The Indian stock market is expected to open on a slightly weaker note, as indicated by GIFT Nifty trading 0.1% lower at 24,232.50 as of 8:30 am, following a broader global market decline. According to Associated Press, the S&P 500 fell 0.4% despite majority of stocks within the index rising, while the Nasdaq composite dropped 1.2% and the Dow Jones Industrial Average fell 130 points from its record high. The weakness was primarily driven by artificial intelligence stocks, with drops of 6.5% for Advanced Micro Devices, 9.7% for Intel and 4.7% for Micron Technology being the heaviest weights on the market. This global selloff has created headwinds for Indian markets despite positive domestic technical indicators.
The Nifty 50 appears to be moving away from the 24,500 mark after witnessing gains in the previous sessions, as reported by ET Now. According to SEBI-registered Research Analyst Kunal Bothra, the 24,000 level is likely to act as a key support zone for the NSE's benchmark index, while 24,500 remains a crucial resistance level. This technical analysis provides important context for today's trading session and market direction, particularly as global AI stock weakness creates additional pressure on technology-heavy indices.
For today's trading session, Kunal Bothra has recommended 3 stocks to either BUY or SELL in today's trading session, according to ET Now. The analyst's picks include PNB Housing, TMPV, and ITC Hotels, though specific share price targets were not detailed in the report. These recommendations come as the market prepares for a potentially weaker opening based on GIFT Nifty indicators and global AI stock weakness, suggesting selective opportunities despite broader market headwinds.
Several brokerages have issued buy recommendations on key stocks with specific targets despite the challenging market environment. Citi maintains buy ratings on Kalyan Jewellers with a target price of ₹750 and Info Edge with a target of ₹1,400, as reported by ET Now. Motilal Oswal recommends Marico with a target of ₹1,000, while Elara Capital maintains its buy rating on InterGlobe Aviation without specifying a target price. These recommendations suggest selective opportunities as global AI stock weakness creates potential value in other sectors.
