The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a muted note on Tuesday, 28 July, in line with weak global market cues.
Gift Nifty trends also signalled a subdued start, with the index trading around 23,986, a 42-point discount to the previous close of Nifty futures.
In the previous session, the domestic equity market snapped a five-day losing streak, supported by broad-based buying across sectors. The Sensex rallied 776.01 points, or 1.02%, to close at 76,835.78, while the Nifty 50 gained 228.50 points, or 0.96%, to settle at 23,995.95, ending just shy of the key 24,000 mark.
Crude oil prices
Oil prices extended their sharp decline on Tuesday, 28 July, after US President Donald Trump said Washington and Tehran were engaged in talks aimed at easing tensions in the Middle East, raising hopes of a diplomatic breakthrough.
West Texas Intermediate (WTI) crude fell below $82 per barrel after plunging more than 7% in the previous session. Brent crude also recorded its steepest single-day drop in more than three months, settling near $88 per barrel.
US-Iran conflict
According to Bloomberg, citing an Axios report, President Trump has decided to delay military strikes against Iran to allow more time for diplomatic efforts, although it remains unclear whether meaningful negotiations have taken place.
Separately, officials from Iran and Oman are reportedly holding discussions to restore normal shipping through the Strait of Hormuz, one of the world’s most critical energy chokepoints. The waterway typically handles around 20% of global oil shipments during peacetime, making any progress toward reopening trade routes a positive development for energy markets.
Gold rate today
Gold prices remained firm as easing geopolitical tensions reduced concerns that the Middle East conflict would intensify inflationary pressures and keep global interest rates elevated.
Spot gold traded near $4,075 per ounce in early trade after gaining 0.6% in the previous session. The precious metal has held above the $4,000-per-ounce level since late June, supported by bargain buying and continued safe-haven demand.
Despite the recent stability, bullion remains more than 20% below its record high of nearly $5,600 per ounce reached in late January, reflecting a sharp correction since the conflict began nearly five months ago.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 8:14 AM, the Gift Nifty was trading around the 23,963.5 level, a discount of 64.5 points from the Nifty futures’ previous close of 24,028.
Ponmudi R, CEO of Enrich Money, said Indian markets are expected to trade cautiously, balancing an improving geopolitical backdrop against renewed volatility in global technology stocks. The US continues to pause strikes on Iran, keeping hopes of a diplomatic resolution alive, although investors remain cautious as markets await tangible progress in the ongoing negotiations. Early indications from Gift Nifty futures, trading around the 24,000 mark, point to a largely flat start for domestic equities.
Crude oil prices extended their decline as optimism over renewed talks with Iran eased concerns about potential supply disruptions. WTI crude is currently trading in the $81–82 per barrel range, offering further relief for India’s inflation outlook and import bill, while also supporting broader macroeconomic sentiment.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Nifty 50 has staged a healthy rebound after defending the crucial trendline support around the 23,600 zone. However, the index continues to trade below the immediate resistance band of 24,000–24,150, which coincides with its 20-day and 100-day DEMA, making this zone a critical hurdle for the bulls. A decisive close above this range could pave the way for a further recovery towards the 24,400 mark. On the downside, the 23,600–23,800 region is expected to provide immediate support in the event of any profit-taking. Given prevailing volatility, we continue to advocate a stock-specific approach, favouring relatively stronger stocks across sectors while maintaining disciplined risk and position management.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is currently positioned between its 20-day and 50-day EMAs, with the 57,300–57,400 zone, aligned with the 20-day EMA, acting as the immediate resistance. A sustained breakout above this level could open the path towards the 57,700–57,800 zone, the next resistance to watch.
On the downside, the 57,000–56,800 region remains the immediate support, coinciding with the 50-day EMA. A break below this zone could drag the index back towards 56,700–56,600. Overall, the near-term technical outlook stays cautious, with the index positioned between its key moving averages. A sustained move above 57,300–57,400 would be needed to strengthen bullish momentum, while holding above 57,000–56,800 remains crucial to prevent a slide back towards lower support levels.
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 — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: Pricol Ltd, Lenskart Solutions Ltd, RBL Bank Ltd, Adani Total Gas Ltd, PNB Housing Finance Ltd, Transformers and Rectifiers (India) Ltd, Rico Auto Industries Ltd, and Sammaan Capital Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Pricol in cash at ₹665; SL at ₹645; TGT at ₹705
Buy Lenskart Solutions in cash at ₹572; SL at ₹550; TGT at ₹616
Ganesh Dongre’s buy or sell stocks
Buy RBL Bank at ₹363; SL at ₹258; TGT at ₹369
Buy Adani Total Gas at ₹660; SL at ₹648; TGT at ₹675
Buy PNB Housing Finance at ₹1,078; SL at ₹1,065; TGT at ₹1,100
Shiju Koothupalakkal’s intraday stocks for today
Buy Transformers and Rectifiers cmp: ₹302.50; Target: ₹320; Stop loss: ₹295
Buy Rico Auto Industries cmp: ₹145.55; Target: ₹155; Stop loss: ₹142
Buy Sammaan Capital cmp: ₹164.90; Target: ₹175; Stop loss: ₹160
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.
