Stock market today: India’s stock market benchmarks increased on Monday as optimistic domestic economic data boosted investor confidence, while gains in information technology stocks were driven by data from the US that maintained hopes for a Federal Reserve rate cut in September.
As of 12:11 IST, the Nifty 50 climbed 0.48% to 24,544 . 05 points, and the BSE Sensex rose 0.41% to 80,138.81.
Investors felt encouraged by an unexpectedly strong gross domestic product (GDP) growth of 7.8% for the April-June quarter.
Market analysts observed that the favourable GDP figures, along with a recent US court decision declaring Trump’s tariffs unconstitutional, bolstered investor sentiment. Nonetheless, lingering concerns still affect the market.
On the global stage, the US Federal Appeals Court deemed Trump’s tariffs unconstitutional, stating that the authority to impose tariffs lies with the U.S. Congress rather than the Executive branch.
However, the court decided to keep the tariffs in effect until October 14, allowing the Trump administration to appeal the ruling in the US Supreme Court.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50
After registering a correction of 750 odd points from recent swing high of 25,153, Nifty 50 has shown some sign of possible pullback. Nifty 50 is currently trading below 20-, 50- and 100-days EMA, which indicates positional downtrend. However, 200 DEMA support placed near 24,270 is yet not violated, which keeps the hope alive for the bulls for meaningful recovery. Previous swing low of 24,337 is also intact as support for the Nifty 50. There has been one more technical evidence of strong support near current levels, which is nothing, but the upward gap formed on 12 th May 2025 between 24,164 and 24378.
This gap is currently filled partially, and gaps usually act as support. FII’s having more than 92% of their index future positions on the short side, which is highest since March 2023. This extreme short position by FII creates good opportunity for the shorts to get covered in the near term and at the same time this can also lead to limited downside in the index in case of negative news flows.
However, on the upside unless Nifty 50 sustains above 24,800, positional trend would remain bearish. Below 24,178, we can expect Nifty 50 to reach towards next support of 23,700 and on the flipside, above 24,800, we can expect sharp short covering towards 25,500 in the Nifty 50.
Stock Picks
Buy Subros ( ₹900) | Target ₹990| Stop-loss ₹850
Stock price has broken out from inverted head and shoulder pattern on the daily chart. Price rise was accompanied by jump in volumes. Stock price is placed above all key moving averages, which indicates positional uptrend for the stock. Daily RSI has reached above 50, indicating sustainable up trend. Daily MACD is now placed above signal and equilibrium line.
Buy Endurance ( ₹2,923) | Target ₹3,200 | Stop-loss ₹2,800
Stock has broken out from bullish cup and handle pattern on the daily chart. Price rise was accompanied by jump in volumes. Stock price has been trading above all key moving averages, which indicates positional uptrend. Daily RSI has reached above 50, indicating sustainable up trend. Daily MACD is now placed above signal and equilibrium line.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
