Stock market today: Gift Nifty hints weak start; eight day trading stocks to buy on Wednesday, 8 July
Indian equity indices, Sensex and Nifty 50, are expected to open lower as tensions between the US and Iran affect global markets. Crude oil prices rise while gold declines. Analysts predict cautious trading in Indian markets amid geopolitical concerns and potential profit booking.
Stock market news: The benchmark Indian equity indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking mixed Asian markets and weak overnight cues from Wall Street as escalating tensions between the US and Iran dampened global risk sentiment.
Asian markets traded mixed, while US equities closed lower overnight, pressured by a selloff in semiconductor stocks.
On Tuesday, domestic equities snapped a four-session winning streak as investors booked profits amid rising geopolitical tensions in the Middle East. Fresh military action between the US and Iran pushed crude oil prices higher, raising concerns over inflation and India's import bill.
The Sensex declined 104.35 points, or 0.13%, to close at 78,180.72, while the Nifty 50 slipped 31.65 points, or 0.13%, to end at 24,398.70.
US-Iran Conflict
The United States launched what it described as a series of "powerful strikes" on Iran and reimposed sanctions by revoking a licence that had allowed Tehran to sell oil. The action followed Iran's reported attacks on three tankers transiting the Strait of Hormuz.
Crude Oil Prices
Crude oil prices climbed after the US strikes on Iran, and the reinstatement of oil trade sanctions heightened concerns over supply disruptions. Brent crude rose 1.83% to $75.52 a barrel, while US West Texas Intermediate (WTI) crude gained 1.97% to $71.83 a barrel.
Gold Rate Today
Gold prices slipped to their lowest level in nearly a week as a stronger US dollar weighed on bullion. Spot gold fell 0.1% to $4,100.32 per ounce, while US gold futures for August delivery declined 1.1% to $4,112.50 per ounce. Spot silver also eased 0.3% to $59.82 per ounce.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 7: 57 AM, the Gift Nifty was trading around the 24,234.5 level, a discount of 206 points from the Nifty futures’ previous close of 24,440.30
Ponmudi R, CEO of Enrich Money, said that Indian equity markets are likely to trade with a cautious bias after fresh US strikes on Iran reignited geopolitical tensions following attacks on commercial vessels in the Strait of Hormuz. The renewed escalation has revived concerns over regional stability and global energy supplies, which could dampen investor sentiment, trigger a risk-off move, and lead to profit booking after the recent rally.
Crude oil prices have rebounded sharply, climbing back above the $70 per barrel mark after recently slipping to a low near $67. Crude is currently trading in the $72–73 per barrel range as markets price in the possibility of renewed supply disruptions 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 may witness a phase of consolidation following its recent rebound, which would be healthy as long as it holds the 24,000–24,200 support zone. On the upside, the 24,600 level is expected to act as the immediate hurdle, and a decisive breakout above this mark could pave the way for a gradual recovery towards the 25,000 level. While the broader trend remains positive, the pace of the advance is likely to remain gradual.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the Bank Nifty continues to exhibit a constructive technical structure and remains comfortably positioned above its key moving averages, indicating the broader uptrend remains intact. From a technical perspective, the 58,600–58,700 region continues to act as the immediate resistance zone. A sustained breakout above this band would reinforce bullish momentum and could pave the way for an advance towards the 59,000 psychological mark.
On the downside, the 58,000 psychological level is expected to provide immediate support. A decisive break below this zone could trigger profit booking and drag the index towards the 57,800 support level, while further weakness could expose the index to the 57,600 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: JB Chemicals & Pharmaceuticals Ltd, Indusind Bank Ltd, Federal Bank Ltd, Swiggy Ltd, RBL Bank Ltd, ITC Hotels Ltd, SBI Life Insurance Company Ltd, and Rain Industries Ltd.
Sumeet Bagadia's stock recommendations today
Buy JB Chemicals & Pharmaceuticals in cash at ₹2,422; SL at ₹2,337; TGT at ₹2,590
Buy Indusind Bank in cash at ₹1,022; SL at ₹986; TGT at ₹1,094
Ganesh Dongre's buy or sell stocks
Buy Federal Bank at ₹331; sl at ₹325; tgt at ₹340
Buy Swiggy at ₹266; sl at ₹250; tgt at ₹290
Buy RBL Bank at ₹375; sl at ₹365; tgt at ₹390
Shiju Koothupalakkal's intraday stocks for today
Buy ITC Hotels cmp: ₹186.75; Target: ₹198; Stop loss: ₹182
Buy SBI Life Insurance Company cmp: ₹1,832; Target: ₹1,930; Stop loss: ₹1,795
Buy Rain Industries cmp: ₹200.90; Target: ₹215; Stop loss: ₹195
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.