Best stock recommendations for today-from MarketSmith India

India’s equity markets closed sharply lower on Thursday, 28 August. The Nifty 50 lost 0.85% or 211 points to settle at 24,500.90 while the Sensex declined by about 705 points. Investor sentiment weakened as the US’s additional 25% tariffs on Indian goods became effective from Wednesday, raising concerns over trade and corporate earnings outlook. Persistent foreign institutional investor outflows further weighed on the market, while weakness in banking and IT stocks dragged the indices lower. Bank Nifty underperformed, reflecting broad-based selling across financial counters and reinforcing the overall cautious market tone. Two stock recommendations by MarketSmith India for 29 August Buy: Vishal Mega Mart Ltd (Current price: ₹ 150.59) Why Vishal Mega Mart is recommended : Strong growth in value retail, efficient business model and operational discipline, and healthy financial performance. : Strong growth in value retail, efficient business model and operational discipline, and healthy financial performance. Key metrics : P/E: 222.25; 52-week high: ₹ 157.60; volume: ₹ 323.66 crore : P/E: 222.25; 52-week high: 157.60; volume: 323.66 crore Technical analysis : Trending above all its key moving averages with a positive bias : Trending above all its key moving averages with a positive bias Risk factors : Intense competition and market fragmentation, geographic concentration, supply chain and vendor dependency : Intense competition and market fragmentation, geographic concentration, supply chain and vendor dependency Buy : ₹ 150.59 : 150.59 Target price : ₹ 175 in 2-3 months : 175 in 2-3 months Stop loss: ₹ 140 Buy: Jindal Stainless Ltd (Current price: ₹ 806) Why Jindal Stainless is recommended : Robust financial performance, recovery signals in the steel sector, and export growth ambitions : Robust financial performance, recovery signals in the steel sector, and export growth ambitions Key metrics : P/E: 25.45; 52-week high: ₹ 818.95; volume: ₹ 187.54 crore : P/E: 25.45; 52-week high: 818.95; volume: 187.54 crore Technical analysis : Trending above all its key moving averages with a positive bias : Trending above all its key moving averages with a positive bias Risk factors : High ESG risk rating, trade and import pressure, cyclicality and price volatility : High ESG risk rating, trade and import pressure, cyclicality and price volatility Buy at : ₹ 806 : 806 Target price : ₹ 930 in 2-3 months : 930 in 2-3 months Stop loss: ₹ 750 Nifty 50: How the benchmark index performed on 28 August On Thursday, Indian equities witnessed a sharp correction, with the benchmark indices closing lower amid a broad-based sell-off. Nifty 50 fell 211 points, or 0.85%, to settle at 24,500.90, while the Sensex declined 706 points, or 0.87%, to close at 80,080.57. After a muted start, the index turned volatile, with selling pressure intensifying as the session progressed, leading it to breach its 100-DMA and extend its negative bias. Sectoral performance was largely weak. Barring Nifty Consumer Durables (+0.56%), all sectoral indices closed in the red. Among the notable laggards were Nifty IT (-1.59%), Nifty Realty (-1.56%), and Nifty Financial Services (-1.20%). From a technical standpoint, the index slipped below its 100-DMA, signaling growing weakness in the market trend. The momentum indicator, RSI, has turned lower, currently positioned at 41, reflecting diminishing strength. Meanwhile, the MACD continues to trade below its central line and is edging closer to a negative crossover. According to the O'Neil’s methodology of market direction, the market status has been downgraded to an ‘Uptrend Under Pressure’ as Nifty breached its 50-DMA and the ‘distribution day count’ is at three. Nifty slipped below its 100-DMA at 24,675, highlighting persistent selling pressure and a weakening trend. If this decline continues, the index may retest its 200-DMA near 24,070, which is around 1.75% lower than current levels, making it an important support to monitor. On the upside, immediate resistance is placed at 24,900, followed by the psychological 25,000 mark. A sustained move above these levels would be critical to signal renewed strength and revive bullish momentum. Until such confirmation, the bias remains cautious with the possibility of further volatility. How did Nifty Bank perform on Thursday? On Thursday, Bank Nifty opened on a weak note and remained under pressure throughout the session, closing firmly in negative territory. The index formed a bearish candle on the daily chart, marked by a lower-high and lower-low price structure. It opened at 54,256, touched an intraday high of 54,382.25, slipped to a low of 53,768.45, and finally settled at 53,820.35. The sustained selling highlighted broad-based weakness across banking stocks, with AXISBANK (+0.52%) being the only constituent to close in the green, while all others ended in the red, reinforcing the bearish sentiment. The momentum indicator, RSI, has weakened further, edging closer to 28, while the MACD remains below its central line with a sustained negative crossover. As per O’Neil’s methodology of market direction, Bank Nifty is currently in an ‘Uptrend Under Pressure’. In this environment, investors are advised to remain cautious, prioritizing fundamentally strong and technically resilient stocks, while adhering to disciplined risk management and deploying capital selectively into only high-conviction opportunities. From a technical perspective, Bank Nifty breached its 100-DMA on Tuesday and has continued to trade below this level, indicating sustained selling pressure. Thursday’s price action further strengthened the downside bias, heightening the risk of a deeper correction. If the weakness persists, Bank Nifty may retest its 200-DMA, which lies nearly 2% below the current levels. On the other hand, a meaningful recovery and confirmation of bullish momentum would require the index to reclaim and sustain above its 50-DMA near 56,250. MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O'Neil India Pvt. Ltd. (Sebi-registered Research Analyst Registration No.: INH000015543) Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.