000 odd levels. Overall, we expect this positive uptrend to continue its phase as we move towards the RBI policy on Friday ahead.

Shares to buy for short term

Riyank Arora recommends buying these three stocks in the short term – Greaves Cotton Ltd, Hindustan Aeronautics Ltd (HAL), and Indian Hotel Co Ltd.

Greaves Cotton Ltd

Buy | CMP: ₹286 | SL : ₹260 | TARGET : ₹320

The stock has given a good breakout above its anchor VWAP resistance mark of 277 and successfully managing to hold well above the same. With the RSI (14) being around 65 and indicating signs of momentum and strength in the stock. We are expecting targets of 320 and above to come in on the stock as this rally extends further. A strict stoploss can be kept at 260 mark to manage risk well.

Hindustan Aeronautics Ltd (HAL)

Buy | CMP : ₹3,673 | SL : ₹3,485 | TARGET : ₹4,000

The stock is seeing to rebound from its lower levels of 3,500 and forming a bullish harami candlestick pattern on its daily time frame charts. If the stock manages to hold well above 3,600 in today’s trading session, we expect a move towards 4,000 and above to come in on the upside. RSI (14) being around 41 is a signal that some momentum is expected to pick up in here.

Indian Hotel Co Ltd

Buy | CMP : ₹822 | SL : ₹805 | TARGET : ₹850

The stock has given a good breakout above its trendline resistance mark of 805 and managing to hold well above the same. With volumes surging and RSI (14) crossing that 50 mark on the upside, stock is indicating strong signs of momentum and strength. Overall, we expect the stock to head towards 850 and above, and a strict SL must be kept at 805 to manage risk well.

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.