The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note on Friday, 21 August, amid mixed global market cues.
Gift Nifty trends also pointed to a flat start for domestic equities. The Gift Nifty was trading around 24,343.5, a premium of 50.5 points to the previous close of Nifty futures.
The domestic equity market ended higher in the previous session, snapping its seven-session losing streak, with the Nifty 50 reclaiming the 24,200 level.
The BSE Sensex gained 628.04 points, or 0.82%, to close at 77,537.72, while the Nifty 50 advanced 153.55 points, or 0.64%, to settle at 24,231.85.
Crude oil prices
Oil prices were headed for a strong weekly gain, with escalating US efforts to isolate Iran’s economy raising concerns over further disruptions to global energy markets, according to Bloomberg.
Global benchmark Brent crude traded above $93 a barrel, putting it on track for a weekly gain of more than 5%. Meanwhile, West Texas Intermediate (WTI) crude for October delivery edged lower towards $86 a barrel after a five-session rally.
US Treasury Secretary Scott Bessent said the administration would unveil further details of its initiative on Monday, following President Donald Trump’s description of the measures as an “economic D-day”. The proposed actions aim to intensify pressure on Tehran and could also affect countries that continue to conduct business with Iran, including China.
Oil prices have surged more than 50% so far this year as the US-Iran conflict has disrupted the energy-rich Middle East and heightened concerns over shipping through the Strait of Hormuz. Bessent said Washington controlled the strategic waterway and that ships could exit via a southern route, according to a CNBC interview reported by Bloomberg.
US-Iran War
The United States on Thursday urged its allies and China to join President Donald Trump’s new campaign to isolate Iran economically, with Washington vowing to impose what it described as the toughest sanctions yet on Tehran.
Trump, facing domestic criticism over the impact of the Iran war and with crucial midterm elections approaching, pledged the “most crushing” economic operation ever against the Islamic Republic. Iran, however, dismissed the US threats as “economic terrorism” and said the measures would fail.
In a post on X, Iranian Foreign Minister Abbas Araghchi criticised Washington’s latest move, calling the proposed “Economic D-Day” a diversion from America’s own economic challenges, including rising debt and borrowing costs. He said US sanctions targeting Iran amounted to “economic terrorism” and “crimes against humanity.”
US Treasury Secretary Scott Bessent said Washington would impose the “toughest sanctions in history” on Iran, arguing that stronger economic pressure could reduce the need for major new military operations. His comments followed Trump’s warning of economic consequences for countries providing any form of financial or economic support to Iran.
Bessent said further details of the measures would be announced next week. Oil prices climbed to a more than three-week high on Thursday as concerns grew that the proposed sanctions and financial penalties could further disrupt Middle Eastern oil supplies amid the nearly six-month-long conflict.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a flat start for the Indian stock market today. By 7:44 AM, the Gift Nifty was trading around the 24,234 level, a premium of 26 points from the Nifty futures’ previous close of 24,293.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to remain cautious despite breaking their recent losing streak, as elevated crude oil prices and renewed global risk aversion continue to weigh on sentiment. The Treasury-driven relief that supported markets on Thursday proved short-lived, with US equities falling sharply overnight as bond yields reversed their earlier decline. President Donald Trump’s comments on an “economic war” against Iran have also revived concerns over oil-driven inflation and prolonged geopolitical uncertainty.
On the geopolitical front, Trump’s plan to further isolate Iran’s economy risks increasing tensions with China and adding another layer of uncertainty to global markets. WTI crude has surged further, currently trading in the $86–87 per barrel range, underscoring a significant rise and keeping oila key risk factor for Indian equities. Meanwhile, gold continues to hold comfortably above the $4,500 level, reflecting continued demand for safe-haven assets.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 has staged a rebound from the 24,000 trendline support, providing a breather after the recent slide. The immediate hurdle remains at 24,300–24,400, and a decisive move above this zone could improve the near-term bias and extend the recovery towards 24,600. On the downside, 24,000 is expected to provide immediate support, while a decisive break below this level could revive the corrective trend.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is expected to maintain comparatively stronger momentum, with the near-term technical structure showing a cautiously constructive bias. From a technical perspective, the 57,700–57,800 region remains the immediate resistance zone. A sustained breakout above 57,800 could strengthen the recovery momentum and pave the way for an advance towards the 58,000 mark.
On the downside, the broader index remains range-bound, with 57,400–57,300 serving as the immediate support zone, followed by the stronger 57,100–57,000 region. While a decisive break below 57,000 could trigger renewed selling pressure and weaken the near-term technical bias.
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 five buy-or-sell stocks for intraday trading: Sai Life Sciences Ltd, RBL Bank Ltd, JSW Steel Ltd, Computer Age Management Services Ltd, and ICICI Lombard General Insurance Company Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Sai Life Sciences in cash at ₹1,472; SL ₹1,420; TGT at ₹1,575
Buy RBL Bank in cash at ₹392; SL at ₹378; TGT at ₹420
Ganesh Dongre’s buy or sell stocks
Buy JSW Steel at ₹1,290; SL at ₹1,266; TGT at ₹1,330
Buy Computer Age Management Services at ₹750; SL at ₹740; TGT at ₹778
Buy ICICI Lombard General Insurance Company at ₹1,630; SL at ₹1,605; TGT at ₹1,700
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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