Stock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Monday, 17 August

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday, August 17, tracking weak global cues.

The Gift Nifty also pointed to a subdued start, trading around 24,393.5, down 56.1 points from the previous close of Nifty futures.

Domestic equities ended marginally lower in the previous session, with the Nifty 50 closing below the 24,400 mark.

The Sensex declined 70.71 points, or 0.09%, to 78,009.25, while the Nifty 50 fell 29.85 points, or 0.12%, to settle at 24,366.

Crude Oil Prices

Oil prices remained largely stable on Monday as renewed clashes in Lebanon and attacks on vessels in the Strait of Hormuz clouded hopes for a ceasefire agreement to end the US-Iran conflict.

Brent crude traded below $89 a barrel after rising around 6% last week, while West Texas Intermediate (WTI) hovered near $82 a barrel. Oil prices have gained more than 40% so far this year as the US-Iran conflict enters its sixth month.

US-Iran War

US President Donald Trump signalled that his administration plans to intensify economic pressure on Iran and said he was not concerned about whether the conflict was resolved before the November midterm elections. US Treasury Secretary Scott Bessent indicated that additional sanctions could be announced as early as this week.

Meanwhile, Iran and Oman appeared to be moving closer to an understanding over the management of the Strait of Hormuz. However, the US has not participated in the discussions and is unlikely to support any arrangement that does not ensure the restoration of unrestricted passage through the strategic waterway.

The Strait of Hormuz previously handled around one-fifth of global daily oil and liquefied natural gas supplies, making developments around the waterway a key factor for crude prices.

What Gift Nifty live chart signals?

The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 8:00 AM, the Gift Nifty was trading around the 24,402 level, a discount of 48 points from the Nifty futures’ previous close of 24,449.60.

Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to remain range-bound with a cautious bias as persistent geopolitical tensions in the Middle East continue to restrain risk appetite. Ongoing disruptions to regional shipping, Iran's assertion that the Strait of Hormuz remains under its control, and renewed Israeli strikes in Lebanon have heightened concerns over further escalation and prolonged disruptions to global energy and trade routes.

WTI crude oil remains elevated but relatively stable around the $82 per barrel mark. Meanwhile, gold is holding steady near $4,400 as investors assess incoming US economic data and expectations around the Federal Reserve’s monetary-policy path.

The minutes of the Federal Reserve's July policy meeting, due on Wednesday, will be a key focus for global markets. Investors will look for greater clarity on the extent of the policy divide within the FOMC and any signals on the Fed's September policy outlook, with implications for US Treasury yields, the dollar, and capital flows into emerging markets.

Stock market today

Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the tussle around the 24,350 level remains critical for the Nifty 50, and a decisive move on either side could provide the next directional cue. Until greater clarity emerges, participants should maintain a cautious, stock-specific approach, focusing on relatively stronger pockets while maintaining disciplined risk and position management.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the index is likely to remain within a defined range, contingent on it holding above the 57,400–57,500 support band. On the upside, 57,800–58,000 emerges as the key resistance zone; a decisive breakout beyond 58,000 would strengthen buying interest and open the path toward the 58,300–58,500 region.

On the downside, immediate support is placed at 57,500, with a secondary cushion at 57,200–57,000. Maintaining levels above 57,400 remains essential to preserve the ongoing recovery structure, whereas a confirmed break below 57,200 could trigger renewed profit-booking and weaken the near-term outlook. Overall, the near-term outlook remains cautious, with 58,000 acting as the key upside trigger and 57,400–57,200 serving as the crucial support zone.

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: Hindustan Aeronautics Ltd (HAL), Godrej Agrovet Ltd, Apollo Hospitals Enterprise Ltd, Eternal Ltd, Wipro Ltd, Transformers and Rectifiers (India) Ltd, Aeroflex Industries Ltd, and Havells India Ltd.

Sumeet Bagadia's stock recommendations today

Buy HAL in cash at ₹5,030; SL at ₹4,799; TGT at ₹5,500

Buy Godrej Agrovet in cash at ₹581; SL at ₹560; TGT at ₹620

Ganesh Dongre's buy or sell stocks

Buy Apollo Hospitals Enterprise at ₹8,920; sl at ₹8,850; tgt at ₹9,100

Buy Eternal at ₹318; sl at ₹310; tgt at ₹332

Buy Wipro at ₹184; sl at ₹180; tgt at ₹192

Shiju Koothupalakkal's intraday stocks for today

Buy Transformers and Rectifiers (India) cmp: ₹298; Target: ₹320; Stop loss: ₹291

Buy Aeroflex Industries cmp: ₹459.85; Target: ₹485; Stop loss: ₹449

Buy Havells India cmp: ₹1,298; Target: ₹1,370; Stop loss: ₹1,272

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.