Indian markets are expected to open steady on Tuesday, July 23, with GIFT Nifty trading flat at 23,875 points as of 8:10 am. According to ET Now, GIFT Nifty acts as a leading indicator for the Nifty 50's opening since its overnight trading frequently predicts the Indian market's expected move at the opening bell. The positive sentiment from Asian markets may provide support to Indian equities, with analyst Kunal Bothra highlighting specific trading opportunities for the session.
Asian markets showed strong performance on July 23, with major indices trading higher overall. As reported by ET Now, South Korea's KOSPI climbed 2.5% or 170 points to 6,966.47, while Japan's Nikkei 225 rose 0.5% to 66,424.44. Hong Kong's Hang Seng Index was up more than 1% or about 300 points to 25,177.03. The positive trend across major Asian markets is expected to provide support to Indian equities, with the rise in GIFT Nifty acting as an early indicator of market sentiment.
The Indian stock market extended losses for a third consecutive session, with the NSE Nifty 50 declining 191.45 points or 0.79% to close at 23,996.25. According to ET Now, the decline was led by losses in banking and financial stocks as investors remained cautious amid escalating tensions between Iran and the United States and rising crude oil prices. The previous session saw the 30-share BSE Sensex close 443 points lower at 77,708.52, while the NSE Nifty declined 95.80 points to settle at 24,238.50. Expectations of a steady opening come after domestic markets ended the previous session on a slightly negative note.
SEBI-registered Research Analyst Kunal Bothra has identified specific trading opportunities for July 23, with PI Industries as a buy target at ₹2,755 and BSE as a sell target at ₹3,578. As reported by ET Now, the analyst has set a support level of 23,500 for today's trading session, with 24,200 acting as resistance level for the NSE's benchmark index. The recommendations come as part of building on the positive sentiment from Asian markets and the steady GIFT Nifty indicators, with both stocks having specific target prices and stop-loss levels established.
