Stock market today: Indian benchmark indices started Wednesday’s session on a positive note, with IT stocks leading the advance as investors positioned themselves ahead of the US Federal Reserve’s interest rate decision.
The market widely expects the Fed to maintain its current policy stance, but investors remain cautious amid ongoing inflationary pressures and mixed signals from policymakers. The central bank’s statement and comments will be closely analysed for clues on the timing of future rate adjustments.
Investor sentiment was also influenced by fresh developments in the Middle East, where renewed military activity raised concerns over geopolitical stability. The developments triggered a rise in crude oil prices, with oil gaining 4.3%, adding to worries over potential supply disruptions.
At the opening trade, the Nifty 50 climbed 0.77% to 24,170.40, while the Sensex advanced 0.88% to 77,442.68 at 9:16 IST.
Market breadth remained positive, with 13 out of 16 major sectoral indices trading higher. The IT sector outperformed, with the Nifty IT index rising 2.3%, extending its three-day rally to 8.4%. Meanwhile, broader market indices also witnessed buying interest, with both mid-cap and small-cap segments gaining 0.6% each.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 couldn’t close above 24,000 levels despite having highest put base on the expiry day, however, it didn’t even close much lower and now on an immediate basis 23,800 is the next level which has got a good support. On the upside 24,200 to 24,350 is the range it can test until 23,800 levels are held. The India VIX continues to be on the lower side not indicating any major risk at the current levels, however, the range is likely to be 11-16, hence any dip near 11 may lead to some profit booking from the higher levels as well until 24,600 levels are not taken off.
The Nifty IT recovered quite well from the lows and ended the July series well in the positive territory, however, the Nifty Bank gave up the gains and ended it on the negative side but on the lower side it has a strong support at 56,000 levels on immediate basis and until those lows are not broken the short-term trend remains sideways and on the break above 58,000 it can lead to a fresh up move. So, based on these observations the short-term range for the Nifty 50 is 23,800-24,350 whereas the medium-term trend is 23,500-24,600, hence until 23,500 levels are not broken a buy on dips strategy can be adopted.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Godrej Properties Futures, LTM Futures, and GAIL Futures.
Buy Godrej Properties Fut in the range of ₹2,140-2,160; stop loss below ₹2,080; Targets ₹2,220 and ₹2,250
The Nifty Realty is in an uptrend and the sector has made a nice come back after having underperformed for a long time. It witnessed short covering at the initial leg of recovery and thereafter it has been trending higher with decent long built up in many stocks. Godrej Properties too after has witnessed good short covering as well as now picking up with some long built up indicating further uptrend. As per the options data, the stock has witnessed good put additions at 2,000 and 2,100 strike, and it is also trading well above its max pain level of 2,000, which will act as a short-term support.
Buy LTM Fut in the range of ₹4,320-4,340; stop loss below ₹4,200; Targets ₹4,500 and ₹4,600
The Nifty IT has been one of the outperformers in the July Series with a good recovery from the lower levels on account of short covering. Majority of the results within the sector are over and the price action suggests that the short-term bottom is in place indicating some more short covering to come. LTM has provided a breakout from the inverse head and shoulders pattern with a positive divergence as well as short covering, hence the risk: reward is favourable on the long side. There has been a strong put addition at 4,000 strike and 4200 strike which will now act as a good short-term support whereas on the upside 4,500-4,600 levels can be visited in the near term as the stock is trading well above its max pain level of 4,150.
Buy GAIL fut in the range of ₹175-177; stop loss below ₹170; Targets ₹185-190
GAIL has witnessed good round of short covering so far and since past few weeks it has been consolidating with a sideways channel of 176-166 which is likely to provide a breakout on the upside as now the stock has witnessed some additions in the Open interest with the prices moving higher. As per the options data, there is a huge call base at 180, however, the highest put base is at 170 as well hence it is a tight range which is likely to break on the upside as the stock is trading above its max pain level of 175 and once 180 levels are taken off there is a high possibility of call unwinding which will carry the prices well to the levels of 190.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 28/07/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
