Indian Stock Market Faces Tepid Start Amid Rising Bond Yields and Crude Oil Prices

The Indian stock market is expected to have a muted start due to rising global bond yields and surging crude oil prices. The Gift Nifty live index is trading below yesterday's spot Nifty close, indicating a tepid start for the market.

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher, recommends maintaining a cautious approach until the 50-stock index is above 23,800. She notes that the index witnessed resistance near the 24,150 zone and slipped heavily with profit booking seen to end near the 24,000 level.

Parekh advises investors to wait for the index to breach decisively the 24,400 zone to establish conviction and expect a fresh upward move in coming days. She also warns that the 23,800 zone is crucial support and needs to be sustained to maintain the overall trend intact.

Regarding intraday trading, Parekh recommends buying Mphasis at ₹2505 with a target of ₹2620 and stop loss at ₹2450. Jindal Stainless and Rain Industries are also recommended for buying today, with targets and stop losses as follows: Jindal Stainless - buy at ₹734, target ₹770, stop loss ₹720; Rain Industries - buy at ₹206.55, target ₹220, stop loss ₹201.