The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open in the red on Monday, 7 September, amid mixed global cues.
The domestic equity indices ended higher in the previous session, with the benchmark Nifty 50 closing above 23,800.
The Sensex rose 362.57 points, or 0.48%, to close at 76,515.43, while the Nifty 50 settled 24.25 points, or 0.10%, lower at 23,897.70.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a negative start for the Indian stock market today. By 7:10 AM, the Gift Nifty was trading around the 23,977.5 level, a discount of 71 points from the Nifty futures’ previous close of 24,048.10.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are likely to open on a cautious note, with elevated crude oil prices and escalating tensions in the Middle East overshadowing otherwise supportive regional cues.
According to the market expert, GIFT Nifty, trading around 23,980 against the Nifty 50’s previous close of 23,897.70, points to a flat-to-mildly positive start. However, investors are likely to remain cautious about taking aggressive positions as geopolitical risks continue to cloud the near-term outlook.
Regional markets provided some encouragement in early trade. Japan’s Nikkei 225 gained nearly 2%, while South Korea’s Kospi advanced more than 3%. Ponmudi said the strength in Asian equities could offer initial support to domestic markets, although the sustainability of any rebound will depend largely on developments in global energy markets.
Crude oil remains the key macro driver, he said. WTI was trading around $91–92 per barrel as renewed US-Iran tensions around the Strait of Hormuz kept concerns over potential supply disruptions in focus. Persistently higher oil prices are also raising concerns over inflation, input costs and India’s import bill, which could limit investors’ appetite for chasing equities at higher levels.
Investors will also closely track US inflation data due this week, which is likely to be the next major macro trigger for global markets. Ponmudi said the data will be watched for fresh signals on the Federal Reserve’s policy trajectory, particularly after recent economic indicators revived expectations of a more restrictive monetary stance.
The inflation readings could influence US Treasury yields, the dollar and broader global risk sentiment, with potential spillover effects across equity, commodity and currency markets, he added.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today
Sensex Prediction
Ponmudi R, CEO of Enrich Money, said the index snapped a four-session losing streak but continues to remain within a broader corrective and consolidation structure.
According to the market expert, the 77,000–77,500 zone is likely to act as the immediate resistance area, followed by the stronger 77,700–78,000 region. A sustained breakout above 78,000 could strengthen the recovery structure and pave the way for the index to move towards 78,500–78,800.
On the downside, 76,000 remains the immediate psychological support, followed by the 75,700–75,500 zone. Holding above these levels will be crucial to prevent further weakness, while a decisive break below 75,500 could intensify selling pressure.
Overall, the near-term technical outlook remains cautious, Ponmudi said. While Friday’s recovery offers some relief, sustained buying above the key resistance zones will be necessary to confirm a durable recovery.
Nifty 50 Prediction
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the 23,750–23,600 band remains an immediate and crucial support zone for the index. A decisive daily close below this range could trigger further weakness, initially taking the index towards the 23,450–23,400 zone in the short term.
On the upside, Rathi said the 24,000–24,050 band, which had acted as an important support zone until recently, has now turned into an immediate resistance area. This is followed by a stronger hurdle in the 24,150–24,200 range.
The P&F X-percent breadth indicator, which had earlier pointed towards overbought market conditions, has cooled considerably since the beginning of August and currently stands at 35%. According to Rathi, this suggests that the probability of an extended downtrend in the index appears relatively low.
However, prices remain the leading indicator, and unless there is a turnaround in the price setup, investors should continue to exercise caution, he said.
Bank Nifty Prediction
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the banking benchmark index has remained in consolidation for nearly 24 sessions, highlighting the prolonged lack of directional momentum.
The index closed marginally lower by 0.02% and formed a small-bodied bearish candle with wicks on both sides on the daily chart, indicating indecision. The daily RSI also remained neutral near the 50 mark, further pointing to the absence of a strong directional trend, Shah said.
Going forward, the 56,900–56,800 zone is expected to act as a crucial support area. According to Shah, a sustained hold above this region could keep the ongoing consolidation phase intact.
On the upside, the 57,800–57,900 zone is likely to act as an immediate resistance area. A decisive breakout above this range or a breakdown below 56,800 could signal the end of the current consolidation phase and trigger a meaningful directional move, he said.
Crude Oil
Oil prices rose after the US attacked Iranian oil tankers and Tehran declared a new restricted zone outside the Strait of Hormuz, stoking concerns over prolonged disruptions to energy flows through the key shipping route.
Brent crude climbed as much as 0.8% to trade near $97 a barrel before paring gains, while West Texas Intermediate (WTI) hovered around $92. European natural gas prices also advanced as much as 4.2% in thin trading.
According to a Bloomberg report, the US said it had launched strikes on three Iranian oil tankers over the weekend, destroying one, in retaliation for ballistic missile attacks on US Navy warships.
Oil prices surged last week after hostilities between the US and Iran intensified following a period of relative calm. Brent crude has gained nearly 60% so far this year, while refined products such as diesel have posted even sharper increases amid the prolonged six-month conflict in the Middle East and the Russia-Iran war.
Gold
Gold prices held near a one-week low after stronger-than-expected US payrolls data, coupled with escalating tensions in the Middle East, boosted expectations that the Federal Reserve could raise interest rates as early as next week, according to a Bloomberg report.
Bullion was little changed at around $4,425 an ounce after falling 1% in the previous session. US job growth accelerated sharply in August, while the unemployment rate remained steady, strengthening the case for a rate hike at the Federal Reserve’s September 15–16 meeting.
Spot gold was down 0.1% at $4,425.37 an ounce as of 8:28 a.m. in Singapore, Bloomberg reported. Silver was little changed at $66.24 an ounce, while platinum declined and palladium edged higher.
The Bloomberg Dollar Spot Index slipped marginally after gaining 0.1% on Friday.
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 Emcure Pharmaceuticals Ltd, Capri Global Capital Ltd, Reliance Industries Ltd (RIL), Shriram Finance Ltd, Adani Enterprises Ltd, BlueStone Jewellery and Lifestyle Ltd, Vedant Fashions Ltd, and Schneider Electric Infrastructure Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Emcure Pharmaceuticals in cash at ₹1,928; stop loss at ₹1,860; target at ₹2,062
Buy Capri Global Capital in cash at ₹280; stop loss at ₹270; target at ₹299
Ganesh Dongre’s buy or sell stocks
Buy Reliance Industries at ₹1,322; stop loss at ₹1,300; target at ₹1,350
Buy Shriram Finance at ₹1,040; stop loss at ₹1,020; target at ₹1,090
Buy Adani Enterprises at ₹2,938; stop loss at ₹2,860; target at ₹3040
Shiju Koothupalakkal’s intraday stocks for today
Buy BlueStone Jewellery and Lifestyle cmp: ₹842.75; Target: ₹900; Stop loss: ₹823
Buy Vedant Fashions cmp: ₹594; Target: ₹640; Stop loss: ₹580
Buy Schneider Electric Infrastructure cmp: ₹1,232; Target: ₹1,290; Stop loss: ₹1,205
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.
