Stock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Tuesday, 21 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a subdued note on Tuesday, tracking mixed global cues as investors remain cautious amid escalating geopolitical tensions in the Middle East and await key corporate earnings.

Asian markets traded mixed in early trade, while US equities ended lower overnight ahead of a busy earnings calendar.

On Monday, domestic equity benchmarks closed in the red as concerns over the intensifying US-Iran conflict and elevated geopolitical risks dampened investor sentiment. The BSE Sensex fell 442.93 points, or 0.57%, to 77,708.52, while the Nifty 50 declined 95.80 points, or 0.39%, to settle at 24,238.50.

US-Iran Conflict

Tensions in the Middle East remained elevated after two oil tankers caught fire following explosions while attempting to transit the southern route of the Strait of Hormuz, according to Reuters. Iran's Revolutionary Guards said the strategic waterway would remain closed as long as US military actions in the region continued. The Guards also claimed responsibility for targeting US military assets in Bahrain, including a radar installation and an air defence system in Muharraq.

Crude Oil Prices

Crude oil prices edged lower on reports of fresh diplomatic efforts aimed at easing tensions between the US and Iran. Brent crude futures slipped 0.37% to $88.89 a barrel, while US West Texas Intermediate (WTI) crude for September delivery was little changed at $82.47 per barrel.

Gold Rate Today

Gold prices traded largely unchanged as investors closely tracked geopolitical developments in the Middle East. Spot gold was steady at $4,008.83 per ounce, while spot silver eased 0.2% to $56.31 per ounce.

US Dollar

The US dollar hovered near a one-week high as investors sought the safety of the greenback amid geopolitical uncertainty. The US Dollar Index (DXY) was steady at 100.96, close to its strongest level since 15 July. The dollar was little changed at 162.50 against the Japanese yen, while the euro traded at $1.1415 and the British pound held steady at $1.3434, according to Reuters.

What Gift Nifty live chart signals?

The Gift Nifty Live Chart shows a weak start for the Indian stock market today. By 7:36 AM, the Gift Nifty was trading around the 24,155 level, a discount of 104.5 points from the Nifty futures’ previous close of 24,259.50.

Ponmudi R, CEO of Enrich Money, Indian equity markets are expected to open on a subdued note as investors remain cautious amid escalating geopolitical tensions in the Middle East, elevated crude oil prices, persistent foreign portfolio investor (FPI) selling, and continued weakness in the Indian rupee. The combination of external headwinds has reinforced a risk-off mood, limiting investors' appetite for equities.

Early trends in GIFT Nifty, trading around 24,124 compared with the Nifty's previous close of 24,238, point to a gap-down opening for domestic markets. The weak indication reflects lingering concerns over the evolving geopolitical situation and its potential impact on global energy markets and capital flows.

Stock market today

Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, Nifty 50 once again failed to cross the 24,400 mark, reinforcing the ongoing range-bound trend. Immediate support is placed in the 24,000–23,800 zone, while a decisive breakout above 24,400 could trigger the next leg of the recovery. Despite the choppiness in the benchmark index, rotational buying across sectors and the resilience of the broader markets continue to offer ample stock-specific trading opportunities.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is trading with a cautious undertone in the near term, but its ability to hold above the 20-, 50-, 100-, and 200-day EMAs suggests that the broader technical structure remains firmly constructive. From a technical perspective, the 58,000–58,100 zone remains the immediate resistance. A sustained move above this region could revive bullish momentum and pave the way for an advance towards the 58,400 level, followed by the 58,600–58,700 resistance zone.

On the downside, the 57,600–57,500 region continues to provide immediate support. Holding above this zone will be crucial to prevent further weakness, while a decisive break below it could accelerate selling pressure and drag the index towards the 57,300–57,200 support region.

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: Five-Star Business Finance Ltd, Lloyds Metals and Energy Ltd, Bank of Baroda, Multi Commodity Exchange of India Ltd (MCX), Varun Beverages Ltd, Gulshan Polyols Ltd, JSW Infrastructure Ltd, and Enviro Infra Engineers Ltd.

Sumeet Bagadia's stock recommendations today

Buy Five-Star Business Finance in cash at ₹570; SL at ₹538; TGT at ₹610

Buy Lloyds Metals in cash at ₹1,908; SL at ₹1,807; TGT at ₹2,050

Ganesh Dongre's buy or sell stocks

Buy Bank of Baroda at ₹255; sl at ₹250; tgt at ₹262

Buy MCX at ₹2,825; sl at ₹2,780; tgt at ₹2,920

Buy Varun Beverages at ₹468; sl at ₹430; tgt at ₹490

Shiju Koothupalakkal's intraday stocks for today

Buy Gulshan Polyols cmp: ₹182.50; Target: ₹195; Stop loss: ₹178

Buy JSW Infra cmp: ₹348.45; Target: ₹370; Stop loss: ₹340

Buy Enviro Infra Engineers cmp: ₹229.35; Target: ₹244; Stop loss: ₹224

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.