The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, 20 August, in line with positive global cues.
The Gift Nifty also pointed to a positive start for domestic equities. It was trading around 24,208, indicating a 90.4-point premium over the previous close of Nifty futures.
The domestic benchmark indices, however, extended their losing streak in the previous session, with the Nifty 50 declining for the seventh consecutive session and closing below the 24,100 mark.
The Sensex fell 325.78 points, or 0.42%, to 76,909.68, while the Nifty 50 declined 76.60 points, or 0.32%, to settle at 24,078.30.
Crude oil prices
Oil prices were largely steady in early Asian trade on Thursday as investors assessed the potential course of the US-Iran war and continued to monitor risks to shipping through the strategically important Strait of Hormuz.
Brent crude futures for October delivery rose 25 cents, or 0.3%, to $91.87 a barrel, while US West Texas Intermediate (WTI) crude for September edged down 2 cents to $85.81 a barrel. The more actively traded October WTI contract gained 14 cents, or 0.2%, to $84.53 a barrel.
Both benchmarks advanced for a fourth consecutive session on Wednesday, settling at their highest levels since July 24. The September WTI contract is scheduled to expire later on Thursday.
US-Iran war
US President Donald Trump announced plans for sweeping economic measures against Iran, describing them as “Economic Warfare and Isolation on an unprecedented scale” and referring to the measures as an “ECONOMIC D-DAY”. He also urged US allies to support Washington’s efforts.
Trump warned that countries allowing financial institutions, companies, airports or government bodies to assist Iran could face severe economic repercussions, although he did not specify the nature of the potential penalties.
He also called for an end to activities supporting Iran, including smuggling, cash transfers, exchange-house operations and the use of ship registries, adding to concerns over the potential impact of the measures on Iran’s trade and energy flows.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 7:55 AM, the Gift Nifty was trading around the 24,234 level, a discount of 116.4 points from the Nifty futures’ previous close of 24,117.60.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to trade with a firmer undertone, supported by an overnight rebound on Wall Street and gains across Asian markets after easing US Treasury yields improved global risk sentiment. While the recovery in overseas equities offers a constructive backdrop, persistent geopolitical uncertainty in the Middle East is likely to keep investors cautious. Early indications from GIFT Nifty futures point to a positive opening for domestic equities.
Asian markets are trading higher, reinforcing the improved risk mood. Japan’s Nikkei 225 is up more than 1% in early trade, while South Korea’s Kospi has surged over 4%, reflecting renewed buying interest across regional equities following the moderation in global bond yields.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 has tested its trendline support around 24,000 after seven consecutive sessions of decline. A decisive break below this level could extend the correction towards the 23,650–23,800 zone. On the upside, the 24,200–24,400 region is expected to act as a strong resistance band in case of a rebound.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is also expected to remain under pressure, with the index slipping below its 20-day EMA and moving closer to the crucial 57,000 support zone. The broader technical structure has weakened, while momentum indicators have turned increasingly bearish. On the upside, the 57,500–57,600 zone remains the immediate resistance area. A sustained move above 57,600 could help stabilise the index and support a recovery towards 57,800–58,000.
On the downside, 57,000 remains the key support level. A decisive break below 57,000 could intensify selling pressure and drag Bank Nifty towards the 56,800 region. Overall, the near-term outlook remains cautious to bearish. Holding above 57,000 is crucial to prevent deeper weakness, while a sustained move above 57,600 would be required to improve the technical structure and revive buying momentum.
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: Elgi Equipments Ltd, Nippon Life India Asset Management Ltd, 360 One Wam Ltd, Avenue Supermarts Ltd (DMart), ICICI Bank Ltd, Viyash Scientific Ltd, ACME Solar Holdings Ltd, and Man Infraconstruction Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Elgi Equipments in cash at ₹638; SL at ₹608; TGT at ₹690
Buy Nippon Life India in cash at ₹1,217; SL at ₹1,155; TGT at ₹1,313
Ganesh Dongre’s buy or sell stocks
Buy 360 One Wam at ₹1,180; SL at ₹1,160; TGT at ₹1,220
Buy DMart at ₹3,970; SL at ₹3,920; TGT at ₹4,100
Buy ICICI Bank at ₹1,400; SL at ₹1,385; TGT at ₹1,430
Shiju Koothupalakkal’s intraday stocks for today
Buy Viyash Scientific cmp: ₹271; Target: ₹290; Stop loss: ₹265
Buy ACME Solar Holdings cmp: ₹380.40; Target: ₹404; Stop loss: ₹372
Buy Man Infra cmp: ₹110; Target: ₹120; Stop loss: ₹107
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.
