The Gift Nifty Live Chart indicated a positive-to-positive opening on Monday, with the index trading around 50 points above Thursday's spot Nifty close. According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the index was trading near 24,107.5, reflecting a 50-point premium over the Nifty 50 index's previous close. As reported by LiveMint, Parekh believes a positive start was indicated and achieved the 24,250 zone in the first half of the trading session, with profit booking seen post lunch to fizzle out gains and ended near the 24,050 level. The Nifty 50 index is currently trading within a tight range of 24,200 and 23,800 levels for quite some time, with the index sustaining the important support near the 50-EMA at the 23,800 level and indicating a revival to close near the 24,000 zone.
According to Parekh's analysis, the Nifty 50 index would have the important support positioned near the 23,800 zone, which needs to be sustained. On the upside, the crucial tough resistance hurdle near the 24,350 zone needs to be breached decisively to establish conviction and clarity for further upside positive move. For the Bank Nifty index, the key benchmark index witnessed a recovery from the 57,500 zone to end near the 58,000 zone with a positive bias maintained, sustaining above the important 200-period MA at the 57,200 zone maintained as the near-term support and has been overall moving within a narrow range for quite some time.
The key benchmark indices of the Indian stock market are expected to trade on a cautious note as investors weigh encouraging geopolitical developments against weak global market cues. Qatar has stated that the latest round of indirect US–Iran talks has made "positive progress," keeping hopes of a broader diplomatic resolution alive. However, sentiment across Asian markets remains subdued following a sharp sell-off in US technology stocks, with Japan's Nikkei declining nearly 2% in early trade and South Korea's Kospi falling by more than 6%, reflecting a cautious global risk environment. Crude oil prices are currently trading in the $67–68 per barrel range, marking fresh lows and providing a favourable backdrop for India's macroeconomic outlook as energy supplies continued to flow smoothly through the Strait of Hormuz, easing fears of supply disruptions.
Vaishali Parekh recommended three buy-or-sell stocks for today's trading session. According to LiveMint, the latest recommendations include Mazagon Dock Shipbuilders at ₹2534 with a target of ₹2600 and stop loss at ₹2480, GMDC at ₹605 with a target of ₹630 and stop loss at ₹590, and EID Parry at ₹719 with a target of ₹750 and stop loss at ₹705. The expert believes the Indian stock market is range-bound, with the Nifty 50 index trading between 23,800 and 24,200, and a bullish or bearish trend can be assumed on the breakage of either side of this range.
