Stock market today: The Indian stock market is likely to open on a subdued note on Wednesday, with the Gift Nifty indicating cautious sentiment. As of 7:50 AM, the Gift Nifty was trading near 23,882, around 97 points below the previous close of Nifty futures at 23,978.90.
The muted indication follows benchmark indices ending lower on Tuesday, snapping a two-day winning streak amid profit-taking, weak global cues, and a rebound in crude oil prices. The BSE Sensex fell 479 points, or 0.63%, to 76,009.70, while the Nifty 50 declined 118 points, or 0.49%, to 23,913.70.
Broader markets, however, continued to outperform. The BSE 150 Midcap Index gained 0.33%, while the BSE 250 Smallcap Index advanced 0.21%, reflecting sustained investor interest in the broader market. As a result, the total market capitalisation of BSE-listed companies remained largely steady at around ₹469 lakh crore.
Market sentiment remained cautious amid ongoing uncertainty surrounding a potential US-Iran peace agreement. Fresh reports of US military operations in southern Iran pushed crude oil prices higher, raising concerns over inflation, India’s import bill, and the rupee’s stability. Geopolitical uncertainty and elevated energy prices continue to keep investors on the sidelines, creating a risk-averse market environment.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 closed in the negative territory on the day of the monthly expiry and also closed well below the 24,000 levels, which is not a good sign in the immediate term. Now, on the upside, 24,100 seems to be an immediate hurdle, whereas 23,800 is an immediate support, as it was an immediate hurdle earlier. Nifty did provide a breakout from the range of 23,300-23,800 with a gap, and now it has retested the gap, so it manages to hold on to these levels.
There is a higher probability of upside from hereon; however, a close below 23,800 will lead to further decline until the 23,500 levels. The India VIX has again closed above 16 levels; however, a close below 16 will lead to a shift in the range on the lower side to 16-13, and until that happens, there is always a chance of a bounce back in it from the current levels, which can get the Index back into the downtrend. So, the upside probability is higher; however, it will be confirmed only above 24,100 levels, and above that, it is likely to zoom towards 24,600 levels.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Mphasis Futures, Glenmark Pharmaceuticals Futures, and Ambuja Cements Futures.
Buy Mphasis Futures in the range of ₹2,290-2,310; stop loss below ₹2,230; Targets ₹2,420-2,480
Mphasis futures have closed well in the positive territory, and with that, it has confirmed higher tops and higher bottoms, as well as some scope for short covering. There has been too much short built up in this stock, as there has been overall short built up in the IT Sector. From here on, the risk-reward is better on the long side, as short covering is expected in this sector. Most stocks have witnessed excessive short build-up with positive momentum indicator divergence, which could lead to short covering. The stock has the highest call base at 2,300; above that level, there could be significant call unwinding, leading to short covering in this stock.
Buy Glenmark Pharmaceuticals Futures in the range of ₹2,360-2,380; stop loss below ₹2,320; Targets ₹2,480-2,520
The Nifty Pharma Index so far has outperformed in the May series, however, since past few days there has been some profit booking in few of the Pharma names, however, Glenmark Pharma has taken a nice support at its breakout levels and it has managed to bounce back from it. Now, as per the options data, there is a call base at the 2,400 strike, above which a further upward move is expected until the 2,500 levels. On the downside, 2,300 is immediate support, and until it is held, the short-term trend is positive.
Buy Ambuja Cements Futures in the range of ₹445-448; stop loss below ₹434; Targets ₹465-475
Ambuja Cements has broken out of a falling channel, and there are significant shorts built up in this stock; hence, with this breakout, a short-covering move is expected after a long time. As per the options data, there are significant put additions from 440-450 strikes, indicating support at the lower levels, whereas a close above 450 indicates short covering. This stock has so far underperformed in the near term, and with this breakout and a higher probability of short covering.
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 26/05/2026 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.
