Stock market today: Gift Nifty hints a positive start; eight day trading stocks to buy on Wednesday, 29 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, 29 July, in line with stable global cues.

The Gift Nifty also signalled a positive start for domestic equities, trading around 24,215, a premium of 116.2 points over the previous close of Nifty futures.

On Tuesday, the Indian stock market ended on a subdued note, with benchmark indices closing nearly unchanged. The Nifty 50 slipped below the 24,100 mark to end at 24,003.75, down 10.60 points, or 0.04%, while the Sensex declined 69.86 points, or 0.09%, to settle at 76,765.92 after a range-bound session.

Crude oil prices

Oil prices rebounded more than 3% on Wednesday, 29 July, recovering part of the steep losses recorded in the previous session after the United States and Iran paused hostilities. The recovery was also supported by a larger-than-expected decline in US crude inventories, according to market reports.

Brent crude futures gained $2.71, or 3.2%, to $86.80 a barrel, after falling more than 14% over the previous three sessions. US West Texas Intermediate (WTI) crude rose $2.26, or 3.4%, to $81.95 per barrel, according to reports.

US-Iran conflict

The US military said it had intercepted what it described as an Iranian "attempted surprise attack" targeting American troops in the Middle East, according to reports citing an official post on X.

Separately, Iran-backed militias in Iraq reportedly launched drones targeting oil facilities in Saudi Arabia's Eastern Province for a second straight day, escalating regional tensions. Saudi Arabia's Defence Ministry said it intercepted the drones on Tuesday but did not disclose whether any infrastructure was damaged. Iran denied involvement in the attacks, according to Iran's state-run IRIB News.

US Fed meeting

Investor focus has also shifted to the US Federal Reserve's monetary policy decision and Chair Kevin Warsh's press conference scheduled for Wednesday, 29 July.

According to the CME FedWatch Tool, Fed funds futures are pricing in nearly a 70% probability that the US central bank will leave interest rates unchanged within the 3.5%–3.75% target range at its latest policy meeting.

What Gift Nifty live chart signals?

The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 8:04 AM, the Gift Nifty was trading around the 24,226.5 level, a premium of 127.7 points from the Nifty futures’ previous close of 24,098.80.

Ponmudi R, CEO of Enrich Money, said Indian equity markets are likely to open higher, with GIFT Nifty futures trading near the 24,200 level in early trade, suggesting a gap-up opening relative to the Nifty's previous close of 23,985. Despite the positive opening cues, underlying sentiment is expected to remain cautious as geopolitical tensions in the Middle East continue to dominate investor focus.

Fresh strikes by US and Saudi forces on Iran-linked militant sites in Iraq, alongside reports of Iranian missile strikes on US military bases, have intensified geopolitical tensions and revived concerns over energy supply disruptions. As a result, WTI crude oil has surged back to around $82 per barrel after briefly falling to near $78, reflecting a renewed geopolitical risk premium as markets closely track developments in the Middle East.

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 is hovering near its immediate resistance zone of 24,050–24,150, while the mixed trend among heavyweight stocks across sectors continues to cloud the near-term directional outlook.

Notably, among the key sectors, the sharp rebound in the IT sector, which has gained nearly 16% from its recent lows, has played a pivotal role in the market's recovery and helped limit the downside. In contrast, the banking pack continues to struggle within a range, primarily due to weakness among key private-sector banking heavyweights. On the downside, the 23,600–23,800 region remains a crucial support zone, and a decisive breach below this range could trigger fresh selling pressure.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the index is expected to trade with a cautious undertone and is likely to remain under pressure unless it reclaims key resistance levels. A sustained move above the 57,000 zone will be essential to improve near-term sentiment and support a recovery towards the 57,300–57,400 region.

On the downside, the 56,700–56,600 zone remains the immediate support. Holding above this region will be crucial to prevent further weakness, while a decisive break below 56,600 could accelerate selling pressure and drag the index towards the 56,400–56,300 support zone. Overall, the near-term technical outlook remains cautious.

Stocks to buy today

Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these seven buy-or-sell stocks for intraday trading: Sai Life Sciences Ltd, Saregama India Ltd, Wipro Ltd, Bharti Airtel Ltd, GMR Airports Ltd, Godawari Power and Ispat Ltd, Zuari Agro Chemicals Ltd, and Indo Count Industries Ltd.

Sumeet Bagadia's stock recommendations today

Buy Sai Life Sciences in cash at ₹1,303; SL at ₹1,255; TGT at ₹1,400

Buy Saregama India in cash at ₹518; SL at ₹498; TGT at ₹558

Ganesh Dongre's buy or sell stocks

Buy Wipro at ₹181; sl at ₹175; tgt at ₹188

Buy Bharti Airtel at ₹1,900; sl at ₹1,870; tgt at ₹1,960

Buy GMR Airports at ₹108; sl at ₹104; tgt at ₹115

Shiju Koothupalakkal's intraday stocks for today

Buy Godawari Power and Ispat cmp: ₹245; Target: ₹260; Stop loss: ₹238

Buy Zuari Agro Chemicals cmp: ₹225; Target: ₹238; Stop loss: ₹220

Buy Indo Count Industries cmp: ₹410; Target: ₹435; Stop loss: ₹400

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.