Vinay Rajani of HDFC Sec suggests these 2 stocks to sell in the near-term

Stock market today: India's stock indices showed little movement after the federal budget unsettled the markets in the previous session, following the government's suggestion to increase the transaction tax on derivatives and providing no significant initiatives to enhance foreign investment.

The Nifty 50 inched up by 0.36% to reach 24,908.25, while the BSE Sensex gained 0.43% to touch 81,155.50 as of 12:15 IST. Throughout the session, both indices fluctuated between losses of 0.2% and gains of 0.3%.

On Sunday, they plummeted nearly 2%, falling to four-month lows and recording their largest budget-day percentage decline in six years.

Market sentiment remained weak after the government set a higher gross borrowing target, resulting in a rise in bond yields on Monday. Bond and currency markets were shut down on Sunday.

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

Nifty 50 Outlook

On a special session of a union budget, Nifty 50 plunged 495 points or 1.96%, to close at 24,825. This is the biggest fall in percentage terms for Nifty 50 since 7th April 2025. Nifty 50 remained strong till budget speech started by the finance minister. However, After 11 A.M, Nifty 50 reversed the trend with a huge fall of 869 points from the high in a matter of one and half hour between 11:10 A.M to 12:35 P.M.

Nifty 50 attempted a trend reversal in the mid-session with a recovery of 577 points towards 25,148 but failed to sustain at higher levels followed by fall of more than 400 points of that recovery.

Nifty 50 has finally broken down from the consolidation band of 24,900-25,450. Nifty 50 has also reclaimed its level below 200 days SMA and EMA, which indicates resumption of a positional downtrend. Next supports of Nifty 50 are seen at 24,571(Budget Day Low), 24,337(Swing Low) and 24,060(50% Retracement of the Entire up move seen from 21,743 to 26,373) , while a band of 25,000-25,150 could offer resistance in short term. Traders should remain cautious till Nifty 50 surpasses 25,150.

2 stocks to sell in the near-term

Sell Aditya Birla Capital Ltd February Futures at ₹322| Target ₹310 | Stop-loss ₹335

Stock price has beached crucial support of its 20 and 50 DEMA with a healthy volume. Stock price has also broken down from the consolidation pattern. Weekly RSI has exited the overbought zone, confirming downward reversal.

Sell Angel One February Futures at ₹2,310| Target ₹2,200 | Stop-loss ₹2,355

Stock price has breached previous swing low support on the daily chart. Capital market index has broken down from the consolidation pattern. Stock is trading below its 20 and 50 DEMA. Indicators and oscillators have turned bearish on the short term charts.

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.