Indian stock market saw gains on Tuesday, driven by Reliance Industries ahead of a key GST Council meeting. The Nifty 50 rose 0.45% to 24,734. Positive sentiment stems from strong GDP figures and potential GST cuts for various products, possibly boosting consumer spending.
Stock market today: India's stock market indexes experienced an increase on Tuesday, fueled by a widespread rally driven by Reliance Industries, as investors anticipated an important Goods and Services Tax (GST) Council meeting later this week.
As of 11:44 IST, the Nifty 50 climbed 0.45% to reach 24,734 . 35 and the Sensex advanced 0.40% to hit 80,688.53.
These gains follow Monday's performance, where the benchmark indexes rose by 0.8%, with positive sentiment supported by better-than-expected GDP figures and hopes for cuts in GST rates.
The GST council is set to convene on September 3-4, with plans to reduce the consumption tax by a minimum of 10 percentage points on approximately 175 products, including items like shampoos, hybrid cars, and consumer electronics, initiatives that could stimulate consumer spending.
Market Views - Riyank Arora, Technical Analyst, Mehta Equities Ltd
Nifty 50 – Technical View
Nifty 50 has given a breakout above 24,675, indicating strong bullish momentum. The index is expected to move towards 24,800–24,825, provided it sustains above 24,675. On the downside, 24,600 remains immediate support. Holding above this zone may keep sentiment positive, with buying seen on intraday dips.
Bank Nifty
Bank Nifty is facing resistance near 54,200. A decisive move above this zone can open upside towards 54,400–54,500. On the downside, 53,800 acts as a strong support. Sustaining above this level will maintain the index's bullish tone, while weakness below it may trigger profit booking.
Shares to buy for short term
Riyank Arora recommends these three stocks in the short term -Stallion Fluorochem, Q Power, Dabur stock to buy.
Stallion Fluorochem – Buy | CMP: ₹163 | SL: ₹155 | Target: ₹180
Stallion Fluorochem share price is witnessing steady accumulation near current levels, with strong support placed at ₹155. Technical structure indicates a bullish continuation pattern, supported by rising volumes and an improving RSI. Sustaining above ₹163 may trigger a fresh upside towards ₹180. A close above the immediate resistance zone will strengthen the uptrend further.
Q Power – Buy | CMP: ₹854 | SL: ₹830 | Target: ₹925
Q Power share price has been forming higher highs and higher lows on the daily chart, signaling robust momentum. The stock is well supported at ₹830, making it an attractive buy near current levels. A sustained move above ₹854 can accelerate momentum towards ₹925 in the near term. Indicators suggest positive sentiment with strength building up.
Dabur – Buy | CMP: ₹538 | SL: ₹525 | Target: ₹560
Dabur share price is consolidating near its support zone of ₹525, with buyers gradually stepping in. The stock has shown resilience above short-term moving averages, and RSI is turning upward, suggesting fresh momentum. A sustained move above ₹538 may drive the price towards ₹560. Strong accumulation and healthy volumes reinforce the positive outlook for the stock.