The global markets have started the day on a cautious note, following a sharp overnight sell-off in the US. The S&P 500, Nasdaq, and Dow extended their losing streak as investors booked profits in high-valuation technology and AI stocks. This has led to a risk-off tone in the markets, with investors staying defensive ahead of the release of US consumer price inflation data.
Market Outlook
The Asian markets have opened on a weak note, mirroring the subdued tone on Wall Street. This pressure is likely to spill over into Indian equities at the open. However, the selling seen so far does not reflect panic; instead, it appears to be a valuation-led reset following a strong rally.
Nifty 50 and Bank Nifty Outlook
Ponmudi R, CEO of Enrich Money, says that the Nifty 50 continues to trade within a rising channel structure. The 25,800–25,700 zone remains a critical near-term support and a decision-making area. As long as this base holds, the broader uptrend stays intact despite near-term volatility and global weakness.
For the Bank Nifty index, Ponmudi R says that it is consolidating after a strong up-move, with 58,800 emerging as an important support floor. Holding above this level maintains a constructive structure and signals a healthy digestion of gains. A sustained move above 59,000–59,100 would indicate renewed strength and continuation of the uptrend.
Currency Outlook
Jateen Trivedi, VP Research Analyst - Commodity and Currency, says that the rupee rebounded sharply from near 91.00 to around 90.35, likely aided by intervention, snapping a multi-day losing streak. However, the sustainability of this recovery remains uncertain, as clarity on the India–US trade deal is still awaited, and FII selling continues.
Stocks to Buy Today
Stock market experts have recommended the following eight intraday stocks for today:
- Shriram Finance: Buy at ₹864, Target ₹924, Stop Loss ₹834
- Canara Bank: Buy at ₹150, Target ₹160, Stop Loss ₹145
- IndusInd Bank: Buy at ₹830, Target ₹870, Stop Loss ₹810
- Punjab National Bank (PNB): Buy at ₹119, Target ₹125, Stop Loss ₹114
- Tech Mahindra: Buy at ₹1580, Target ₹1625, Stop Loss ₹1560
- Bank of Baroda: Buy at ₹287.60, Target ₹305, Stop Loss ₹280
- Suprajit Engineering: Buy at ₹469.50, Target ₹495, Stop Loss ₹458
- Jyothy Labs: Buy at ₹287.50, Target ₹307, Stop Loss ₹281
Remember, this is a perspective, not a prediction. Do your own research and consult with certified experts before making any investment decisions.