The Indian stock market is expected to open on a cautious-to-weak note today, as soaring bond yields weigh on global equity markets. According to reports from LiveMint, the Gift Nifty index opened lower at 23,504 and hit an intraday low of 23,405, suggesting a weak start for the Indian stock market. By 7:15 AM, the index was oscillating around 23,420, nearly 150 points below the previous close of the spot Nifty. The weakness is attributed to renewed concerns around potential escalation in the Middle East, with broader Asian markets opening under pressure after U.S. President Donald Trump's statement that he was "an hour away" from authorising military action against Iran before eventually postponing the decision.
According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the Nifty 50 index is facing a strong hurdle at 23,770, while the 50-stock index has made a strong base at 23,200. As reported by LiveMint, the Nifty 50 index witnessed tough resistance near the 23,770 zone during the intraday session and after a rangebound movement slipped down in the final hours to end near the 23,600 zone. Parekh noted that the index would have the near-term support at the 23,200 zone, which needs to be sustained to maintain the overall bias intact, while on the upside, the 24,300 band shall be the tough resistance hurdle.
Regarding Bank Nifty, Parekh of Prabhudas Lilladher said the key index witnessed a narrow range-bound session, resisting near the 53,700 zone, with the bottom capped near the 53,350 level and closed in the red near the crucial support zone of 53,400 level. As reported by LiveMint, a decisive move below the 53,500 zone shall open the gates for downward movement triggering for fresh targets of 51,800 and 50,000 levels expected in the coming days. On the upside, a decisive move past the 50EMA level of 55,500 is necessary to establish conviction and improve the bias.
Despite the weak market opening signals, Vaishali Parekh of Prabhudas Lilladher has recommended three buy-or-sell stocks for today's trading session. According to LiveMint, her recommendations include KPIT Technologies at ₹740 with a target of ₹760 and stop loss at ₹730, Asahi Songwon at ₹232 with a target of ₹243 and stop loss at ₹228, and Federal Bank at ₹284 with a target of ₹292 and stop loss at ₹280. These recommendations come as the market faces geopolitical uncertainties and global equity market pressures.
