Stock market today: India’s stock market benchmarks saw a slight increase on Monday, driven by positive quarterly results from Grasim Industries and State Bank of India, although concerns regarding US tariffs on Indian products limited the rise.
By 14:12 IST, the Nifty 50 had climbed 0.70% to reach 24,535 . 50 points, while the BSE Sensex increased by 0.67% to hit 80,392.72.
Last week, both the Nifty 50 and Sensex experienced nearly a 1% decline, marking their longest stretch of weekly losses in five years due to the impact of U.S. tariffs and disappointing earnings.
President Donald Trump has enacted a 50% tariff on Indian imports, with half already in effect, while an additional 25% punitive tariff related to the purchase of Russian oil will take effect on August 28.
Investors are closely watching Trump’s meeting with Russian President Vladimir Putin on August 15 in Alaska, which is aimed at discussing a resolution to the Ukraine conflict.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50 witnessed its sixth consecutive weekly decline, shedding 0.82% and correcting ~5% from its intermediate top of 25,669. Indian benchmarks are continuing their longest losing streak since the COVID crash of April 2020. The extended decline was primarily driven by the U.S. tariff hikes on Indian exports, coupled with persistent FII selling pressure, which weighed on market sentiment. On Friday, 15 out of 16 major sectors ended in red as foreign selling continued amid trade uncertainties.
The index has been consistently forming lower tops and lower bottoms while trading below key short-term moving averages. The prevailing price structure continues to favor the bears, keeping the overall trend firmly downward.
Nifty 50 has now entered the gap zone created on May 12, 2025, between 24,378 and 24,164. A confluence support area lies near 24,200–24,150, where gap support, the 200-day EMA, and the 38.2% Fibonacci retracement converge. This is a critical short-term juncture, with 24,000 acting as another significant support level on a slightly larger time frame.
From an Elliott Wave perspective, Nifty 50 appears to be in “wave ii/b” with complex internal structure. This current down leg represents a corrective retracement within the broader uptrend. While it suggests potential for another rally ahead, additional price action is required to confirm the completion of this wave.
FIIs’ long-to-short ratio in index futures at the beginning of the August series stood at extremely oversold level of 0.09, as against 0.61 in July series. This is the lowest since 29 March 2023 (beginning of April 23 series). In other words, out of total positions of FIIS’ in the Index Futures segment, more than 90% is on the short side.
There are four instances (After March 2020) where FIIS long to short ratio at the beginning of the series stood at or below 0.15 (30-May-2024, 26-Oct-23, 29-March-2023 and 29-Sept-2022). If we were to see performance of Nifty 50 in the subsequent series, Nifty 50 had moved up in all the four series and average gain of Nifty 50 was over 7%. Therefore, considering the historical evidence, there are higher possibilities of a short covering by FIIS in the Index Futures segment in the days to come.
Nifty 50 Strategy: Considering the oversold scenario, we see a limited downside in the index with strong support seen near 24,200 and 24,000. We cannot rule out the possibility of pullback in the positional down trend.
Buy Nippon India ETF Nifty PSU Bank BeES (78) | Target ₹82, 84| Stop-loss ₹75
ETF Price has recently found support at its 200 DEMA followed by positive crossover on 50 DEMA. PSU Bank index has been got more relative strength as a sector in the recent down trend of the market. Daily RSI has given positive crossover and reached above benchmark level of 50.
Buy ICICI Prudential Nifty India Consumption ETF(CONSUMIETF) (120.5) | Target ₹124.80, 128 | Stop-loss ₹117
Downward sloping trend line breakout on the weekly chart. Price has been sustaining above 200 DEMA resistance. Price is now placed above 50,100 and 200 days EMA. Daily and weekly RSI has reached above 40, indicating sustainable up trend. Weekly MACD is placed above signal and equilibrium line.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
