Stocks to buy: Sagar Doshi suggests Anant Raj, Sobha, PNB Housing Finance shares to buy

Stock market today: Indian benchmark indices traded lower on Tuesday as escalating tensions in the Middle East drove crude oil prices higher, raising concerns over inflation and the economic impact on India, the world's third-largest oil importer.

The US military carried out a third consecutive night of strikes on Iran, while President Donald Trump reinstated restrictions on Iranian shipping and proposed a 20% fee on cargo transiting the Strait of Hormuz, intensifying geopolitical concerns and lifting global oil prices.

At 9:48 IST, the Nifty 50 declined 0.54% to 24,076.10, while the BSE Sensex fell 0.62% to 77,141.40.

Selling pressure was broad-based, with 12 of the 16 sectoral indices trading in the red. Heavyweight financial and banking stocks led the decline, with both indices falling 1.2%.

The Nifty Auto index slipped 1.6% as higher crude oil prices heightened concerns about rising fuel costs and higher input costs for automakers. The broader markets also remained under pressure, with the Nifty Midcap 100 and Nifty Smallcap 100 indices losing around 0.6% each.

Brent crude briefly climbed above $85 per barrel, its highest level since the US and Iran signed a memorandum of understanding to end hostilities on 17 June.

Elevated crude oil prices are viewed as a key risk for India, as they increase the country's import bill, widen the current account and fiscal deficits, fuel inflationary pressures, and squeeze corporate profit margins.

After a sharp gap-down at the start of this week’s trade, Nifty 50 staged a smart recovery as geopolitical fears paused further escalation, trimming losses in prices. The 23,800– range has once again been broken to the upside. Market participants could now wait for a 24,300 cross instead of aggressive longs being built up.

Bank Nifty covered all of its 1,500 point losses seen on Wednesday in the past 2-3 trading sessions and has convincingly closed above the same in Monday’s session. Strength continues to remain as the weekly charts as well closed in green. Dips below 57,500 are likely to get bought into for upside targets of 58,000 / 58,500 while support seen near 200 DMA mark of 57,200.

On stocks to buy on Tuesday, Sagar Doshi of Nuvama recommended three stocks - Anant Raj Ltd, Sobha Ltd, and PNB Housing Finance Ltd.

The stock has confirmed an 18 month trendline breakout on the weekly charts, further supported by a bullish crossover above its 200 day moving average on the daily timeframe. Backed by favorable sectoral momentum, this technical setup indicates potential for sustained upside in the coming weeks.

The stock has registered a strong two-year breakout on the daily charts, followed by a decisive move above its 200 day moving average after five months. This confirms the end of its prolonged two-year corrective phase and signals the potential for a sustained upside move ahead.

The stock has broken out of a downward sloping trendline, registering its highest weekly close in the last 21 months. A consistent pattern of higher highs and higher lows across both daily and weekly timeframes reinforces the bullish structure and points to sustained upside momentum going forward.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible...