The Indian stock market is expected to start on a slightly weaker note on Tuesday (September 1), as indicated by GIFT Nifty trading at 24,183 as of 8:20 am IST. According to reports from ET Now, GIFT Nifty serves as a pre-market indicator for the Nifty 50 and often signals whether the benchmark index is likely to open higher, lower or flat based on global market cues. Nifty support level stands at 24,000 with resistance levels at 24,200 and 24,500.
SEBI-registered research analyst Kunal Bothra has recommended Engineers India (EIL) with a share price target of ₹288 and stop loss at ₹255. As reported by ET Now, he also recommends FSN E-Commerce Ventures (Nykaa) with a target of ₹348 and stop loss at ₹332. Both stocks are positioned as potential buying opportunities for Tuesday's trading session.
On August 31, the 30-share BSE Sensex dropped 307.24 points, or 0.40 per cent, to settle at 76,957.27. According to ET Now, twenty of its constituents ended lower while 10 closed with gains. During the day, it tanked 513.19 points, or 0.66 per cent, to 76,751.32. The 50-share NSE Nifty dropped 95.25 points, or 0.39 per cent, to end at 24,080.40.
Asian markets showed mixed performance with Japan's Nikkei 225 down around 0.4 per cent at 66,038. As reported by ET Now, South Korea's KOSPI traded about 0.8 per cent lower at 6,771.66, while Hong Kong's Hang Seng was down 1.4 per cent at 25,265. China's Shanghai Composite ticked lower by 0.2 per cent at 3,979.78. These negative Asian cues are contributing to the expected weaker opening for Indian markets.
