Stock market today: Gift Nifty hints a flat start; eight day trading stocks to buy on Thursday, 6 August
Indian stock markets are expected to open subdued on Aug 6 amid mixed global signals. The Nifty and Sensex saw slight gains earlier, while oil prices fell amid Iran-Oman negotiations. Analysts suggest cautious trading for equities, with significant resistance levels noted for Bank Nifty.
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a subdued note on Thursday, 6 August, amid mixed global market cues.
Gift Nifty trends also pointed to a muted start for domestic equities. The Gift Nifty was trading at around 24,666, indicating a premium of 18.3 points over the previous close of the Nifty futures contract.
In the previous session, the domestic equity market ended marginally higher after recovering from intraday weakness. The BSE Sensex advanced 152.05 points, or 0.19%, to close at 78,581.00, while the Nifty 50 edged up 9.75 points, or 0.04%, to settle at 24,624.65. Despite the gains, the benchmark Nifty ended the session below the 24,630 mark.
Crude oil prices
Oil prices edged lower on Thursday as investors assessed whether ongoing Iran-Oman negotiations could pave the way for a broader US-Iran peace agreement, raising hopes of an eventual reopening of the Strait of Hormuz after months of conflict.
Brent crude futures slipped 37 cents (0.5%) to $79.08 a barrel, while US West Texas Intermediate (WTI) crude declined 53 cents (0.7%) to $74.69 a barrel. In the previous session, Brent settled marginally higher, whereas WTI closed slightly lower.
US-Iran conflict
Diplomatic efforts remained in focus after Reuters reported that a draft proposal between Iran and Oman could allow Tehran to oversee vessels entering the Gulf through the Strait of Hormuz, a move that would represent one of the most significant concessions to Iran since the conflict began.
While US President Donald Trump has expressed optimism about reaching an agreement to reopen the strategic shipping route, Washington has not yet responded to the proposal. US officials have repeatedly maintained that they would not support any arrangement that would give Iran control over access to the Strait, through which a significant share of global oil supplies passes.
Meanwhile, tensions remain elevated. According to Reuters, Iran has warned Gulf countries that any renewed US military strike on its territory would trigger retaliatory attacks on critical energy infrastructure across the region, underscoring the fragile security environment despite ongoing diplomatic efforts.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a flat start for the Indian stock market today. By 8:11 AM, the Gift Nifty was trading around the 24,692 level, a premium of 44.3 points from the Nifty futures’ previous close of 24,647.70.
Ponmudi R, CEO of Enrich Money, said, Indian equity markets are expected to trade with a constructive bias, though investors are likely to remain selective as mixed global cues temper optimism over progress toward a Middle East agreement.
Wall Street ended on a mixed note overnight. The Dow Jones Industrial Average rose 0.49% to a record close as hopes of a breakthrough over the Strait of Hormuz supported economically sensitive stocks. The S&P 500 slipped 0.17%, while the Nasdaq Composite declined about 0.83%, snapping a four-session winning streak. Technology shares came under pressure after SpaceX and AMD reported solid results but failed to ease investor concerns over heavy AI-related capital spending and the pace of returns from those investments.
Asian equities are trading lower this morning as investors booked profits following the recent AI-driven rally. Japan’s Nikkei 225 has fallen more than 1%, led by weakness in electronics stocks, while South Korea’s Kospi is down sharply as selling returned to technology and semiconductor names.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Nifty 50 continued to consolidate above the crucial support zone of 24,350–24,400, indicating that the broader bullish structure remains intact. Although the RBI policy outcome failed to trigger a decisive breakout, the underlying trend remains positive. A sustained move above the 24,800 mark could accelerate the next leg of the rally towards the 25,000–25,200 zone. On the downside, the 24,350–24,400 region is expected to provide a cushion against any near-term profit-taking.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is expected to trade with a cautious bias, while continuing to hold above all its key daily EMAs, including the 20, 50, 100, and 200-day averages, indicating that the broader medium-term technical structure remains intact. From a technical standpoint, the 57,800–57,900 zone is likely to act as the immediate resistance. A decisive and sustained move above the 58,000 psychological mark would strengthen bullish momentum and pave the way for an advance toward the 58,200–58,300 region.
On the downside, the 57,300–57,400 zone is expected to provide immediate support. Holding above this band will be crucial to preserve the prevailing recovery structure, while a decisive break below 57,300 could trigger fresh selling pressure and drag the index toward the 57,000 psychological mark.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, and Senior Manager — Technical Research at Anand Rathi, recommended these eight buy-or-sell stocks for intraday trading: One 97 Communications Ltd (Paytm), Samvardhana Motherson International Ltd, Piramal Finance Ltd, Ipca Laboratories Ltd, Vedanta Ltd, Finolex Cables Ltd, TD Power Systems Ltd, and Granules India Ltd.
Sumeet Bagadia's stock recommendations today
Buy Paytm in cash at ₹1,429; SL at ₹1,380; TGT at ₹1,530
Buy Samvardhana Motherson International in cash at ₹154.34; SL at ₹149; TGT at ₹165
Ganesh Dongre's buy or sell stocks
Buy Piramal Finance at ₹2,140-2,150; SL at ₹2,100; TGT at ₹2,250
Buy Ipca Laboratories at ₹1,750-1,760; SL at ₹1,725; TGT at ₹1,820
Buy Vedanta at ₹270-275; SL at ₹265; TGT at ₹290
Shiju Koothupalakkal's intraday stocks for today
Buy Finolex Cables cmp: ₹1,003 Target: ₹1,050 Stop loss: ₹980
Buy TD Power Systems cmp: ₹1,201 Target: ₹1,270 Stop loss: ₹1,176
Buy Granules India cmp: ₹845 Target: ₹900 Stop loss: ₹826
Disclaimer: 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.