Cyient, Timken India, JBM Auto Named Top Stock Picks by Sagar Doshi

Indian Equity Markets Open Lower Amid Ongoing Conflict in the Middle East and Foreign Investor Selling

The Indian equity markets opened lower on Tuesday, 2 June, as concerns over the ongoing conflict in the Middle East and continued foreign investor selling weighed on sentiment. The Nifty 50 declined 0.66% to 23,229.15, while the Sensex fell 0.43% to 73,945.20 in early trade at 9:15 IST.

The benchmark indices have already lost 2.7% and 2.9%, respectively, over the previous four sessions. Selling pressure was broad-based, with 15 of the 16 major sectoral indices trading in the red. The broader market also remained weak, with the small-cap and mid-cap indices slipping 0.5% and 0.6%, respectively.

Brent crude oil prices hovered near $94 a barrel as uncertainty persisted over US-Iran negotiations aimed at ending the three-month-long conflict. Elevated oil prices have heightened concerns about inflation and its potential impact on global growth. Foreign portfolio investors (FPIs) continued to exit Indian equities, selling shares worth ₹3,912 crore on Monday, according to provisional exchange data.

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So far in 2026, overseas investors have pulled out approximately ₹2.51 lakh crore (about $26.4 billion) from Indian equities, surpassing the previous annual record of around ₹1.80 lakh crore ($18.91 billion) set in 2025.

Nifty 50 Outlook

Sagar Doshi, Senior Vice President-Research, Nuvama Professional Clients Group, provided an outlook for the Nifty 50. The index lost another 165 points on Monday after a 350+ point cut on Friday, bringing its two-day decline to over 500 points. A higher-low formation support is emerging on the daily charts, which will be breached if the index closes below 23,320. Until then, a reversal possibility remains for the index to march towards 23,700/23,900. On the weekly charts as well, the current zone of 23,400 is a 50% retracement of the strong 11% rally seen in April.

Bank Nifty

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The Bank Nifty is currently at a rising trendline support at Monday's low, which passes through the lows made in April and May 2026. Given that there are no confirmations on the daily or weekly charts at the current price, this supports a neutral view. Once a rejection from sliding further or a breakdown is confirmed, a fresh/broader view shall unfold.

Stocks to Buy on Tuesday

Sagar Doshi of Nuvama recommended three stocks to buy on Tuesday: Cyient Ltd, Timken India Ltd, and JBM Auto Ltd.

The stocks were recommended based on their technical analysis. Cyient Ltd has formed a strong accumulation pattern, while Timken India Ltd has formed a rounding-bottom breakout above 3,500. JBM Auto Ltd has broken out of a two-year correction phase and is now consolidating, forming higher lows on the daily chart.