Nifty Points to Possible Gap-Up Opening, US-Iran Tensions and Market Sentiment to Influence Trading

Indian Stock Market Experiences Sharp Sell-Off Ahead of Market Close on Monday

The Indian stock market witnessed a sharp sell-off ahead of the market close on Monday, driven by weakness in IT, telecom, and banking stocks. Despite early strength driven by robust Q4 earnings from HDFC Bank and ICICI Bank, which reinforced confidence in the financial sector's resilience, the positive momentum faded as the session progressed.

The Nifty 50 index finished 11 points higher at 24,364, while the BSE Sensex ended 26 points higher at 78,520. The Bank Nifty index ended marginally higher at 56,582. PSU banks and financials outperformed during the initial phase, providing a strong cushion to the broader indices.

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The positive sentiment within banking stocks was further bolstered by YES Bank's strong profit growth. However, the sell-off post 3 pm weighed on the indices, triggered by a combination of global and domestic factors.

Gift Nifty Index Signals

The Gift Nifty index today opened upside at 24,443, but failed to sustain at higher levels and retraced from the intraday high. By 8:35 AM, the index is trading 68 points higher at 24,410. Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, expected a gap-up opening for the Indian stock market today, with Gift Nifty indicating an opening around the 24,400 zone.

Global Market Today

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Global cues remain mixed and somewhat fragile. US markets closed lower in the previous session amid renewed geopolitical tensions following a turbulent weekend that cast uncertainty over US–Iran peace negotiations. This has kept risk sentiment cautious at a broader level. Asian markets, however, are showing resilience, with Japan's Nikkei trading higher by over 400 points and South Korea's Kospi continuing to outperform.

US-Iran Latest News

President Donald Trump on Monday (April 20) indicated that the fragile ceasefire between the United States and Iran is unlikely to be extended, raising the stakes ahead of a looming deadline. The warning underscores growing tensions as negotiations remain uncertain and time runs short.

Gold and Silver Rates Today

Following the range-bound trade in the WTI crude oil, gold and silver rates are moving flat in the international market. The COMEX gold rate today is around $4,825/oz, while the COMEX silver rate is oscillating around $79.50/oz. Kaynat Chainwala, AVP — Commodity Research at Kotak Securities, expects the primary driver of gold and silver rates to remain the evolving US–Iran war.

Stocks in Focus Due to Q4 Results Today

Back home, today's session is likely to be influenced significantly by stock-specific action as the earnings season gathers pace. Key companies in focus include HCL Technologies, Nestle India, and Tata Elxsi, all of which are scheduled to announce their results. Management commentary, particularly around demand visibility and margin outlook, will be closely tracked and could drive sectoral moves.

India VIX Today

With weekly expiry today, derivatives activity is expected to drive heightened volatility and add complexity to price action. India VIX, currently around 18.7, suggests that option premiums remain relatively elevated, reflecting continued market uncertainty.

Stock Market Outlook

Osho Krishan, Chief Manager — Technical & Derivative Research at Angle One, expects the underlying bias to remain constructive, supported by recent price action, indicating that declines are likely to attract buying interest and reinforce a buy-on-dips strategy. On the downside, the 24,100–23,900 zones are expected to provide immediate support and act as a cushion against deeper corrections.

Stocks to Buy Today

Market experts have recommended the following eight buy-or-sell stocks for intraday trading:

Note: The above recommendations are based on the views of market experts and should not be considered as investment advice.