Stock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Monday, 20 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a weaker note on Monday, tracking subdued global cues as escalating tensions between the US and Iran, coupled with Brent crude oil climbing above $90 a barrel, dampened risk appetite.

Asian equities traded lower in early deals, while Wall Street ended last week on a weak note as selling pressure in semiconductor stocks weighed on investor sentiment.

On Friday, however, domestic equities ended sharply higher, supported by strong buying in heavyweight stocks ahead of the ongoing June-quarter earnings season. The BSE Sensex surged 964.58 points (1.25%) to close at 78,151.45, while the Nifty 50 rallied 261.55 points (1.09%) to settle at 24,334.30.

Geopolitical tensions remained elevated after the United States launched another wave of airstrikes on Iran on Monday following the reported death of another American service member. Iran, in response, fired missiles towards Jordan, raising concerns that the conflict could spill over further across the region, according to PTI. Bahrain also activated air raid sirens as the security situation deteriorated.

Oil prices continued their sharp advance amid fears of supply disruptions in the Middle East. Brent crude futures climbed 2.7% to $90.49 per barrel, after soaring nearly 16% last week, while WTI crude rose 2.3% to $84.42 per barrel.

Gold prices edged lower as persistent inflation concerns and hawkish comments from several US Federal Reserve policymakers strengthened expectations that interest rates could remain elevated. Spot gold slipped 0.4% to $4,000.55 per ounce, while US gold futures for August delivery fell 0.3% to $4,005.90. Spot silver bucked the trend, rising 0.9% to $56.42 per ounce.

Investors will also digest a slew of June-quarter (Q1 FY27) earnings announced over the weekend by major lenders, including HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Punjab National Bank (PNB), IDBI Bank, RBL Bank, and Punjab & Sind Bank, with management commentary expected to set the tone for the banking sector in the sessions ahead.

The Gift Nifty Live Chart shows a weak start for the Indian stock market today. By 7:31 AM, the Gift Nifty was trading around the 24,292.5level, a discount of 29.2 points from the Nifty futures’ previous close of 24,321.70.

Ponmudi R, CEO of Enrich Money, said, Indian equity markets are expected to open on a largely flat note, with GIFT Nifty trading around 24,345, marginally above Friday's Nifty close of 24,334, indicating a subdued start to the session. Investor sentiment is likely to remain cautious as escalating geopolitical tensions in the Middle East continue to cloud the global risk environment, with market participants closely assessing the risk of a broader regional conflict and its potential impact on global energy supplies. The heightened uncertainty has prompted a more defensive stance across financial markets, limiting investors' willingness to take aggressive directional bets.

Adding to the cautious mood, crude oil prices have advanced to the $83–84 per barrel range as concerns over prolonged supply disruptions in the Middle East persist.

Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 has rebounded sharply from its key support zone and has breached the 24,300 resistance, indicating renewed buying interest at lower levels. A sustained move above the 24,400 zone, which

coincides with 200-day EMA, could pave the way for an extension towards the 24,600 mark and beyond. On the downside, the 24,000 mark is expected to provide near-term support, followed by the 23,800 zone.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to trade with a positive bias, supported by sustained buying interest and an improving technical structure. From a technical perspective, the 58,600–58,700 zone remains the immediate resi...