Stock market today: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Wednesday, 16 September, amid mixed global cues.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 23,200 level.
The Sensex dropped 777.94 points, or 1.04%, to close at 74,003.82 , while the Nifty 50 settled 279.50 points, or 1.19%, lower at 23,118.60.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 7:19 AM, the Gift Nifty was trading around the 23,212 level, a discount of 10 points from the Nifty futures’ previous close.
Ponmudi R, CEO of Enrich Money, said Indian equity markets look set for a cautious start today after Wall Street closed lower for a second consecutive session overnight. Only pockets of AI-linked stocks held up, while surging crude oil prices and a sharp rise in the 10-year US Treasury yield, which reached its highest level in nearly two decades, weighed on sentiment amid inflation concerns linked to the energy shock.
Crude oil remains the dominant overhang for domestic markets. Even in the previous session, markets failed to sustain their opening gains and succumbed to broad-based selling, with small- and mid-cap stocks bearing the brunt of the pressure as elevated oil prices and firm Treasury yields weighed on investor sentiment.
WTI is trading firmly in the $104–105-per-barrel range, driven by a fresh escalation in the Middle East, including strikes on Saudi Arabia’s East-West pipeline and continued disruptions around the Strait of Hormuz. The sharp rise in energy costs is a direct negative for India, a large net oil importer, adding pressure on the rupee, the current-account outlook and domestic inflation expectations.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today
Sensex Prediction
Sachin Gupta, VP – Technical Research at Choice Equity Broking Pvt Ltd, said the Sensex formed a large bearish engulfing candle, engulfing the previous candles, while continuing to trade below all key moving averages. According to him, this confirms weakness in the short- and medium-term trend.
Gupta noted that momentum remains deeply oversold, with the RSI at 25.06, compared with its RSI-based moving average of 37.61. Meanwhile, the put-call ratio (PCR) at 0.90 points to a cautious derivatives setup.
With the broader technical structure remaining weak and external factors such as elevated crude oil prices and global yields adding pressure, Gupta said the outlook remains sideways to bearish.
He added that the 73,500–74,000 zone will be crucial to protect on the downside, while a decisive recovery above 74,800–75,000 would be required to improve the technical setup.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 witnessed a sharp decline on Tuesday, pressured by rising international crude oil prices, the Middle East conflict and weak global markets. The index settled 279 points lower.
Shetti said a long bearish candle of around 474 points was formed on the daily chart, within the day’s high-low range of 23,592–23,118, after the index opened sharply higher. He said the market action indicates significant weakness across the board.
Market breadth was also sharply negative, with broader indices such as the midcap and small-cap indices underperforming the benchmark and falling more than 2% during Tuesday’s session, he added.
According to Shetti, the underlying trend of the Nifty remains sharply down. A decisive break below 23,000 could drag the index towards the 22,600–22,500 zone in the near term. Any pullback, meanwhile, could face resistance around 23,300, he said.
Bank Nifty Prediction
Vatsal Bhuva, Technical Analyst at LKP Securities, said Bank Nifty closed with a long bearish candlestick on the daily chart and continued to trade below its 100-day moving average (100-DMA), indicating a weak technical structure and prevailing bearish sentiment.
Bhuva noted that the RSI has also witnessed a bearish crossover, further supporting the negative setup. As a result, the index continues to favour a sell-on-rise strategy, he said.
On the downside, 55,500 is the immediate support level, while positional support is seen in the 55,000–55,100 zone, where the weekly 100-day simple moving average (100-SMA) is placed.
On the upside, 56,500 is likely to act as a key resistance level, Bhuva said.
Crude Oil
Oil prices fell on Wednesday after an unexpected rise in US crude inventories, while investors continued to assess supply risks following an attack on Saudi Arabia’s East-West pipeline to the Red Sea, according to Reuters news report.
Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel at 0028 GMT. US West Texas Intermediate (WTI) crude futures declined 97 cents, or 0.92%, to $104.86 a barrel.
Both benchmarks had settled more than $3 higher on Tuesday, reaching their highest levels since 19 May, after Saudi Arabia suspended oil loadings at its Yanbu port following the pipeline attack. Saudi Arabia also cut oil shipments to Europe, adding to concerns over global supply.
Meanwhile, US crude oil, gasoline and distillate inventories all increased last week, according to market sources citing data from the American Petroleum Institute (API). The unexpected inventory build weighed on oil prices in early trading on Wednesday.
Gold
Gold prices were steady on Wednesday after declining for two consecutive sessions, as elevated oil prices continued to stoke inflation concerns and strengthened expectations of an interest-rate hike by the US Federal Reserve later in the day.
Spot gold was trading around $4,290 an ounce. Higher energy prices have pushed bond yields up, with traders pricing in a 92% probability of a Fed rate hike, according to a Bloomberg News report.
Higher interest rates tend to weigh on gold, as the non-yielding asset becomes less attractive compared with interest-bearing investments.
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 seven buy-or-sell stocks for intraday trading Prime Focus Ltd, ACME Solar Holdings Ltd, P N Gadgil Jewellers Ltd, Mankind Pharma Ltd, BEML Ltd, FDC Ltd, and Hatsun Agro Products Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Prime Focus in cash at ₹319; stoploss at ₹305; target at ₹345
Buy ACME Solar Holdings in cash at ₹420; stoploss at ₹400; target at ₹460
Ganesh Dongre’s buy or sell stocks
PN Gadgil Jewellers: Buy at ₹61; stoploss at ₹580; target at ₹650
Mankind Pharma: Buy at ₹2,280 | stoploss at ₹2,200 | target at ₹3,380
BEML: Buy at ₹2,080 | stoploss at ₹2,020 | target at ₹2,280
Shiju Koothupalakkal’s intraday stocks for today
Buy FDC cmp: ₹349.70; Target: ₹370; Stop loss: ₹342
Buy Hatsun Agro Products cmp: ₹1,275; Target: ₹1,350; Stop loss: ₹1,250
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.
