Indian Stock Market Poised for Cautious Optimism
The Indian stock market is projected to open with a mild positive bias in today's trading session. Market sentiment continues to be anchored by the India–US interim trade deal, which is widely perceived as a structural positive development that enhances India's export competitiveness on the global stage. Foreign Institutional Investor (FII) participation has turned meaningfully supportive this month, providing a clear sentiment tailwind, while Domestic Institutional Investors (DIIs) remain steady, offering underlying stability despite neutral activity observed in the previous session.
Gold and Silver Rates Witness Early Selling Pressure
Silver and gold rates experienced significant selling pressure during the early morning session in the international markets. The COMEX gold rate today opened with a downside gap and touched an intraday low of $5,012.01 per ounce. Similarly, the COMEX silver rate today opened on a downward trajectory and touched an intraday low of $80.525 per ounce within just a few minutes of the Opening Bell. After rising for two consecutive sessions, both precious metals are trading in the red, registering sizeable losses from the previous day's closing levels.
Ponmudi R, CEO at Enrich Money, commented: "COMEX Gold rate today is trading near the $4,900–$5,100 zone after correcting sharply from recent highs above $5,500–$5,600, whereas the COMEX Silver rate today is trading near the $78–$83 zone after a sharp correction from record highs above $121. While the broader bullish structure remains intact on higher timeframes, the steep pullback has pushed prices below key moving averages, indicating short-term bearish pressure and an extended corrective phase."
FII and DII Data Highlights
FIIs remained net buyers during Monday's trading sessions, purchasing shares worth ₹2,255 crore. DIIs also turned out to be net buyers, acquiring shares worth ₹4 crore on the same day, reflecting continued domestic support amidst fluctuating market conditions.
USD vs INR: Rupee Faces Mild Pressure
Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, stated: "The Indian Rupee traded marginally weak by 6 paise at 90.70, feeling mild pressure as Gold and Silver prices surged again, increasing the overall import bill. The evolving India–US trade dynamics, including a potential shift from Russian oil imports toward higher-priced U.S. energy and products, are also adding near-term strain on the currency. Despite this, broader flows remain stable. Rupee is expected to trade in a range of 90.25–91.25 in the near term, with commodity prices and dollar index movement acting as key drivers."
Technical Outlook for Nifty 50 and Bank Nifty
Nilesh Jain, Head – Technical and Derivatives Research (Equity Research) at Centrum Broking, said: "The markets began the week with a gap-up opening, as the Nifty closed above the 25,800 mark and formed a Doji candle, indicating indecision among market participants. The index also reclaimed its 50-DMA, placed around 25,795, which is likely to act as immediate support. Momentum indicators remain supportive, with the MACD already signalling a buy crossover and the RSI sustaining above the 50 level. The overall structure appears positive, with an upside potential towards 26,000, a decisive break above this level could trigger short covering and lead the index towards 26,200."
Vatsal Bhuva, Technical Analyst at LKP Securities, added: "The Bank Nifty has closed with a minor consolidation breakout, indicating continuation of the prevailing uptrend. The index is sustaining above its short-term moving averages, which reinforces near-term strength. Momentum remains supportive, as the RSI has crossed above 60 and is holding above the 60 zone. The overall bullish chart structure remains intact, with the base gradually shifting higher, suggesting accumulation at higher levels. A buy-on-dips strategy can be adopted as long as the index sustains above the crucial 60,000 mark. On the levels front, immediate support is placed near 60,000, while resistance is seen around the 60,900 zone."
Stocks to Buy Today: Expert Recommendations
Stock market experts have recommended eight intraday stocks for today's trading session. These recommendations come from Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher.
Sumeet Bagadia's Stock Recommendations
- Karur Vysya Bank: Buy at ₹327, Target ₹351, Stop Loss ₹315.
- Ramco Cement: Buy at ₹1205, Target ₹1291, Stop Loss ₹1162.
Ganesh Dongre's Buy or Sell Stocks
- NAUKRI: Buy at ₹1178, Target ₹1230, Stop Loss ₹1150.
- HDFC Life: Buy at ₹708, Target ₹745, Stop Loss ₹690.
- Vedanta: Buy at ₹680, Target ₹720, Stop Loss ₹650.
Shiju Koothupalakkal's Intraday Stocks for Today
- LT: Buy at ₹4113, Target ₹4250, Stop Loss ₹4040.
- Belrise: Buy at ₹185, Target ₹197, Stop Loss ₹181.
- PTC India: Buy at ₹187.35, Target ₹200, Stop Loss ₹183.50.
Disclaimer: This story is for educational purposes only. 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.
