Indian Stock Market Today: Trade Deal Optimism Drives Positive Sentiment
Following a robust session on Tuesday, the Indian stock market is poised to maintain its upward trajectory, largely fueled by encouraging developments in the ongoing India–United States trade negotiations. This positive progress stands as the primary catalyst for market sentiment, having revitalized confidence among investors. The improved clarity surrounding external trade risks has particularly reignited interest in export-oriented sectors, contributing to the market's buoyancy.
While the possibility of profit-booking and range-bound movement cannot be entirely dismissed after the recent multi-day rally, the overall landscape remains constructive. Factors such as easing global uncertainties, sustained momentum in domestic capital expenditure, and a stable macroeconomic backdrop continue to support a favorable near- to medium-term outlook. Early indications of renewed participation from Foreign Institutional Investors (FIIs), spurred by trade-related optimism, are further enhancing the positive market undertone.
The direction of the market today will hinge significantly on whether fresh follow-through buying materializes or if indices take a pause to consolidate at the elevated levels achieved. Market participants are closely monitoring these dynamics as the trading session unfolds.
Gold and Silver Rates Witness Strong Bullish Momentum
Gold and silver prices have demonstrated remarkable strength, building on a solid rebound witnessed on Tuesday. During the early morning deals on Wednesday, the COMEX gold rate opened on a positive note, reaching an intraday high of $5,075 per ounce. This movement represented an impressive intraday gain of approximately 2.75%, underscoring the bullish sentiment in the precious metals market.
Similarly, the COMEX silver price exhibited robust performance, opening with an upside gap and touching an intraday high of $87.345 per ounce. This surge translated to a gain of around 4.50%, highlighting the strong buying interest in silver.
Providing insights into the outlook for gold and silver rates, Rahul Kalantri, Vice President of Commodities at Mehta Equities, stated, “The COMEX gold rate today has support at $4655 and $4575 per ounce, while resistance is observed at $4860 and $4950 per ounce. For COMEX silver, support levels are placed at $74.8 and $69.75 per ounce, with resistance anticipated at $88.15 and $94.80 per ounce.”
Indian Rupee Strengthens Against US Dollar Post Trade Deal
The Indian National Rupee (INR) exhibited significant strength against the US Dollar (USD) following the announcement of the India-US trade agreement. Jateen Trivedi, Vice President of Research for Commodity & Currency at LKP Securities, commented, "The Indian Rupee traded sharply stronger, appreciating by ₹1.28 or nearly 1.40% following the US–India trade deal announcement. The agreement has significantly improved sentiment, as expectations of stronger trade flows and potential FII inflows have boosted confidence in the domestic currency.
At present, USDINR is quoting near 90.25. The immediate resistance for the rupee is seen around 89.90, while 90.50 now acts as an important base support. As long as the rupee sustains above the 90.50 zone, the overall bias remains positive, with appreciation likely to continue if global risk sentiment remains stable and capital inflows strengthen."
Expert Views on Nifty 50, Sensex, and Bank Nifty
Shrikant Chouhan, Head of Equity Research at Kotak Securities, shared his perspective on the Nifty 50 and Sensex: “We are of the view that the short-term market outlook remains positive, but a strategy of buying on dips and selling on rallies would be ideal for traders. On the downside, retracement support is placed at 25,500/83,000 and 25,350/82,500, while 25,900/84,300 and 26,000/84,500 would act as immediate resistance levels for the bulls. However, below 25,350/82,500, the uptrend could become vulnerable.”
Analyzing the Bank Nifty, Vatsal Bhuva, Technical Analyst at LKP Securities, noted: "The Bank Nifty index closed with a bearish candlestick on the daily chart while managing a breakout above the falling trendline, indicating a mixed but evolving structure. The RSI has entered a bullish crossover, suggesting improving momentum. However, Tuesday’s move was largely driven by news and event-based triggers, making the follow-up session crucial to validate the breakout's sustainability. If the index holds above its 20-day and 50-day moving averages in the coming sessions, strength can be confirmed. Immediate support is placed at 59,800, while resistance is seen near 61,700 levels."
FII and DII Turn Net Buyers Amid Buoyant Mood
Reflecting the optimistic market environment post the trade deal announcement, both Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) emerged as net buyers on Tuesday. Data indicates that FIIs purchased Indian shares worth ₹5,236 crore, while DIIs bought shares amounting to ₹1,014 crore, contributing to the positive market sentiment.
Stocks to Buy Today: Expert Recommendations
Market experts have identified several stocks for intraday trading opportunities. 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, have recommended the following eight stocks for today:
- Ashok Leyland
- SBI
- Paytm
- Hindustan Petroleum
- UPL
- Maruti Suzuki
- Zydus Life
- CONCOR
Sumeet Bagadia's Stock Recommendations
- Ashok Leyland: Buy at ₹200, Target ₹214, Stop Loss ₹193. The stock is trading at ₹200, having recently achieved an all-time high of ₹203 after breaking out of a consolidation phase. This bullish pattern signals a potential shift in sentiment and the start of a long-term uptrend, supported by increased volume indicating strong market participation.
- SBI: Buy at ₹1064, Target ₹1142, Stop Loss ₹1025. Trading around ₹1064, SBI recently marked an all-time high of ₹1089.8 post-consolidation breakout. The daily chart structure remains constructive with higher highs and higher lows, reinforcing the strength of the ongoing uptrend.
Ganesh Dongre's Buy or Sell Stocks
- Paytm: Buy at ₹1190, Target ₹1220, Stop Loss ₹1145. Exhibiting a strong bullish pattern, the stock is at ₹1190 with solid support at ₹1145, indicating sustained investor interest and positive momentum.
- Hindustan Petroleum: Buy at ₹450, Target ₹470, Stop Loss ₹440. Showing a continuous bullish pattern, the stock presents a promising opportunity for short-term traders, with signs of renewed strength from a support base.
- UPL: Buy at ₹740, Target ₹780, Stop Loss ₹720. Displaying a notable bullish pattern, UPL offers another attractive option for short-term trading strategies.
Shiju Koothupalakkal's Intraday Stocks for Today
- Maruti Suzuki: Buy at ₹14782, Target ₹15400, Stop Loss ₹14500. After a correction from ₹17370, the stock is consolidating near the 200-period MA at 14400. A revival is indicated, with the RSI showing a positive trend reversal from an oversold zone, signaling buy potential.
- Zydus Life: Buy at ₹902, Target ₹945, Stop Loss ₹880. Following a sharp decline, the stock shows support near ₹865 and is moving past the 100-period MA at ₹892 with volume participation, improving bias for an upward move. The RSI indicates increasing strength.
- CONCOR: Buy at ₹528, Target ₹565, Stop Loss ₹516. The stock has picked up significantly, indicating a falling channel breakout at ₹520 with rising volume, suggesting further upward movement. The RSI has moved out of the oversold zone, supporting continued positive momentum.
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.
