The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a positive note on Monday, August 3, tracking firm global cues and softer crude oil prices.
Gift Nifty trends also pointed to a gap-up opening for domestic equities. The Gift Nifty was trading around 24,589.5, a premium of 137 points over the previous close of Nifty futures.
On Friday, the domestic equity market extended its gains for a third consecutive session, led by buying in select heavyweight stocks.
The BSE Sensex advanced 166.49 points, or 0.21%, to close at 78,094.64, while the Nifty 50 gained 66.45 points, or 0.27%, to settle at 24,383.60.
Crude oil prices
Crude oil prices declined sharply after US President Donald Trump said fresh negotiations with Iran would begin on Monday, raising hopes of a diplomatic breakthrough. According to Bloomberg, Brent crude for October delivery fell as much as 7.3% in early Asian trading after rallying nearly 25% in July, its strongest monthly gain since March. US West Texas Intermediate (WTI) crude also slipped below the $81-a-barrel mark.
US-Iran war
According to news reports, US President Donald Trump said aboard Air Force One on Sunday that he had cancelled a planned large-scale military strike on Iran after key regional allies, including Saudi Arabia, urged Washington to pursue diplomacy. Trump said the decision was conditional on efforts to secure a swift agreement to reopen the Strait of Hormuz, while calling on all parties to accelerate negotiations aimed at easing regional tensions.
Gold rate today
According to Bloomberg, gold prices edged higher after Trump announced that fresh talks with Iran would resume later on Monday, boosting optimism that easing geopolitical tensions could help reduce energy-driven inflationary pressures. Spot gold traded near $4,070 an ounce after posting a 1% gain in July, its first monthly advance since February.
Despite the recent rebound, bullion remains more than 20% lower than levels seen before the escalation of the US-Iran conflict. Reports noted that elevated energy prices have kept inflation concerns alive, reinforcing expectations that global interest rates may remain higher for longer, a factor that typically weighs on non-yielding assets such as gold.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 7:50 AM, the Gift Nifty was trading around the 24,629.5 level, a premium of 177 points from the Nifty futures’ previous close of 24,452.60.
Ponmudi R, CEO of Enrich Money, said the Indian equities are set for a firm start to the week, supported by a sharp decline in crude oil prices as optimism over a potential diplomatic resolution to the Middle East conflict gathered pace after the U.S. refrained from launching fresh military strikes on Iran. GIFT Nifty futures, trading near the 24,600 mark, signal a gap-up opening, indicating that domestic markets could extend last week’s gains despite a sharply weaker start across major Asian peers, including Japan’s Nikkei and South Korea’s Kospi.
Still, the early optimism is likely to be tempered by caution as investors turn their attention to the Reserve Bank of India’s Monetary Policy Committee (MPC) decision due on Wednesday. While markets broadly expect the central bank to leave interest rates unchanged, the focus will be firmly on the RBI’s commentary for clues on inflation, liquidity conditions and the future policy path. Any shift in the central bank’s tone on growth or price stability could shape expectations for the remainder of the year.
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 further strengthened its bullish structure by surpassing the crucial hurdle of the 200-day EMA around the 24,370 mark. The index now appears well-positioned to inch towards the 24,600 level, which coincides with the previous swing high, and a decisive breakout above this zone could open the door for a move towards the 24,800-25,000 mark. On the downside, the 24,270 level is expected to act as immediate support, followed by the 24,150-24,050 level as the key support zone.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is also expected to trade with a cautious positive bias after recovering alongside the broader market. The immediate resistance is placed in the 57,300–57,400 zone. A sustained breakout above this range could extend the rally towards 57,800–58,000.
On the downside, 56,800–56,700 remains immediate support, followed by the 56,400–56,300 region, which also aligns with the 100-day EMA. A break below 56,700 may revive selling pressure, while holding above these levels will keep the near-term recovery intact.
Overall, Bank Nifty continues to maintain a cautiously positive technical outlook, with traders closely watching the 57,400 breakout for further confirmation of upside.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, and Senior Manager — Technical Research at Anand Rathi, recommended these seven buy-or-sell stocks for intraday trading: Shipping Corporation of India Ltd, Kaynes Technology India Ltd, Adani Total Gas Ltd, Reliance Industries Ltd, Dr Reddys Laboratories Ltd, Netweb Technologies India Ltd, and VA Tech Wabag Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Shipping Corporation of India in cash at ₹291; SL at ₹278; TGT at ₹320
Buy Kaynes Technology India in cash at ₹3,804; SL at ₹3,610; TGT at ₹4,200
Ganesh Dongre’s buy or sell stocks
Buy Adani Total Gas at ₹652; SL at ₹640; TGT at ₹675
Buy Reliance Industries at ₹1,305; SL at ₹1,185; TGT at ₹1,330
Buy Dr Reddys Laboratories at ₹1,145; SL at ₹1,125; TGT at ₹1,175
Shiju Koothupalakkal’s intraday stocks for today
Buy Netweb Technologies India cmp: ₹4,524 Target: ₹4,780 Stop loss: ₹4,400
Buy VA Tech Wabag cmp: ₹1,977; Target: ₹2,100; Stop Loss ₹1,930
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.
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