Market Watch: Nifty 50 at 24,600, Key Levels & Top Track Stock market today

The stock market today presents a mixed picture, with key factors such as the Nifty 50 trade setup, Trump tariffs, and Q1 results influencing investor sentiment, setting the Indian stock market up for another exciting week. So far, the Sensex is up 150 points, while the Nifty 50 is trading above 24,600, supported by ITC hike and the Fed’s post-earnings pressure. Meanwhile, Asian markets are trading lower, but the GIFT Nifty indicates that Indian stocks are off to a good start.

With the key support level in play, traders are asking: Will the Nifty 50 hold the 24,500 support? Let’s dive into the trade setup for August 4, analyse the options data, and explore eight stocks to buy or sell today.

Market Summary: Nifty above 24,600 and Sensex up 150 points

On August 4, 2025, Indian stocks made a strong start. Nifty 50 rose above 24,600, while Sensex added about 150-200 points in early trade, buoyed by gains in Bajaj Finserv, Tata Steel, BEL, Asian Paints, UltraTech Cement, Reliance, and and HUL. On the other hand, IT and technology giants like Infosys, HCL Tech, and Tech Mahindra lagged behind. The pre-open trend of GIFT Nifty futures has increased by 57 to 80 points, indicating a positive opening.

Trade Setup for August 4: Will NIFTY50 Hold 24,500?

Analysts have sounded a warning as Nifty is crossing a bearish technical configuration. Nifty is trading below key EMAs—20, 50, 100 days—and 21 EMAs are likely to cross below the 50 EMA, indicating further. Upstox, Online Shares, and Stock Trading. A break below the key support at 24,500 could push the index towards the 24,200-24,000 range. On the upside, resistance clusters at 24,700-24,800, with overhead pivot resistance near 24,723/24,782/24,877. Options data shows that open interest concentration is at 25,000, which is a strong resistance level, and open interest is clustered at 24,200, which is a support zone.

Trading shares and stocks online at Upstox. Bharat Sharma, an analyst at Stocks, sees support at 24,580, followed by 24,500-24,450 and resistance at 24,600, followed by 24,660-24,780.

Trump’s tariffs and global sentiment exacerbate the adverse situation

US President Trump has implemented broad-based reciprocal tariffs (10-41%) on dozens of trading partners, including India. This has hurt sentiment and reignited concerns about global trade. Weak US non-farm payroll data and downward revisions have added to the volatility, raising expectations of a Fed rate cut in September. A combination of global macro shocks, trade frictions, and volatile flows has kept emerging markets under pressure.

Stock market today in the spotlight

Shri Cement, Arvind Pharma, DLF, Escorts Kubota, Marico, Ather Energy, Bosch, Siemens Energy India and Aditya Birla Capital are among the notable names in today’s Q1 results lineup. Important post-market releases over the weekend include ITC, Tata Power, Federal Bank, MCX, LIC Housing, ABB India, PC Jewellers

Federal Bank’s first-quarter net profit fell 14.6% year-on-year to Rs 862 crore, while NII rose 2%. The stock fell 5.3% to Rs 185.60 in early trade after investors reacted to the company’s disappointing earnings. Along with announcing a 1:5 stock split to boost retail sales, MCX delivered a remarkable result—PAT up 83% year-on-year and topline up 60%.

Avoid index shorts and focus on stock-specific ones

Alpha22 CA Rudramurthy BV warns that it may be too late to short indices like Nifty and Bank Nifty. Instead, he suggests targeting fundamentally strong, technically resilient stocks for alpha opportunities in this volatile environment. After five consecutive weekly declines, analysts like Harshuv Shah say there is a possibility of a price break or pullback. Intraday cycles pointing to increased volatility suggest that the reversal period could cluster from August 8 to mid-August, with reports suggesting that. .

Buy or Sell on Monday

Arvind Pharma – First quarter earnings likely, pharmaceuticals seen as relatively strong despite overall weakness. Shree Cement—Estimates of posting strong cement sector numbers, defensive in nature. ITC – First quarter due, FMCG showing relative strength amid volatility. Bearish Federal Bank MCX with profit down and stock price already down 5% Positive outlook, strong PAT growth and stock split likely to attract retail investors.

Steel sector trading is strong, and Tata Power is awaiting results after the market this weekend. Defensive pockets of Trent, Asian Paints, and Hindustan Unilever (HUL) are gaining relative strength in response to the intraday movement of Tata Steel and Tata Power. Infosys / Tech Mahindra/HCL Tech—Undervalued sectors, IT portfolio remains under caution

BUY

• ITC (₹485 | Target: ₹510) – Strong Q1 results, bullish chart structure.
• Reliance Industries (₹2,950 | Target: ₹3,100) – Breakout above 2,950 is likely to trigger fresh rally.
• HDFC Bank (₹1,680 | Target: ₹1,750) – Oversold, likely to revive.
• Tata Motors (₹1,020 | Target: ₹1,100) – Positive JLR sales data is likely to support the rally.

Sell or Avoid

• Federal Bank (₹170 | Stop Loss: ₹175) – Weak Q1 earnings, downside risks.
• Adani Ports (₹1,420 | Stop Loss: ₹1,450) – Post-result profit bookings look expected.
• Zee Entertainment (₹160 | Stop Loss: ₹165) – Weak technical framework.
• Vodafone Idea (₹18 | Stop Loss: ₹19) – Debt concerns may persist.

THE END

The Nifty index is currently above key levels in the stock market, but the sentiment is still fragile. Trade setups for August 4 depend on whether the Nifty can hold support at 24,500. With the first quarter data due, global tariffs and weak US labor data add to uncertainty. Selective trades focusing on strong individual names like MCX, defensive FMCG, or resilient pharma names in the face of selling pressure in the broader indices can provide better risk-adjusted returns than index shorts.