Stock market today: Indian benchmark indices Sensex and Nifty 50 are expected to open with mild gains on Monday, supported by mixed global cues as investors assess ongoing progress in US-Iran peace negotiations, even as rising crude oil prices and higher bond yields keep inflation and interest rate concerns in focus.
The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 7:40 AM, the Gift Nifty was trading around the 24,147 level, a premium of 91 points from the Nifty futures’ previous close of 24,056.90.
Across Asia, most markets traded higher, while US equity futures remained under pressure amid continued uncertainty over the outcome of the US-Iran discussions.
On Friday, Indian equities snapped a five-session winning streak, weighed down by a sharp sell-off in information technology stocks.
The BSE Sensex dropped 607.08 points, or 0.78%, to end at 76,802.90, while the NSE Nifty 50 declined 154.90 points, or 0.64%, to close at 24,013.10.
Market Outlook by Dharmesh Shah, Vice President, ICICI Securities
- Equity benchmarks extended gains over second consecutive week buoyed by easing of geopolitical concern, decline in crude oil & appreciation in rupee, resulting into cool off in crude oil prices. The Nifty 50 closed settled the week at 24,013, up 1.7%. Meanwhile the broader markets relatively outperformed the benchmark with both Nifty Mid and Smallcap gaining 3% each for the week. Sectorally, barring IT, all major indices closed in the green, led by Defense, Consumer durables and Realty for the week.
- Nifty 50 kicked off the week with a positive gap and gradually inched higher as the week progressed. In the Friday’s session, index pared some of the gains as minor profit boking emerged from 100 days EMA (24150). Consequently, the weekly price action resulted into high wave candle carrying higher high-low, indicating continuation of positive bias amid elevated volatility.
- The breakaway gap coupled with a breakout from its 4-month falling trendline confirms trend reversal. This in turn suggest resumption of uptrend, paving the way for Nifty 50 to head towards the milestone of 24,500 in the coming weeks.
- Key point to highlight is that, past five sessions ~1100 points rally hauled daily stochastic oscillator has entered overbought territory (at 92), indicating temporary breather cannot be ruled out. However, such a breather would make the market structure healthier and eventually create a strong base for the next leg of the up-move. Hence any decline from hereon should be capitalised to build a medium-term portfolio by accumulating quality stocks with strong earnings as strong support is placed at 23,400.
Our Constructive bias is based on following observation
- With past five sessions ~1100 points rally Nifty has entirely recouped past 12 sessions decline. The faster pace of retracement signifies structural improvement
- The ratio chart of Bank Nifty vs Nifty 50 is at the cusp of breaking out from a 5-years consolidation. This technical setup signals that the banking index is poised to accelerate its relatively outperformance and head towards 59,300 in the coming month
- Brent Crude oil prices declined 8% and finally trading below its long-term 200-day EMA (placed at $82). Sustenance below this level would eventually help to reduce India’s import bill, acting as powerful tailwind for Indian equities
- The Midcap index is just 1% away from its All Time High, while catch up activity exhibited in the Nifty small cap which has logged a resolute breakout from 18 months falling trendline
- The current upmove is backed by improvement in market breadth as currently 65% of stocks within Nifty 500 universe are trading above their 50 days EMA compared to last week’s reading of 52%. Improvement in market breadth signifies broadening of rally
Stock To Buy This Week – Dharmesh Shah
Dharmesh Shah of ICICI Securities recommends buying .
Buy Kotak Mahindra Bank in the range of ₹390-400. He has Kotak Mahindra Bank share price target of ₹448 with a stop loss of ₹372.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 19/06/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.