Stock market today: Gift Nifty hints positive start; eight day trading stocks to buy on Tuesday, 7 July

Stock market news: Indian benchmark indices, the Sensex and Nifty 50, are likely to open on a positive note on Tuesday, tracking overnight gains on Wall Street, although mixed trends across Asian markets may keep sentiment cautious.

Asian equities traded mixed in early deals, while the US stock market closed higher, led by a strong rally in technology stocks.

On Monday, domestic equities extended their winning streak for a fourth consecutive session, supported by improving risk appetite amid the revival of the monsoon and sustained buying by foreign institutional investors (FIIs).

The BSE Sensex climbed 521.16 points, or 0.67%, to close at 78,285.07, while the Nifty 50 advanced 159.50 points, or 0.66%, to settle at 24,430.35.

US-Iran Tensions

An unidentified projectile struck an oil tanker off the coast of Oman, triggering a fire near the Strait of Hormuz, according to the UK Maritime Trade Operations (UKMTO). The incident comes despite the ongoing ceasefire between the United States and Iran and renewed diplomatic efforts aimed at reaching a lasting peace agreement, highlighting the fragile security situation in the region.

Gold and Silver Prices

Gold prices edged lower ahead of the release of the US Federal Reserve's June meeting minutes, as investors awaited further clues on the central bank's interest rate outlook. Spot gold fell 0.4% to $4,148.59 per ounce, while US gold futures for August delivery slipped 0.2% to $4,160.20. Spot silver also declined 0.8% to $61.57 per ounce.

Crude Oil Prices

Crude oil prices traded higher, although gains remained capped as traders continued to assess easing geopolitical tensions in the Middle East. Brent crude futures rose 0.39% to $72.29 a barrel, while US West Texas Intermediate (WTI) crude gained 0.26% to $68.84 per barrel.

US Dollar

The US dollar index, which tracks the greenback against a basket of major currencies, stood at 100.86. The euro edged up to $1.1442, while the British pound climbed to a more than two-week high of $1.34005. Meanwhile, the Japanese yen remained under pressure, trading near 162 per dollar.

What Gift Nifty live chart signals?

The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 7: 44 AM, the Gift Nifty was trading around the 24,564 level, a premium of 81.1 points from the Nifty futures’ previous close of 24,482.90.

Ponmudi R, CEO of Enrich Money, said that Indian equities are expected to trade with a constructive bias, supported by favourable global cues, resilient domestic fundamentals and improving investor sentiment. Foreign Institutional Investors (FIIs) have turned net buyers over the past two sessions, reflecting improving risk appetite as geopolitical tensions ease and weaker-than-expected US labour market data reinforce expectations of a less hawkish Federal Reserve. Domestic Institutional Investors (DIIs) have also maintained steady buying, providing continued support to the market and reinforcing the positive underlying tone.

Crude oil prices continue to consolidate in the $68–69 per barrel range, offering a favourable backdrop for India's macroeconomic outlook by helping contain inflationary pressures and supporting external balances.

The Indian rupee, however, remains under pressure, weakening to a three-week low and trading near the 95.4 mark against the US dollar. The move reflects continued demand for the greenback and a cautious stance among forex market participants, despite improved broader risk sentiment.

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 has further strengthened its bullish structure by surpassing the crucial hurdle of the 200-day EMA around the 24,421 mark. The index now appears well-positioned to inch towards the 24,600 level, which coincides with the previous swing high, and a decisive breakout above this zone could open the door for a move towards the 25,000 mark. On the downside, the 24,150 level is expected to act as immediate support. As long as the index holds above this level, the "buy-on-dips" strategy is likely to remain favourable.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to exhibit a constructive technical structure, with the index comfortably positioned above its key moving averages, indicating that the broader uptrend remains intact. From a technical perspective, the 58,400–58,500 zone continues to act as the immediate resistance area. A sustained move above this region would reinforce bullish momentum and could extend the rally towards the 58,700–58,800 zone.

On the downside, the 58,000 psychological mark is expected to provide immediate support. A decisive break below this level could trigger profit booking and drag the index towards the 57,800 support zone.

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 eight buy-or-sell stocks for intraday trading: CarTrade Tech Ltd, NIIT Ltd, PB Fintech Ltd, BSE Ltd, Multi Commodity Exchange of India Ltd (MCX), PNC Infratech Ltd, Thomas Cook (India) Ltd, and HEG Ltd.

Sumeet Bagadia's stock recommendations today

Buy CarTrade Tech in cash at ₹2,791; SL at ₹2,666; TGT at ₹3,030

Buy NIIT in cash at ₹107.3; SL at ₹102; TGT at ₹116

Ganesh Dongre's buy or sell stocks

Buy PB Fintech at ₹1,580; SL at ₹1,550; TGT at ₹1,630

Buy BSE at ₹3,800; SL at ₹3,750; TGT at ₹3,900

Buy MCX at ₹2,725; SL at ₹2,675; TGT at ₹2,825

Shiju Koothupalakkal's intraday stocks for today

Buy PNC Infratech cmp: ₹242 Target: ₹257 Stop loss: ₹236

Buy Thomas Cook cmp: ₹106.85 Target: ₹114 Stop loss: ₹104

Buy HEG cmp: ₹543 Target: ₹570 Stop loss: ₹530

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.