Indian markets are expected to open marginally higher, tracking modest gains in GIFT Nifty and holding above key technical supports. Despite the recent pullback, momentum indicators continue to favour the bulls, indicating that the broader uptrend remains intact. However, resistance at higher levels may lead to a range-bound start.
Indian equity markets ended the previous session on a moderately negative note, as investors booked profits at higher levels. The BSE Sensex declined 367.25 points (0.43%) to close at 85,041.45, while the Nifty 50 slipped 99.80 points (0.38%), settling at 26,042.30.
The Nifty opened weak at 26,121.20 and extended losses through the session, touching an intraday low of 26,008.60 before closing near the lower end of the day’s range. Sector-wise, Metal and FMCG stocks closed with a positive bias, while all other sectors ended in the red. IT, Media, and auto stocks witnessed the highest selling pressure during the session.
From a technical perspective, momentum indicators and short-term moving averages continue to favour the bulls, suggesting that the broader trend remains constructive despite the recent pullback.
On the downside, 25,980 acts as an immediate intraday support. A decisive break below this level could lead to further downside. However, the 15-minute charts indicate oversold conditions, increasing the probability of a short-term pullback rally if the index manages to hold above this support. On the upside, 26,060 remains the nearest intraday resistance for the Nifty.
Sectoral performance continues to remain selective rather than broad-based. FMCG, Metal, and Realty indices maintain a constructive structure on daily charts and may offer further upside opportunities. Banking, Financial Services, Pharma, and IT sectors remain in a corrective phase, warranting a cautious and selective approach.
∙Intraday Support (15-min): 25,980 – 25,900 – 25,825
∙Intraday Resistance (15-min): 26,060 – 26,130 – 26,230
∙Positional Support: 25,750 – 25,250
∙Positional Resistance: 26,350 – 27,000
The Bank Nifty closed lower at 59,011.35, down 172.25 points (0.29%), indicating continued weakness in the banking space.
Technically, momentum indicators and short-term moving averages suggest a negative bias.
Immediate intraday support is placed at 58,900, while resistance is seen at 59,100. A breakdown below 58,900 could extend the ongoing downtrend. For a pullback rally to emerge, the index needs to move decisively above 59,100. Strong positional support at 58,580 is expected to limit deeper downside.
∙Intraday Support (15-min): 58,900 – 58,700 – 58,500
∙Intraday Resistance (15-min): 59,100 – 59,300 – 59,500
∙Positional Support: 58,580 – 57,200
∙Positional Resistance: 60,000 – 61,250
Institutional flows remained mixed in the previous session. Foreign Institutional Investors (FIIs) were net sellers worth ₹317.56 crore, while Domestic Institutional Investors (DIIs) supported the market with net buying of ₹1,772.56 crore. Continued domestic inflows are helping stabilise the market and may cushion downside risks in the near term.
As of 7:15 AM IST, the GIFT Nifty was trading at 26,089.50, up 15.50 points, indicating a slightly positive opening for Indian equity markets.
U.S. equity markets closed marginally lower in the previous session. The Dow Jones Industrial Average slipped 20.19 points to close at 48,710.97, while the Nasdaq Composite declined 20.21 points, ending at 23,593.10.
Asian markets opened on a mixed note this morning. Japan’s Nikkei 225 fell 107.50 points, trading near 50,577.50, while Hong Kong’s Hang Seng Index gained 262.50 points, hovering around 26,127.50.
Crude oil traded with a positive bias near $60.67 in early trade. Gold edged lower, trading around
₹4,526, while Silver also remained under pressure near ₹77.04.
The U.S. Dollar Index traded with a mild negative bias near 97.95. Meanwhile, the Indian rupee
showed marginal weakness against the dollar, trading around ₹89.79 in early trade.
