The Indian stock market moved within a tight range on Monday. Investors adopted a cautious approach throughout the trading session. Global tariff worries and geopolitical tensions created a risk-averse mood worldwide. This negative sentiment spilled over into domestic markets.
Global Headwinds Pressure Local Sentiment
Fresh tariff threats from former US President Donald Trump against certain European nations triggered a global sell-off. Foreign portfolio investors continued to pull money out of Indian equities. The Indian rupee also remained weak against the US dollar. These factors combined to keep market participants on the defensive.
Expert View on Market Sentiment
Sumeet Bagadia, Executive Director at Choice Broking, stated that the overall market sentiment appears weak. He believes a selective buy-on-dips strategy can work if the Nifty 50 index holds above 25,500. Bagadia advises traders to maintain a strict stop-loss at 25,150.
Technical Outlook for Nifty 50
"The technical chart pattern shows weak intraday sentiment," Bagadia explained. "Selling pressure is evident at higher levels. The index briefly crossed 26,600 but failed to hold the gain due to lack of buying support." He identified immediate resistance between 25,700 and 25,750. Support lies in the 25,400 to 25,450 zone.
Bank Nifty Shows Constructive Trend
Bagadia noted that the Bank Nifty is displaying a constructive broader trend. Buyers are absorbing intraday declines. Immediate resistance is placed between 60,100 and 60,200. Supports at 59,500 and 59,600 remain crucial for near-term stability in banking stocks.
Trading Strategy for Investors
For traders looking at Bank Nifty stocks, Bagadia recommends a selective approach. He suggests adopting a buy-on-dips strategy near key support levels. Investors should wait for a decisive breakout above resistance before initiating fresh directional positions.
Five Stock Recommendations for Intraday Trading
Sumeet Bagadia of Choice Broking shared five breakout stock ideas for Monday's trading session.
1. Bank of India
Buy at: ₹162.80
Target: ₹175
Stop Loss: ₹157
The stock shows strong bullish continuation on the daily chart. It broke out to fresh highs after a steady base formation. Price trades comfortably above the upward-sloping 20 and 50 EMA, indicating strong short-term momentum. The stock also sits well above its 100- and 200-day EMAs, reinforcing the broader bullish bias.
2. Thyrocare Technologies
Buy at: ₹476
Target: ₹515
Stop Loss: ₹455
Thyrocare shares remain in a strong uptrend. The daily chart shows a pattern of higher highs and higher lows. The stock successfully reclaimed the 20 and 50 EMA. The 100 EMA continues its upward trend, providing dynamic support. Price action suggests healthy consolidation near breakout levels. Volume behaviour remains constructive with higher participation on up-moves.
3. Can Fin Home
Buy at: ₹939
Target: ₹1010
Stop Loss: ₹900
Can Fin Home's share price exhibits a strong bullish continuation pattern. It consolidated above key moving averages. The stock trades above the upward-trending 20, 50, and 100 EMA, confirming strength across timeframes. The long-term trend stays positive with the price well above the 200 EMA. Supportive volumes during rallies indicate accumulation at higher levels.
4. Ashok Leyland
Buy at: ₹188
Target: ₹202
Stop Loss: ₹181
Ashok Leyland's share price is in a strong secular uptrend. The daily chart marks consistently higher highs and higher lows. The stock sustains above the upward-sloping 20 and 50 EMA, reflecting strong momentum. The 100 and 200 EMA continue to provide a solid base for the ongoing trend. Volume patterns support the bullish view with limited selling pressure on dips.
5. CEAT
Buy at: ₹3895
Target: ₹4170
Stop Loss: ₹3750
CEAT share price shows trend resumption after a healthy consolidation phase on the daily chart. The stock reclaimed the 20 and 50 EMA. The 100 EMA is gradually turning upward, indicating improving momentum. Price continues to hold above the 200 EMA, supporting the long-term bullish structure. Stable volumes suggest accumulation during the consolidation period.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
