Stock market today: The key indices of the Indian stock market, Sensex and Nifty 50, are anticipated to open in the red and continue their downward trend on Thursday, due to weakness in global markets, as rising crude oil prices from the intensifying US-Iran conflict raised inflation worries and unsettled investors.
Asian markets saw declines, while the US stock market closed with mixed results overnight after the release of modest inflation data.
On Wednesday, the Indian stock market experienced a significant decline amid concerns over the US-Iran conflict and profit-taking.
The Sensex fell by 1,342.27 points, or 1.72%, finishing at 76,863.71, whereas the Nifty 50 dropped by 394.75 points, or 1.63%, to close at 23,866.85.
US-Iran war
The US and Iran have indicated that their conflict will not be resolved quickly, with President Donald Trump asserting the need to see the mission through, while Iran cautions that the global community should prepare for oil prices reaching $200 a barrel following attacks on tankers in Iraqi waters and other vessels near the crucial Strait of Hormuz, according to Reuters. In a related development, Israeli airstrikes targeted southern Beirut after the Lebanon-based group Hezbollah fired a barrage of rockets into northern Israel.
Crude oil prices
Crude oil prices soared following the suspension of operations at Iraq’s oil ports due to attacks on two tankers. The price of Brent crude oil increased by 7.40% to reach $98.79 per barrel, while US West Texas Intermediate (WTI) crude futures experienced a rise of 6.87%, climbing to $93.34.
FII outflows
Foreign institutional investors sold equities worth ₹6,267.31 crore on a net basis on Wednesday, according to exchange data.
Trade Setup for Thursday
Rupak De, Senior Technical Analyst at LKP Securities, noted that bearish sentiment remained dominant, and as anticipated, sellers appeared around the 24,300 level, resulting in a sharp decline throughout the day. On the downside, the index continued to slide and briefly broke below the 24,000 threshold.
According to De, the persistent increase in crude oil prices and the constrained supply of natural gas sent ripples through the Indian equity market. An already weak technical backdrop showed further signs of deterioration, as the positive gap between the 50-day moving average (50DMA) and the 200-day moving average (200DMA) seems to be decreasing, raising the risk of a death cross. A death cross happens when the 50DMA crosses below the 200DMA from above. Should this occur, additional selling pressure could arise, potentially driving the Nifty 50 down considerably.
Support levels are identified at 23,700 and 23,300, while resistance is set at 24,100 on the upper side.
US–Iran conflict, FII outflows, US and domestic inflation data
Vinod Nair, the Head of Research at Geojit Investments Ltd, noted that domestic equities declined as weak global indicators and the ongoing US–Iran conflict heightened risk-averse sentiment. Fears of rising inflation due to possible energy supply interruptions and rationing led investors to take profits, while persistent foreign institutional investor outflows further intensified market pressures.
According to Nair, from a sector perspective, auto, banking, and real estate stocks experienced the most significant declines amid growing concerns about a slowdown in demand. Conversely, healthcare stocks drew defensive interest, and gas distributors saw gains after the government prioritized gas supply allocation. Looking forward, market participants are expected to remain cautious as they await US and domestic inflation reports and clearer macroeconomic signals before making new directional investments.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Ltd, Ltd, Ltd, Ltd (ONGC), Ltd, Ltd, Ltd, and (India) Ltd.
Sumeet Bagadia’s stock picks
Great Eastern Shipping Company: Bagadia recommends buying Great Eastern Shipping share price at ₹1,426 keeping a stoploss at ₹1,375 with a Great Eastern Shipping share price target of ₹1,530.
Sumeet Bagadia, said that the stock has reached its 52 week higher levels of 1442.5 after giving a breakout from a consolidation phase. This bullish formation signals a shift in sentiment and marks the beginning of a potential long-term uptrend. The breakout is accompanied by a noticeable rise in volume, indicating strong market participation and fresh buying interest. The stock remains well-supported above its key moving averages — the 20-day, 50-day, 100-day, and 200-day EMAs — all of which are trending upward. This alignment confirms a solid trend structure and reflects growing confidence among investors.
