Stock market today: Gift Nifty hints a flat start; eight day trading stocks to buy on Friday, 17 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note on Friday, tracking weak global cues amid investor concerns over escalating geopolitical tensions in the Middle East and their impact on commodity prices.

Asian markets traded lower in early deals, while Wall Street ended sharply lower overnight, led by a selloff in semiconductor stocks that weighed on broader market sentiment.

On Thursday, Indian equities ended largely flat as persistent concerns over the US-Iran conflict and elevated crude oil prices kept investors on the sidelines. The BSE Sensex edged up 1.44 points to close at 77,186.87, while the Nifty 50 slipped 5.75 points, or 0.02%, to settle at 24,072.75.

Geopolitical risks remained elevated after the United States expanded its military campaign against Iran, carrying out fresh airstrikes that increasingly targeted key bridges and transport infrastructure. In response, Iran launched another wave of missile attacks on US-allied nations in the Middle East and warned that its military response would intensify further.

US retail sales rose 0.2% in June, indicating resilient consumer spending despite a challenging economic environment. The increase followed an upwardly revised 1.0% growth in May. The reading matched economists' expectations in a Reuters poll, suggesting consumer demand remains relatively steady.

Crude oil prices extended their rally as fears of supply disruptions in the Middle East continued to support energy markets. Brent crude futures climbed 1.27% to $85.30 per barrel, while WTI crude gained 1.23% to $79.92 per barrel. For the week, both Brent and WTI were on track to post gains of more than 11%, marking their strongest weekly performance since April.

Gold prices steadied after a sharp decline in the previous session but remained on course for their largest weekly loss since early June, as expectations of tighter US monetary policy weighed on bullion. Spot gold edged up 0.1% to $3,980.17 per ounce, recovering slightly after a 2% fall on Thursday. Spot silver traded marginally lower at $55.50 per ounce.

The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:42 AM, the Gift Nifty was trading around the 24,095.5level, a discount of 0.9 points from the Nifty futures’ previous close of 24,096.40.

Ponmudi R, CEO of Enrich Money, said Indian markets are expected to trade with a cautious bias as escalating geopolitical tensions in the Middle East, elevated crude oil prices, and sustained pressure on the Indian rupee continue to weigh on investor sentiment. Gift Nifty is trading around 24,143.50, compared with the Nifty’s previous close of 24,072.75, indicating a flat-to-mildly positive start for domestic equities. However, the market’s ability to build on recent gains and sustain upward momentum is likely to remain fragile amid an uncertain geopolitical backdrop and the risk of profit-booking at higher levels.

Foreign Portfolio Investors (FPIs) remained net sellers during the previous session, offloading domestic equities worth ₹4,200 crore, reflecting heightened caution among global investors amid prevailing geopolitical and macroeconomic uncertainties.

Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 remained range-bound, facing resistance in the 24,200 zone while holding above its immediate support of 24,050, where the 20-day EMA coincides with the rising trendline.

On an immediate basis, a break below 24,050 could drag the index towards the crucial 23,800 level. On the upside, a decisive breakout above 24,200-24,300 may pave the way for an up move towards 24,500–24,600. We therefore recommend maintaining a stock-specific approach while adhering to disciplined risk and position management.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the Bank Nifty continues to trade with a mildly weak undertone,...