The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat-to-negative note on Friday, 28 August, tracking weak cues from global markets.
The Gift Nifty also indicated a muted start for domestic equities. It was trading around 24,266.5, at a discount of 15.4 points to the previous close of Nifty futures.
In the previous session, the domestic equity markets ended lower, with the Nifty 50 slipping below the 24,100 mark.
The BSE Sensex declined 539.35 points, or 0.70%, to settle at 76,933.59. Meanwhile, the Nifty 50 fell 116.90 points, or 0.48%, to close at 24,090.85.
US-Iran war
According to a Wall Street Journal report, the Trump administration has repeatedly informed mediators that it is not willing to revive the memorandum of understanding reached with Iran in June, complicating efforts to restart diplomatic negotiations.
Earlier on Thursday, Washington said it was not engaged in direct negotiations with Tehran, despite attempts by several countries to bring the two sides back to the negotiating table.
Meanwhile, the US earlier this week imposed what it described as the “toughest sanctions in history” on Iran. Tehran strongly condemned the measures, calling them an “inhumane and hostile act” and maintaining that the sanctions had become ineffective.
Crude oil prices
Crude oil prices moved lower on Friday and were on track to register their first weekly decline in three weeks, as concerns over the outlook for US-Iran diplomacy continued to weigh on the market.
Brent crude futures fell 25 cents, or 0.3%, to $89.45 a barrel, while US West Texas Intermediate (WTI) crude slipped 22 cents, or 0.3%, to $83.31 per barrel.
Despite gaining in the previous session following reports that US President Donald Trump was unwilling to return to the terms of an earlier agreement with Iran, both benchmarks remained set for weekly losses. Brent was down 5.3% for the week, while WTI had declined 4.3%.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:57 AM, the Gift Nifty was trading around the 24,262 level, a discount of 20 points from the Nifty futures’ previous close of 24,281.90.
Ponmudi R, CEO of Enrich Money, Indian equity markets are set for a cautiously optimistic start, though lingering geopolitical and macroeconomic uncertainties are likely to temper risk appetite, with investors expected to remain selective and prone to booking profits at higher levels. Crude oil, though off its recent peak, remains at relatively elevated levels, with WTI hovering near the $83–84 per barrel mark. Diplomatic progress between Iran and Oman on managing traffic through the Strait of Hormuz has helped ease some of the acute supply-risk premium that had built into prices in recent weeks.
Global cues are mixed but broadly supportive. Wall Street’s benchmark indices closed largely flat to higher overnight, even as the latest PCE inflation print—the Federal Reserve’s preferred inflation gauge—came in slightly above expectations, leaving the near-term policy outlook uncertain. Sentiment in technology and semiconductor stocks, however, was clearly lifted by Nvidia’s blowout quarterly results, which triggered a broad rally across AI-linked names in the U.S., helping the Nasdaq end about 1.5% higher.
Asian markets are trading mixed this morning, with Japan’s Nikkei notably firmer while South Korea’s Kospi remains on the back foot, reflecting the push-and-pull between AI-driven optimism and caution over the interest-rate outlook.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 is gradually narrowing down its consolidation range into a tight band, indicating a squeeze in volatility. A decisive breakout from either side of the range would provide directional cues and likely determine the next near-term trend.
The index is approaching its crucial support zone, coinciding with the rising trendline near the 24,100-24,000 zone. A sustained break below this level could extend the correction towards 23,800–23,650. On the upside, 24,200 is likely to act as the immediate hurdle, followed by the 24,300–24,400 zone.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes it continues to exhibit comparatively stronger technical resilience. A sustained move above the 58,000 psychological mark is critical for improving momentum toward the 58,300–58,500 zone. The index has printed intraday highs above 58,000 in recent sessions but has repeatedly failed to sustain above this level, keeping the resistance intact.
On the downside, 57,500–57,600 is immediate support; a break below this band could drag the index back toward 57,300–57,200 and lower. The RSI has edged lower and slipped below its signal line, reflecting fading momentum and reinforcing a more cautious near-term stance on the index. Overall, the near-term technical outlook remains cautious. The index needs to decisively reclaim 58,000 to establish stronger bullish momentum, while a sustained break below 57,500 could keep the index subdued and limit further recovery attempts.
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 Jindal Saw Ltd, Sai Life Sciences Ltd, Blue Star Ltd, Aurobindo Pharma Ltd, Ather Energy Ltd, CG Power and Industrial Solutions Ltd, Syrma SGS Technology Ltd, and Schneider Electric Infrastructure Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Jindal Saw in cash at ₹310; SL at ₹299; TGT at ₹332
Buy Sai Life Sciences in cash at ₹1,488; SL at ₹1,435; TGT at ₹1,592
Ganesh Dongre’s buy or sell stocks
Buy Blue Star at ₹1,497; SL at ₹1,470; TGT at ₹1,440
Buy Aurobindo Pharma at ₹1,630; SL at ₹1,585; TGT at ₹1,680
Buy Ather Energy at ₹1,497; SL at ₹1,440; TGT at ₹1,560
Shiju Koothupalakkal’s intraday stocks for today
Buy CG Power and Industrial Solutions cmp: ₹892; Target: ₹940; Stop loss: ₹870
Buy Syrma SGS Technology cmp: ₹1,495; Target: ₹1,560; Stop loss: ₹1,465
Buy Schneider Electric Infrastructure cmp: ₹1,207; Target: ₹1,265; Stop loss: ₹1,180
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.
