Shares to buy or sell: Riyank Arora of Mehta Equities suggests these three stocks to buy or sell in short term

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, fell sharply on Tuesday, pulled down by blue-chip stocks amidst growing uncertainty surrounding US President Donald Trump’s upcoming tariffs. After a sluggish start, Sensex, plummeted by 1,233.95 points to reach 76,180.97 during late morning trading. The Nifty 50 also fell, dropping 321.5 points to settle at 23,197.85.

Trump announced on Sunday that the reciprocal tariffs set to take effect on April 2 will affect "all countries" rather than just a select group of 10 to 15 nations with the largest trade imbalances, igniting concerns that an intensifying trade dispute could push the US into a recession.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that global markets are currently concentrating on the specifics of Trump’s reciprocal tariffs, which are expected to be revealed tomorrow. The direction of the market following the announcements will hinge on the particulars of the tariffs and their potential effects on various countries and sectors.

India had a better performance than many markets in March, recording a 6.3% increase. Foreign Institutional Investors (FIIs) became net buyers, and subsequent short covering played a role in the market surge. Whether this upward trend will persist or if another decline is on the horizon largely relies on the specifics of Trump’s tariff announcements. If the tariffs are less severe than anticipated, a market rally could ensue, particularly in sectors closely tied to the external economy, such as pharmaceuticals and IT. Conversely, if the tariffs prove to be harsh, the market could experience another downturn. Investors are advised to maintain a cautious approach and respond after the details are disclosed.

Market Views - Riyank Arora, Technical Analyst, Mehta Equities Ltd

Nifty 50

The index experienced sharp volatility, breaking below the crucial support level of 23,400, while the volatility index surged. This indicates heightened uncertainty in the market. Moving ahead, Nifty 50 may see a temporary dip towards 23,000 before resuming its uptrend. Key support levels are placed at 23,200 and 23,000, which could act as reversal zones. On the upside, resistance is seen at 23,500 and 23,700, where selling pressure might emerge. A decisive move above these levels could trigger fresh buying momentum.

Bank Nifty

Bank Nifty is witnessing similar volatility alongside Nifty 50, with strong support at 51,000. If selling pressure intensifies, the index may drift lower towards 50,500 and 50,000, where buyers could step in. Profit booking at higher levels is likely to keep the index under pressure. On the upside, resistance is seen at 51,500 and 52,000, where fresh supply may emerge. A breakout above 52,000 could lead to further upside momentum. Traders should remain cautious as volatility remains elevated.

Shares to buy or sell for short term

Riyank Arora recommends buying or selling these three stocks in the short term - Glenmark Pharmaceuticals Ltd, Sun Pharmaceutical Industries Ltd, and Godrej Properties Ltd.

Glenmark Pharmaceuticals Ltd

CMP : ₹1,523 | SL : ₹1,400 | TARGET : ₹1,830

Glenmark Pharmaceuticals share price has decisively broken above its trendline resistance at ₹1,518, closing firmly above this level. The stock is trading above key moving averages, signaling a strong bullish trend. With the pharmaceutical sector at crucial support, Glenmark is well-positioned for further upside. RSI (14) around 65 indicates strong momentum, with a potential rally towards ₹1,830 and beyond. A stop-loss at ₹1,400 is recommended for risk management.

Sun Pharmaceutical Industries Ltd

CMP : ₹1,702 | SL : ₹1,690 | TARGET : ₹1,750

Sun Pharma share price has closed strongly above ₹1,705 and is trading above key moving averages, indicating a bullish trend. With the pharmaceutical sector at crucial support, Sun Pharma is poised for further upside. RSI (14) at 48 suggests room for momentum buildup, with a potential rally towards ₹1,750. A stop-loss should be placed at ₹1,690 for effective risk management.

Godrej Properties Ltd

CMP : ₹2,085 | SL : ₹2,050 | TARGET : ₹2,175

Godrej Properties share price is trading at ₹2,085, showing resilience above key support levels. The stock has potential for further upside, with RSI (14) at 49 indicating room for momentum. A rally towards ₹2,175 is expected, supported by positive sector trends. The overall outlook remains bullish in the near term. A stop-loss should be placed at ₹2,050 for effective risk management.

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.