Indian markets are expected to open on a weaker note on Friday (July 24), taking cues from the weak US market close and sluggish Asian markets. According to reports from ET Now, the Gift Nifty was down 0.9 per cent, or 210 points, at 23,653 as of 8:15 am, indicating a lower opening for the Nifty 50. The weaker opening is primarily being attributed to rising oil prices, which are adding to global market concerns. Ahead of the session, SEBI-registered Research Analyst Kunal Bothra has identified 23,500 as a key support level for today's trading session, while 24,000 is expected to act as resistance for the NSE's benchmark index. The Gift Nifty is widely regarded as a leading indicator of the Nifty 50's opening, as its overnight trading often signals the expected direction of the Indian market at the opening bell.
Asian markets showed broad weakness with South Korea's KOSPI plunging 5.7 per cent, or 403.95 points, to 6,691.17. According to ET Now reports, Japan's Nikkei 225 slipped 3.2 per cent to 64,312, while Hong Kong's Hang Seng was down more than 1.2 per cent, or 320 points, at 24,889. The previous session saw the 30-share BSE Sensex decline 363.66 points, or 0.47 per cent, to settle at 76,391.39, dragged down by heavyweight stocks such as Reliance Industries, HDFC Bank, Bharti Airtel, and Bajaj Finance. The 50-share NSE Nifty fell 126.65 points, or 0.53 per cent, to close at a three-week low of 23,869.60, with realty, energy, and banking stocks emerging as the biggest drags during the session.
Despite the weak market sentiment, brokerages have highlighted several stocks that may offer trading opportunities on July 24. According to ET Now reports, InterGlobe Aviation (IndiGo) receives positive coverage with Citi raising its target to ₹5,800 and maintaining a BUY rating, while Elara Capital maintains a BUY with a target price of ₹6,020. SJS Enterprises receives a new BUY rating from Goldman Sachs with a target price of ₹2,850, and Pricol also gets a BUY rating from Goldman Sachs with a target price of ₹780. UTI Asset Management Company receives an ADD rating from Emkay with a target price of ₹1,200, and HPCL also maintains an ADD rating from Emkay with a target price of ₹410.
The previous trading session saw significant pressure on Indian equities, with the NSE Nifty falling 126.65 points, or 0.53 per cent, to close at a three-week low of 23,869.60. As reported by ET Now, realty, energy, and banking stocks emerged as the biggest drags during the session. The BSE Sensex declined 363.66 points, or 0.47 per cent, to settle at 76,391.39, reflecting broad-based selling pressure across major sectors of the Indian equity market.
