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Stock market today: The Indian stock market may remain under pressure following the sharp negative reaction to the Union Budget 2026–27, triggered by a surprise hike in the Securities Transaction Tax (STT) on derivatives. Futures STT has been raised to 0.05% from 0.02%, while options STT has been increased to 0.15% from 0.10%/0.125%, significantly raising trading costs and weighing on F&O-heavy stocks and brokerage counters.

“While DII buying could offer some support, near-term sentiment remains cautious to mildly bearish as market participants reassess positioning in anticipation of higher F&O costs coming into effect from April 1. The long-term India growth story remains intact, but short-term volatility and correction risks are likely to persist until stability returns,” said Ponmjudi R, CEO at Enrich Money.

After Friday's biggest single-day decline since 1980, COMEX gold and silver rates today saw strong buying in the early morning session. The COMEX silver price today opened with an upside gap and touched an intraday high of $87.970/oz, whereas the COMEX gold price today opened upside and hit an intraday high of $4,905.71/oz within a few minutes of the Opening Bell.

Speaking on the outlook of silver, gold rates today, Kaynat Chainwala, AVP — Commodity Research, Kotak Securities, said, “Gold and silver suffered their steepest single-day fall since 1980 on Friday, settling at $4,864/oz and $84.66/oz, respectively. The sell-off was triggered by a sharp rebound in the U.S. dollar, broad-based global market weakness, and the Trump administration’s nomination of Kevin Warsh, widely regarded as an inflation hawk, as the next Federal Reserve chair. The brutal correction followed an exceptional rally. Spot gold had surged to a fresh all-time high of $5,597/oz on Thursday, while silver peaked at $121.6/oz, buoyed by a softer dollar and persistent geopolitical tensions. Silver saw a deeper correction given its higher volatility, exposure to industrial demand, and potentially from CME's margin hike announced Wednesday (Jan 28), raising non-heightened requirements from 9% to 11% and heightened from 9.9% to 12.1%.”

Speaking on the outlook of the Indian National Rupee (INR) against the US Dollar (USD), Ponmudi R of Enrich Money, said, “USD/INR continues to trade near the 91.80–92.65 region, holding within its broader ascending structure, but recent price behaviour indicates temporary consolidation rather than fresh breakout strength. While the higher-high, higher-low structure remains intact, the absence of strong follow-through above 92.20 suggests mild fatigue. The 91.40–91.50 zone acts as immediate support. Any sustained dip below this band could reduce currency-led support for MCX bullion, adding pressure during corrective phases. Overall bias remains neutral to mildly bullish, but no aggressive upside confirmation yet.”

On the outlook of the Nifty 50 / Sensex today, Shrikant Chouhan, Head Equity Research at Kotak Securities, said, “We are of the view that the short-term market texture is volatile, and volatility is likely to continue in the near future. Hence, level-based trading would be the ideal strategy for day traders. On the higher side, 25,000/81,300 would act as a crucial resistance zone. As long as the market remains below this level, weak sentiment is likely to persist. On the downside, the correction wave is likely to continue till 24,650-24,600/80,100-79,900. Further downside may also continue, which could drag the index till 24,500-24,300/79,600-79,000. On the flip side, above 25,000/81,300, the market could move up to 25,200/81,900 or 200-day SMA .”

On the outlook of the Bank Nifty today, Ponmudi R of Enrich Money said, “The immediate support zone is placed at 58,000–58,250, which also coincides with the 100-day EMA and acts as a crucial cushion. On the upside, 58,900–59,000 has now emerged as a major supply area and near-term resistance. Momentum has weakened, with MACD turning negative, reinforcing the bearish bias. The near-term tone remains bearish, with a sell-on-rallies approach preferred near the 58,900–59,000 resistance zone. Any meaningful recovery would require a strong close above 59,000, accompanied by healthy volumes to shift momentum. Failing that, the risk of further downside extension remains elevated.”

Regarding stocks to buy today, 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 these eight intraday stocks for today: Medanta, Netweb Technologies, Wipro, TCS, Max Health, Kaynes Technology, Ather Energy, and Aster DM Healthcare.

1] Medant: Buy at ₹1120, Target ₹1200, Stop Loss ₹1080; and

2] Netweb Technologies: Buy at ₹3305, Target ₹3535, Stop Loss ₹3190.

3] Wipro: Buy at ₹241, Target ₹262, Stop Loss ₹230;

4] TCS: Buy at ₹3180, Target ₹3400, Stop Loss ₹3100; and

5] Max Health: Buy at ₹974, Target ₹1010, Stop Loss ₹950.

6] Kaynes Technology: Buy at ₹3560, Target ₹3760, Stop Loss ₹3480;

7] Ather Energy: Buy at ₹626, Target ₹666, Stop Loss ₹612; and

8] Aster DM Healthcare: Buy at ₹570, Target ₹615, Stop Loss ₹556.

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 check with certified experts before making any investment decisions.

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