New Delhi, Aug. 24 — The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat to positive on Monday, 24 August, amid mixed global market cues.
Gift Nifty trends also pointed to a positive start for domestic equities. Gift Nifty was trading near 24,352, at a premium of around 60 points to the previous close of Nifty futures.
In the previous session, domestic benchmark indices ended largely flat, with the Nifty 50 remaining below the 24,300 mark. The Sensex edged up 3.11 points to close at 77,540.83, while the Nifty 50 slipped 20.15 points, or 0.08%, to settle at 24,252.
US Treasury Secretary Scott Bessent is scheduled to hold a press conference on Monday to unveil fresh sanctions against Iran as part of what he has described as the largest campaign of “coordinated economic isolation” in history.
The announcement follows US President Donald Trump’s warning last week that Washington would launch the “most crushing economic operation ever taken against any country” against Iran.
Crude oil prices fell more than 1% on Monday as investors booked profits ahead of Washington’s expected announcement on further sanctions against Iran, which could potentially disrupt crude supplies from the Middle East.
Brent crude futures declined $1.22, or 1.29%, to $93.17 per barrel, while US West Texas Intermediate (WTI) crude fell $1.20, or 1.38%, to $85.86 per barrel.
Both benchmarks had recorded their second consecutive weekly gains last week, rising more than 5%, after peace talks between the US and Iran reached a deadlock.
The Gift Nifty Live Chart shows a flat-to-positive start for the Indian stock market today. By 8:04 AM, the Gift Nifty was trading around the 24,375 level, a premium of 89 points from the Nifty futures’ previous close of 24,286.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are set to begin the week on a cautious note as persistent tensions in the Middle East and elevated crude oil prices continue to temper risk appetite. Crude prices remain firm, with WTI trading near $86 a barrel as markets brace for fresh US sanctions against Iran amid an already prolonged geopolitical standoff. Early indications from GIFT Nifty futures, trading in the 24,300-24,350 range against the Nifty’s previous close of 24,252, suggest a largely flat to marginally positive start for domestic equities.
Middle East tensions continue to shape the broader market mood. Iran has warned of retaliation against countries participating in the US “economic war,” reinforcing concerns that the confrontation could deepen rather than ease in the near term. For Indian investors, the prolonged US-Iran standoff and its implications for energy prices remain a key source of uncertainty.
Asian markets are trading softer in early dealings, offering little support to the domestic setup. Japan’s Nikkei 225 is down more than 0.5%, while South Korea’s Kospi has fallen around 1.5%. Technology stocks are also likely to remain in focus as Asia enters a busy earnings week, with investors looking to corporate results for evidence that the heavy investment cycle surrounding artificial intelligence can sustain its momentum.
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 appears to have lost some momentum, and a phase of consolidation seems likely. The index is expected to find support in the 24,100-24,000 zone, while the 24,300-24,400 region is likely to act as the immediate resistance band. Given the prevailing market setup, we recommend maintaining a cautious stance on the index and focusing on selective stock-specific opportunities.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is expected to maintain a comparatively stronger technical setup, with the index continuing to demonstrate relative resilience. However, the broader structure remains range-bound, with the index facing resistance at higher levels. From a technical perspective, the 57,800-58,000 zone remains the immediate resistance area. A sustained breakout above 58,000 could strengthen buying momentum and pave the way for an advance towards the 58,300-58,500 region.
On the downside, 57,400-57,300 remains the immediate support zone, followed by the stronger 57,100-57,000 region. Holding above these levels will be important to preserve the prevailing recovery structure, while a decisive break below 57,000 could trigger renewed selling pressure and weaken the near-term technical bias. Overall, the near-term outlook for Bank Nifty remains cautiously constructive, with 58,000 acting as the immediate breakout trigger and 57,000 serving as the key downside support.
Regarding stocks to buy today, market experts – Sumeet Bagadia of Choice Broking, Ganesh Dongre, and Senior Manager – Technical Research at Anand Rathi, recommended these eight buy-or-sell stocks for intraday trading: RateGain Travel Technologies Ltd, V-Mart Retail Ltd, ICICI Lombard General Insurance Company Ltd, Jindal Steel Ltd, NBCC (India) Ltd, Ather Energy Ltd, GE Vernova T&D India Ltd, and NOCIL Ltd.
Buy RateGain Travel Technologies in cash at Rs.992; SL at Rs.936; TGT at Rs.1,070
Buy V-Mart Retail in cash at Rs.839; SL at Rs.795; TGT at Rs.900
Buy ICICI Lombard General Insurance Company at Rs.1,617; SL at Rs.1,600; TGT at Rs.1,650
Buy Jindal Steel at Rs.1,127; SL at Rs.1,110; TGT at Rs.1,155
Buy NBCC (India) at Rs.89; SL at Rs.87; TGT at Rs.92
Buy Ather Energy cmp: Rs.1,462; Target: at Rs.1,540; Stop loss: at Rs.1,430
Buy GE Vernova T&D India cmp: Rs.4,127; Target: Rs.4,300; Stop loss: Rs.4,050
Buy NOCIL cmp: Rs.167; Target: Rs.178; Stop loss: Rs.163
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at contentservices@htdigital.in
