Technical Picks: Nagaraj Shetti of HDFC Securities suggests these 2 stocks amid stock market fall today | Stock Market News

Stock market today: The main domestic stock indices, Sensex and Nifty 50, experienced substantial declines on Monday, February 3, with the Sensex dropping more than 700 points and the Nifty 50 falling below 23,250 due to unfavorable global signals.

The Nifty 50 was down 0.53% at 23,358.55 level as of 14:30 IST, while the Sensex fell 0.38% to 77,210.17.

Nevertheless, both indices saw a slight recovery during the trading session, although the overall market sentiment remained negative. Analysts indicated that the factors contributing to the decline in the Indian stock market included weak global indicators, the impact of tariff policies on market sentiment, a sharp increase in the dollar index causing the rupee to reach a historic low, caution ahead of the RBI’s Monetary Policy Committee meeting, and ongoing outflows of foreign capital.

On the global stage, markets in Asia and Europe fell sharply, and the dollar strengthened on Monday after Donald Trump approved significant tariffs on China, Canada, and Mexico, cautioning that the European Union would soon face similar measures.

Just under two weeks after returning to the White House, the US president took action on Saturday, reaffirming his commitment to aggressive trade strategies, raising concerns about potential trade wars that could severely impact the global economy.

Reports indicate that in Asia, the Year of the Snake began with a harmful jolt. Tokyo, Seoul, and Jakarta each experienced declines of over two percent, while Sydney, Bangkok, and Wellington each saw drops of more than one percent. Singapore also declined, though Hong Kong recovered from significant early losses to finish only slightly down. The Shanghai market remained shut for a holiday. London started more than one percent lower, and Paris and Frankfurt each fell by over two percent.

Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities

Nifty 50

After witnessing a high volatility around the hurdle of 23,500-23,600 levels on the special Union Budget trading day of Saturday, Nifty 50 slipped into sharp weakness so far now. Nifty 50 recently violated the last lower top at 23426 levels and we expect current weakness to find support at higher bottom. Hence, the immediate supports to be watched for Nifty 50 around 23,200-23,100 levels. On the upper side the market may find resistance around 23,500 levels.

Technical Picks: Stocks to buy or sell in the near-term

Nagaraj Shetti of HDFC Securities recommends these two stocks this week -FSN E-Commerce Ventures Ltd (Nykaa), and Tube Investments of India Ltd.

1. Buy FSN E-Commerce Ventures Ltd (Nykaa) at ₹183, Target of ₹195, Stoploss of ₹177, Timeframe 1 week.

2. Sell Tube Investments of India Ltd at ₹3,090, Target of ₹2,940, Stoploss of ₹3,190, Timeframe 1 week.

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.