Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | Eight stocks to buy

Stock market today: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open in the red on Tuesday, 8 September, amid mixed global cues.

The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 23,800 level.

The Sensex dropped 382.62 points, or 0.50%, to close at 76,132.81 , while the Nifty 50 settled 118.55 points, or 0.50%, lower at 23,867.70.

What Gift Nifty live chart signals?

The Gift Nifty Live Chart shows a negative start for the Indian stock market today. By 6:55 AM, the Gift Nifty was trading around the 23,799 level, a discount of 69 points from the Nifty futures’ previous close of 24,048.10.

Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to remain cautious, with elevated crude oil prices continuing to dominate the macro backdrop. Escalating geopolitical tensions have kept energy markets on edge, with WTI crude briefly touching the $93-per-barrel mark before holding in the $92–93 range. For India, persistently high oil prices remain a key risk, given their potential to widen the import bill, stoke inflationary pressures and strain the current-account balance.

The geopolitical backdrop remains fragile as the US-Iran conflict shows few signs of easing. Uncertainty surrounding the Strait of Hormuz and the timing of its full reopening continues to underpin concerns over global oil supplies and broader market sentiment.

Asian markets are trading on a mixed note, with Japan's Nikkei 225 largely flat while South Korea's Kospi is up more than 0.5%. The mixed regional performance suggests investors remain selective in taking on risk as they continue to monitor crude oil prices, geopolitical developments and the outlook for US monetary policy.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today

Sensex Prediction

Sensex formed a bearish candle on the daily chart, indicating continued selling pressure and weakness in the overall momentum.

"Now, till Sensex holds below 76,200 zones, weakness could be seen towards 75,800 then 75,500 zones, while hurdles have shifted lower to 76,500 then 76,700 zones," said Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty 50 Prediction

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the downside momentum continued in the market amid choppy trading on Monday, with the Nifty 50 closing 118 points lower. A long bearish candle was formed on the daily chart, pushing the index below its recent swing low of 23,786, indicating the formation of a bearish structure marked by lower highs and lower lows.

Shetti said the underlying trend of the Nifty 50 remains negative, with market movements continuing to lack momentum. After breaking below the immediate support of 23,800, the index could decline towards the next support level of 23,600, which coincides with the previous opening upside gap formed on 15 June.

According to Shetti, immediate resistance is placed at 24,000.

Bank Nifty Prediction

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said Bank Nifty ended lower on Monday, forming a bearish candle. However, the index has remained range-bound over the past 24 trading sessions, oscillating within a range of around 1,254 points, indicating the absence of a clear directional trend.

According to Shah, the current technical setup continues to point towards a consolidation phase, with key momentum indicators and oscillators suggesting a sideways market structure.

Going forward, the 57,500–57,600 zone is likely to act as an immediate resistance for Bank Nifty. On the downside, the 56,800–56,700 zone remains an important support area, Shah added.

Crude Oil

Oil prices held near $100 a barrel as traders awaited details of a potential Iranian agreement with Oman aimed at managing shipping through the Strait of Hormuz, while strong Chinese buying tightened market conditions, Bloomberg reported.

Global benchmark Brent crude has gained 1.6% over the past two sessions, while West Texas Intermediate (WTI) traded above $92 a barrel. Iran said the agreement with Oman is imminent and could include a temporary safe passage through the strait, raising uncertainty over how the US may respond after striking Iranian tankers over the weekend. Tehran has also warned that ships could face attack risks near Oman.

Brent has climbed more than 30% since the conflict began in late February, although prices remain below the late-April peak of $126 a barrel. Refined products such as diesel have rallied even more sharply as the Russia-Ukraine war added to supply tightness.

Despite continued risks to shipping through the Strait of Hormuz, oil exports from the Persian Gulf have continued, helping keep crude flowing into global markets.

Gold

According to a Reuters report, gold prices edged higher on Tuesday as the US dollar weakened, while investors awaited upcoming inflation data for clues on the Federal Reserve’s next policy move.

Spot gold rose 0.3% to $4,418.79 an ounce as of 0048 GMT, while US gold futures for December delivery fell 0.3% to $4,464.80. The dollar index declined 0.3%, making gold and other dollar-priced metals cheaper for holders of other currencies, Reuters reported.

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 of Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading Redington Ltd, Piramal Pharma Ltd, Coal India Ltd, Gail (India) Ltd, Laurus Labs Ltd, Cemindia Projects Ltd, Rico Auto Industries Ltd, and P N Gadgil Jewellers Ltd.

Sumeet Bagadia's stock recommendations today

Buy Redington in cash at ₹378; SL at ₹364; TGT at ₹405

Buy Piramal Pharma in cash at ₹219.6; SL at ₹212; TGT at ₹235

Ganesh Dongre's buy or sell stocks

Buy Coal India at ₹417; SL at ₹410; TGT at ₹430

Buy Gail at ₹174; SL at ₹170; TGT at ₹181

Buy Laurus Labs at ₹1,875; SL at ₹1,840; TGT at ₹1,920

Shiju Koothupalakkal's intraday stocks for today

Buy Cemindia Projects cmp: ₹1,316; Target: ₹1,370; Stop loss: ₹1,290

Buy Rico Auto Industries cmp: ₹135.40; Target: ₹145; Stop loss: ₹132

Buy P N Gadgil Jewellers cmp: ₹618.90; Target: ₹655; Stop loss: ₹604

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.