Stock market today: Gift Nifty hints flat-to-positive start; 8 trading stocks to buy on Monday, 24 August

Indian equity benchmarks are likely to open on a flat-to-positive note on Monday, 24 August, as indicated by Gift Nifty. The derivative contract on the NSE IX, which tracks the Nifty 50 index, was trading marginally higher, suggesting that domestic indices may see a steady start despite mixed global cues. Market participants will be closely watching the movement of the Gift Nifty, which has become a reliable indicator for the opening of Indian markets. Analysts say that the flat-to-positive opening is in line with the broader consolidation trend seen in recent sessions, with investors awaiting fresh triggers from global and domestic macroeconomic data.

In the previous session, the BSE Sensex and the Nifty 50 ended with modest gains, supported by buying in banking and IT stocks. However, volatility is expected to remain elevated as traders roll over positions in the August series futures and options contracts, which are set to expire on Thursday. The market breadth has been mixed, with advances and declines almost evenly split, indicating a lack of clear directional bias. Foreign institutional investors (FIIs) have been net sellers in the cash market over the past few sessions, while domestic institutional investors (DIIs) have provided some support. This tug-of-war between FIIs and DIIs has kept the indices range-bound.

From a technical perspective, the Nifty 50 is facing resistance at the 24,600–24,700 zone, while support is placed at 24,300–24,200. A breakout above the resistance could trigger a rally towards 24,900, while a fall below support may lead to further correction. The Bank Nifty, on the other hand, has been relatively stronger, with support at 52,800 and resistance at 53,500. Options data suggests that the 24,500 strike has the highest open interest for call options, while the 24,400 strike has the highest open interest for put options, indicating that the market is likely to remain in a narrow band.

For traders, the strategy should be to focus on stock-specific moves, as the overall index may not provide clear directional cues. Based on technical and fundamental analysis, here are eight stocks that are expected to give good returns in Monday's session:

These levels are based on the closing prices of the previous session and may vary with market conditions. Traders are advised to maintain strict stop losses and book profits at the target levels. The overall market sentiment is cautious, and any negative global news could alter the outlook. Analysts suggest that investors should avoid taking aggressive positions and instead wait for clarity on the direction of the market.

"The market is likely to remain range-bound in the short term, and stock-specific action will dominate. Traders should focus on quality stocks with strong fundamentals and avoid leveraged positions."

In the broader context, the Indian market has been resilient despite global headwinds, supported by strong domestic fundamentals and expectations of a good monsoon. However, the upcoming US Federal Reserve's policy meeting and domestic inflation data will be key triggers. As the August derivative series enters its final week, volatility is expected to increase, and traders should be prepared for sharp moves. For those looking to trade, the above-mentioned stocks offer good risk-reward ratios. It is essential to keep an eye on the global cues, especially the movement of the Gift Nifty, which will provide early indications of the market's direction.

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