Indian equity markets are expected to open on a positive-to-flat note this morning, supported by firm overnight cues from the US and mild gains across Asian markets. Early indications from the GIFT Nifty suggest a stable start for domestic equities. However, with the Nifty trading close to key resistance levels, upside may remain limited in early trade, and market direction is likely to depend on sustained buying interest after the opening.
Domestic benchmarks ended Tuesday’s session largely flat, signalling consolidation after recent gains. The Sensex slipped 42.64 points, or 0.05 percent, to close at 85,524.84, while the Nifty 50 edged up 4.75 points, or 0.02 percent, to settle at 26,177.15.
The Nifty opened on a positive note at 26,205.20, slipped to an intraday low of 26,119.10, and later recovered to touch a high of 26,233.60 before ending almost unchanged. Sector-wise, Media, Metal and FMCG stocks outperformed, while IT, PSU banks and Pharma shares remained under pressure.
Technically, the broader structure continues to favour the bulls. Momentum indicators and short-term moving averages suggest that the underlying trend remains positive as long as the Nifty holds above the 26,120 zone. On the upside, 26,200 remains an important near-term hurdle. A decisive move above this level could open the door for further gains in the coming sessions.
Sectoral leadership remains selective. FMCG, IT, Metal and Realty indices continue to show a constructive setup on daily charts and may see further follow-through buying. Auto, PSU banks and Pharma stocks are consolidating after recent corrections and are showing early signs of stabilisation. Banking, Media and Financial Services stocks, however, remain in a corrective phase, indicating cautious sentiment.
Intraday support: 26,120 | 26,050 | 25,980
Intraday resistance: 26,200 | 26,275 | 26,350
Positional support: 25,750 | 25,250
Positional resistance: 26,350 | 27,000
The Bank Nifty ended marginally lower at 59,299.55, down 0.01 percent, and continues to move within a narrow range. Immediate support is seen at 59,200, while resistance lies near 59,400. A sustained move above this level could improve the short-term outlook, while a break below 59,200 may trigger mild corrective pressure. Strong positional support at 58,580 is expected to limit downside.
Intraday support: 59,200 | 59,000 | 58,800
Intraday resistance: 59,400 | 59,535 | 59,700
Positional support: 58,580 | 57,200
Positional resistance: 60,000 | 61,250
Institutional flows were mixed on Tuesday. Foreign institutional investors were net sellers worth ₹1,794.80 crore, while domestic institutional investors provided strong support with net purchases of ₹3,812.37 crore. Continued domestic inflows remain a key stabilising factor for the market.
US markets closed higher overnight, led by selective buying. The Dow Jones rose 79.73 points to 48,442.41, while the Nasdaq gained 133.01 points to close at 23,561.84. European markets ended mixed, with modest gains in the FTSE and DAX, while the CAC 40 closed marginally lower.
Asian markets were trading with a positive bias this morning. Japan’s Nikkei edged higher, while Hong Kong’s Hang Seng was also in the green.
Crude oil prices were trading higher near $62.36 in early trade. Gold and silver also remained firm, reflecting continued strength in precious metals. The dollar index was marginally weaker around 97.77, while the rupee showed slight strength, trading near ₹89.47 against the dollar.
At 6:43 am on Wednesday, the GIFT Nifty was trading at 26,239, up 36 points, indicating a mildly positive start for Indian markets.