Nifty Signals Gap-Down Opening: Three Stocks to Consider Buying Today
Indian Stock Market Remains Volatile Amid US-Iran Tensions
The Indian stock market witnessed a mixed trend on Thursday, ending flat despite a sharp cooling in crude oil prices. The key benchmark indices, Nifty 50 and BSE Sensex, remained volatile, with the Nifty 50 index ending marginally lower at 24,326 and the BSE Sensex shedding 114 points to close at 77,844.
The Bank Nifty index, however, added 66 points to close at 56,047. Sectorally, the trend remained mixed, with auto, energy, and realty stocks leading the gains, while FMCG and IT stocks traded under pressure. The broader markets continued to outperform, with the midcap index hitting a fresh record high and gaining over 1%, while the smallcap index also advanced nearly 1%, reflecting sustained risk appetite and improving market breadth.
Crude Oil Prices Put Pressure on Gift Nifty Live Chart
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
The sharp cooling in crude oil prices amid optimism surrounding a potential US-Iran peace agreement put pressure on the Gift Nifty live chart. WTI crude oil prices opened higher and reached an intraday high of $98.02/bbl, but by 6:50 AM IST, WTI crude oil was trading around $96 per barrel, up 1.25% from yesterday's close. This led to a gap-down opening on the Gift Nifty index, which opened lower at 24,309 and touched an intraday low of 24,281.
| Index | Opening Price | Intraday Low | Intraday High |
|---|---|---|---|
| Gift Nifty | 24,309 | 24,281 | 24,295 |
| WTI Crude Oil | $96 | - | $98.02 |
Outlook for Nifty 50 and Bank Nifty
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market sentiment is cautiously positive. However, Prabhudas Lilladher predicted a gap-down opening on Dalal Street, as the Gift Nifty index is trading red, down over 100 points in the early morning session.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Speaking on the outlook for the Nifty 50, Parekh said that the 50-stock index witnessed consolidation near the 24,300 zone, with a narrow, range-bound session, closing flat, with bias and sentiment maintained positive, with a slightly cautious approach.
| Index | Support Level | Resistance Level |
|---|---|---|
| Nifty 50 | 24,000 | 24,600 |
| Bank Nifty | 54,400 | 57,200 |
Stock Recommendations for Today
Vaishali Parekh recommended the following three buy-or-sell stocks:
- IEX: Buy at ₹132, Target ₹138, Stop Loss ₹130
- KEC International: Buy at ₹600, Target ₹625, Stop Loss ₹590
- Sula Vineyards: Buy at ₹175, Target ₹185, Stop Loss ₹170
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