“Based on the technical analysis and current market conditions, GESHIP presents a promising buying opportunity for those aiming for a 1530 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Glenmark Pharmaceuticals: Bagadia recommends buying Glenmark Pharma share price at ₹2,270 keeping a stoploss at ₹2,190 with a Glenmark Pharma share price target of ₹2,430.
Sumeet Bagadia, said that the stock has recently reached a new all-time high at 2,298, underscoring its strong bullish momentum. The stock continues to maintain an upward price structure marked by higher highs and higher lows, indicating sustained buying interest. The breakout to a new high reflects a shift in sentiment and robust demand. The price remains well-supported above its 20, 50, 100, and 200-day Exponential Moving Averages, all of which are sloping upwards, confirming the strength of the prevailing trend. A decisive close above its higher levels could lead to further upside, with a near-term target of 2,430.
“Based on the technical analysis and current market conditions, Glenmark presents a promising buying opportunity for those aiming for a 2430 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
Coal India: Ganesh Dongre recommends buying Coal India share price at ₹448 with a stoploss at ₹435 with Coal India share price target of ₹465.
Ganesh Dongre said that the stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹448 and has established a solid support base at ₹435. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
“The technical setup points to the potential for a price retracement toward the ₹465 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹435 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone,” said Dongre.
Oil and Natural Gas Corporation Ltd (ONGC): Ganesh Dongre recommends buying ONGC share price at ₹270 with a stoploss at ₹263 with ONGC share price target of ₹282.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹270 and maintaining a strong support at ₹263. The technical setup indicates the potential for a price retracement towards the ₹282 level.
“With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at 263 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Hindalco Industries: Ganesh Dongre recommends buying Hindalco share price at ₹960 with a stoploss at ₹940 with Hindalco share price target of ₹995.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹960 and maintaining a strong support at ₹940 The technical setup indicates the potential for a price retracement towards the ₹995 level.
“With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹940 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
Oil India: Shiju Koothupalakkal recommends buying Oil India share price at ₹482.70 with a Oil India share price target of ₹520 with a stop loss of ₹470.
Shiju Koothupalakkal said that the stock has indicated a higher bottom formation pattern on the daily chart taking support near the 50EMA level at 464 zone, with currently indicating a significant revival with a positive candle formation with decent volume participation visible to improve the bias and anticipating for further rise in the coming sessions.
“The RSI is well positioned indicating a positive trend reversal to signal a buy, with much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of 520 level, keeping the stop loss strictly at 470,” said Koothupalakkal.
Supreme Industries: Shiju Koothupalakkal recommends buying Supreme Industries share price at ₹4,038 with a Supreme Industries share price target of ₹4,270 with a stop loss of ₹3,950.
Shiju Koothupalakkal said that the stock has recently witnessed a series of higher bottom formation with currently once again taking support near the 50EMA level at 3,770 zone and indicating a revival to move past the important 200 period MA at 3,995 level to improve the bias expecting for further rise in the coming sessions.
“The RSI has corrected from the overbought zone and is currently well placed once again with a positive trend reversal to signal a buy anticipating for further gains. With the chart technically looking good, we suggest buying the stock for an upside target of 4,270 keeping the stop loss of 3,950 level,” said Koothupalakkal.
Man Industries (India): Shiju Koothupalakkal recommends buying Man Industries share price at ₹417.95 with a Man Industries share price target of ₹440 with a stop loss of ₹408.
Shiju Koothupalakkal, said that the stock has recently witnessed a significant revival moving past the important 50EMA and 200 period MA at 400 and 404 levels respectively, improving the bias anticipating for further rise in the coming sessions.
“The RSI is currently well placed indicating a buy signal with upside potential visible and can expect for further gains. With the chart technically looking good, we suggest buying the stock for an upside target of 440 keeping the strict stop loss of 408 level,” said Koothupalakkal.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.