Indian Stock Market Poised for Flat to Positive Opening Amid Supportive Backdrop
The Indian stock market is expected to commence trading on a flat to mildly positive note today, reflecting a cautiously optimistic sentiment among investors. The broader fundamental environment remains supportive, with Foreign Institutional Investor (FII) flows turning decisively positive this month, bolstering overall market confidence. Domestic Institutional Investors (DIIs) continue to accumulate shares during declines, providing a robust underlying cushion even in sessions with low trading activity.
The Indian rupee has maintained stability, adding macroeconomic comfort and helping to limit currency-driven volatility. However, markets are largely in a wait-and-watch mode ahead of key macroeconomic cues, particularly the January Consumer Price Index (CPI) data under the new series. Any material deviation from expectations could significantly influence market projections for future interest rate cuts by the Reserve Bank of India. In the absence of fresh triggers, the near-term trend is likely to remain range-bound, with consolidation around current levels anticipated.
Gold and Silver Rates Edge Higher on Fed Rate Cut Expectations
Both gold and silver rates experienced an uptick on Wednesday, February 11, following a sharp decline the previous day. This movement is largely driven by market expectations of a potential interest rate cut by the US Federal Reserve. Spot gold traded marginally higher at $5,065 per ounce, while spot silver surged by 1.16% to $81.32 per ounce during Asian trading hours on February 11.
Gold prices remain nearly 11% below their record high of $5,608.35, reached on January 29. Silver prices are approximately 50% away from their all-time high of $121.67 per ounce. Anuj Gupta, a SEBI-registered market expert, commented, "Gold and silver rates today are expected to follow speculations surrounding US Job Data. The market anticipates weak US job data amid rising Treasury yields, falling equities, and pressure on the US dollar. If these speculations materialize, further upside in silver and gold rates could be seen during the evening session."
FII-DII Data and Rupee Outlook
Both FIIs and DIIs remained net buyers on Tuesday. FIIs purchased Indian shares worth ₹69 crore, while DIIs bought shares worth ₹1,174 crore. Regarding the outlook for the Indian Rupee (INR) against the US Dollar (USD), Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, stated, "The Indian Rupee traded firm with gains of 0.13 at 90.57, supported by a softer dollar index below 97 and mild FII inflows. The recent US–India trade deal has also provided structural support to sentiment, limiting downside pressure. As long as global cues remain stable, the rupee bias stays mildly positive, with immediate resistance near 90.00 and support around 90.90 in the near term."
Nifty 50, Sensex, and Bank Nifty Technical Analysis
Shrikant Chouhan, Head of Equity Research at Kotak Securities, provided insights on the Nifty 50 and Sensex outlook: "We maintain the view that the short-term market outlook remains positive, but a quick intraday dip could occur if the index slips below 25,900/84,100. Below this level, the market might retest the 50-day Simple Moving Average (SMA) at 25,800-25,750/83,700-83,500. On the higher side, 26,000/84,500 would be the immediate resistance zone for bullish traders. A successful breakout above 26,000/84,500 could propel the market up to 26,100-26,150/84,800-85,000."
Vatsal Bhuva, Technical Analyst at LKP Securities, commented on the Bank Nifty: "The Bank Nifty index closed with a small bearish candlestick, indicating healthy consolidation after the recent rally, while continuing to trade above its short-term 10-day and 20-day moving averages. The broader structure of the index remains bullish, suggesting that any intraday or positional dips are likely to attract buying interest. The Relative Strength Index (RSI) has maintained a bullish crossover, indicating sustained momentum. On the downside, immediate support is placed near 59,800, while the index may face resistance around the 61,000 level."
Stocks to Buy Today: Expert Recommendations
Stock 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 eight intraday stocks for today: Tata Steel, Bharat Forge, Tata Technologies, BEL, Infosys, Gabriel India, Acme Solar, and CDSL.
Sumeet Bagadia's Stock Recommendations:
- Tata Steel: Buy at ₹208, Target ₹224, Stop Loss ₹200. The stock has broken out from a Cup-and-Handle pattern on the weekly chart, signaling a strong bullish phase with new all-time highs and support above key moving averages.
- Bharat Forge: Buy at ₹1,614, Target ₹1,732, Stop Loss ₹1,555. The stock reached a 52-week high after breaking out from consolidation, indicating a potential long-term uptrend with rising volume and support above key EMAs.
Ganesh Dongre's Stock Recommendations:
- Tata Technologies: Buy at ₹630, Target ₹660, Stop Loss ₹615. Exhibiting a strong bullish pattern with support at ₹615, suggesting a retracement towards ₹660.
- BEL: Buy at ₹438, Target ₹465, Stop Loss ₹426. Showing a continuous bullish pattern with support at ₹426, indicating potential retracement to ₹465.
- Infosys: Buy at ₹1,495, Target ₹1,530, Stop Loss ₹1,465. Displaying a strong bullish pattern with support at ₹1,465, suggesting retracement to ₹1,530.
Shiju Koothupalakkal's Stock Recommendations:
- Gabriel India: Buy at ₹998, Target ₹1,050, Stop Loss ₹977. The stock has moved past key moving averages, with RSI recovery indicating strength and upside potential.
- Acme Solar: Buy at ₹236.85, Target ₹250, Stop Loss ₹231. Formed a bullish candle with breakout above falling channel and 50EMA, supported by rising RSI.
- CDSL: Buy at ₹1,400, Target ₹1,475, Stop Loss ₹1,370. Showed revival with breakout above 100-period MA, indicating further upside with rising RSI.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to consult certified experts before making any investment decisions.
