Stocks to buy: Nagaraj Shetti recommends Ola Electric Mobility, PNB shares to buy or sell

Indian Stocks Tumble After US Tariff Hike

Indian markets experienced a significant downturn on Thursday, mirroring global anxieties following the US's imposition of a 25% punitive tariff on Indian imports. This brings the total tariff on certain goods to a hefty 50%, adding further pressure to already strained markets.

Key Market Indicators:

• Nifty 50: Down 0.48% to 24,594.60 points.
• BSE Sensex: Down 0.54% to 80,344.39 points.

This follows a steep 1% decline in both indices on Tuesday – their most dramatic single-day fall in three months. Wednesday's trading was suspended due to a local holiday.

Analysts warn of short-term market volatility, highlighting the significant challenges posed by the escalated tariffs. The additional duties are a direct response to India's acquisition of Russian oil, creating further geopolitical tension.

Expert Market Analysis:

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, offers insights into the Nifty 50's performance:

The downside momentum continued today. The Nifty 50 is currently trading significantly lower, with the crucial support level broken. The underlying trend remains weak, and a breach below 24,600 could trigger further decline towards 24,350. Resistance is anticipated at 24,700.

Short-Term Technical Picks:

Shetti also provides short-term trading recommendations:

• Buy Ola Electric Mobility Ltd: Buy at ₹53.60, Target ₹59, Stoploss ₹50 (1-2 week timeframe). Recent price action suggests a bullish reversal.
• Sell Punjab National Bank (PNB): Sell at ₹101.95, Target ₹96, Stoploss ₹105 (1 week timeframe). Bearish signals are emerging, with a breakdown below key support levels.

Disclaimer: Investing in the stock market involves inherent risks. This analysis is for informational purposes only and should not be construed as financial advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.