Stock market today: Gift Nifty hints a cautious start; eight day trading stocks to buy on Wednesday, 22 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note on Wednesday, 22 July, as elevated crude oil prices and escalating geopolitical tensions in the Middle East continue to weigh on investor sentiment despite positive global cues.

Asian markets traded sharply higher, while Wall Street ended overnight with strong gains, led by a rebound in semiconductor stocks. However, concerns over the ongoing US-Iran conflict and rising energy prices are expected to keep domestic markets under pressure.

On Tuesday, Indian equities ended lower for a second straight session. The Sensex fell 238.41 points, or 0.31%, to close at 77,470.11, while the Nifty 50 declined 50.80 points, or 0.21%, to settle at 24,187.70.

The US military said it had carried out its 11th consecutive day of strikes on Iran, targeting military operations centres, maritime assets, aircraft hangars, drone storage facilities and logistics infrastructure. Meanwhile, US President Donald Trump said Washington could soon target the area near Pickaxe Mountain, signalling a further escalation in hostilities.

Trump also announced a phased tariff plan on imported generic medicines. Under the proposal, generic drugs imported into the US will continue to face zero tariffs until August 2028, after which duties will rise to 100% for one year, then to 200%.

Oil prices extended their rally amid fears of fresh supply disruptions as the conflict in the Middle East intensified. Brent crude climbed 1.22% to $92.12 per barrel, while US West Texas Intermediate (WTI) crude gained 1.09% to $85.26 per barrel.

Gold prices remained firm after surging nearly 2% in the previous session on safe-haven demand. Spot gold rose 0.1% to $4,080.79 an ounce, while spot silver traded little changed at $58.83 an ounce

The Gift Nifty Live Chart shows a cautious start for the Indian stock market today. By 7:43 AM, the Gift Nifty was trading around the 24,111.5 level, a discount of 69.1 points from the Nifty futures’ previous close of 24,180.60.

Ponmudi R, CEO of Enrich Money, said that Indian equities are poised for a measured start on Wednesday, with positive global cues expected to underpin sentiment, although elevated crude oil prices and persistent geopolitical tensions are likely to temper risk appetite.

Asian markets are trading sharply higher, led by a rally in technology shares, with South Korea's Kospi surging more than 5% and Japan's Nikkei 225 advancing nearly 2%. The strong performance across regional equities reflects improving investor confidence and a broader shift toward risk assets.

Still, gains in domestic markets may remain measured as crude oil prices continue to hover near the $84–85 per barrel range. The renewed strength in oil prices is keeping investors cautious about its potential impact on India's inflation outlook, import bill, and corporate margins, limiting the scope for aggressive buying despite the constructive global backdrop.

Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 continues to consolidate within its prevailing range while holding firmly above the crucial 24,000 support zone. We expect this range-bound trend to persist, given the mixed performance of the key heavyweight sectors, particularly banking and IT. We therefore continue to advocate a stock-specific approach, preferring relatively stronger sectors while maintaining disciplined risk and position management, especially for leveraged trades.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to hold a cautious undertone, though it remains constructive by trading above all key moving averages, the 20, 50, 100, and 200-day EMAs, as the index attempts to stabilise after recent weakness. The 58,000–58,100 zone is immediate resistance, and a sustained move above it could revive bullish momentum, paving the way for an advance towards...