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

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, saw a slight increase on Tuesday, supported by strong performances from major financial and auto stocks, although declines in metal sectors and global uncertainty regarding US tariffs left investors feeling cautious.

By 13:02 IST, the Nifty 50 climbed 0.10% to 22,576.75, while the Sensex experienced a 0.31% increase to 74,688.28. Recently, the risk appetite in domestic equities has been subdued due to worries over US tariff policies and ongoing foreign withdrawals, coupled with diminishing corporate earnings.

Analysts noted that while Tuesday’s gains were observed, they were tempered by a 1.1% decrease in metals, influenced by a stronger dollar and apprehensions about demand arising from US tariffs. A stronger dollar raises the cost of commodities priced in US currency for purchasers using other currencies.

Other Asian markets experienced declines today, mirroring the downturn seen on Wall Street, following US President Donald Trump’s restrictions on Chinese investments in critical sectors and the announcement that tariffs on Canada and Mexico will take effect next week.

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

Nifty 50

Nifty 50 has given a break-down below its important support mark of 22,700 and managed to close below the same. With break-away gap being in formation and index indicating negative momentum, the benchmark index can head towards 22,300 and 22,100 odd levels ultimately going towards that 22,000 mark.

Bank Nifty

On the other hand however bank nifty touced its important support and indicated good signs of momentum from lower levels. A strict support is at 48,200 odd levels below which the next support is near 47,800 – 47,900 odd levels. We expect benchmark index to go towards 49,200 and 49,500 odd levels as buying returns from lower levels on psu and private banking stocks.

Shares to buy for short term

Riyank Arora recommends buying these three stocks in the short term – Mahindra & Mahindra (M&M), Trent, and IndusInd Bank.

Mahindra & Mahindra

Buy | CMP : ₹2,709.00 | SL : ₹2,625.00 | TARGET : ₹2,800.00

The stock has touched an important support mark of 2,635 and signalling good signs of reversal from lower levels. A strict stoploss should be placed at 2,625 for potential upside targets of 2,800 and above as risk-reward appears to be favourable at these levels for buying in the stock.

Trent

Buy | CMP : ₹5,066 | SL : ₹4,900 | TARGET : ₹5,300

The stock touched its major support mark of 5,000 and showing good buying momentum around those levels. With volumes being steady and stock indicating reversal signs from lower levels, a strict stoploss should be kept at 4,900 mark for potential upside targets of 5,300 and above. On weekly time frame, stock is forming a good bullish candlestick at important support levels.

IndusInd Bank

Buy | CMP : ₹1,029 | SL : ₹1,000 | TARGET : ₹1,050 AND ₹1,060

The stock has touched major anchor vwap support mark of 1030 and showing good signs of momentum and strength. A strict stoploss should be kept at 1000 mark to manage risk well and with the outlook being positive on PSU and PRIVATE BANKING stocks, we feel indusind bank can head towards 1050 and 1060 odd targets going forward as volumes pick up. RSI (14) at 53 shows the stock has good momentum.

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.