Vinay Rajani of HDFC Sec suggests these 2 ETFs to buy in the near-term

Stock market today: Indian stock market benchmarks started the trading week on a negative note on Monday, as global risk appetite declined in response to new international trade concerns.

The Sensex and the Nifty 50 both opened lower, with market participants reacting to what analysts called "Tariff Tantrums," which affected sentiment in global markets. In early trading, the indices experienced a simultaneous drop as investors struggled with the absence of domestic catalysts.

At 12:31 IST, the Sensex was at 83,032.55, marking a drop of 532.80 points or 0.64%. Likewise, the Nifty 50 was at 25,526, decreasing by 169.45 points or 0.67%. The sluggish beginning was indicated earlier in the day when market futures were seen down by almost 150 points before the session commenced.

Market Views - Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities

Nifty 50 Outlook

The Nifty 50's underlying trend stays choppy within its broader high-low range. Bulls could regain control on a decisive move above 25,900–26,000. Conversely, a slip below 25,500 support risks sharp near-term weakness.

A sustainable breakout above 26,000 targets 26,300. A breakdown below 25,500 could drag the index to 25,150–25,100 over the next few weeks.

On the monthly long-term chart, the trend remains positive viewing this consolidation/weakness as a buying opportunity near lower supports.

Bank Nifty Outlook

Bank Nifty's underlying trend holds positive. A decisive breakout above 60,500 opens medium-term targets of 61,300 and higher. Crucial support for a trend reversal lies at 59,300.

Broader Market

Broad market indices consolidated and notched slight recoveries from lows this week, following last week's sharp fall. Midcaps and smallcaps need further upside conquests to confirm a meaningful bottom reversal.

ETF Picks

Buy Mirae Asset Nifty Metal ETF(METAL) 11.65 | Target ₹12.60,13.50 | Stop-loss ₹11

Index has broken out from upward sloping trend line on the monthly charts. Higher tops and higher bottoms on the weekly and monthly chart. Index is placed above all key moving averages, indicating uptrend on all time frames. Monthly RSI is sustaining above 50, indicating sustained uptrend for the underlying. MACD is placed above signal and zero line on both weekly and monthly charts. Price rise is accompanied by healthy volumes.

Buy NIPPON INDIA ETF HANG SENG BEES(HNGSNGBEES) 548| Target ₹585 | Stop-loss ₹525

ETF has been forming higher tops and higher bottoms on the weekly charts. ETF is placed above all key moving averages, indicating uptrend on all time frames. Weekly RSI is sustaining above 50, indicating sustained uptrend for the underlying. MACD is placed above signal and zero line on both weekly and monthly charts. Price rise is accompanied by healthy volumes. Short-term moving averages placed above long-term moving averages.

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 taking any investment decisions.