Nifty, Sensex, Nifty Bank outlook for today: Gift Nifty down 167 pts; key levels to watch
Nifty futures on the NSE International Exchange were 166.50 points, or 0.72 per cent, up at 22,890.50, hinting at a negative start for the domestic market on Tuesday.
- Apr 7, 2026,
- Updated Apr 7, 2026 8:22 AM IST
Indian equity benchmark indices are set to open lower on Tuesday, pressured by lingering uncertainty over a potential resolution to the Middle East war ahead of a deadline set by US President Donald Trump on reopening the Strait of Hormuz. Traders are also awaiting RBI's monetary policy tomorrow, where it is expected to keep interest rates unchanged.
Nifty futures on the NSE International Exchange were 166.50 points, or 0.72 per cent, up at 22,890.50, hinting at a negative start for the domestic market on Tuesday. Asian stocks wavered on Tuesday. Hang Seng was down nearly a per cent, while Nikkei edged one-fourth a per cent lower. KOSPI was seen in green.
US stocks advanced on Monday as investors looked for signs of progress toward a US-Iran ceasefire deal. The Dow Jones Industrial Average rose 165.21 points, or 0.36 per cent, to 46,669.88, the S&P 500 gained 29.33 points, or 0.45 per cent, to 6,612.02 and the Nasdaq Composite gained 117.16 points, or 0.54 per cent, to 21,996.34.
Oil prices were perched near $110 per barrel as the prospect of escalation in the war in the Middle East and the looming deadline for a deal to be reached kept nervy investors on the sidelines. Brent crude futures rose 0.4 per cent to $110.19 a barrel while US West Texas Intermediate crude futures climbed 0.8 per cent to $113.31.
US inflation data is due later this week but for now investor attention will be on Trump's war deadline and whether a deal is agreed. The dollar has been the haven of choice among investors during the tumult. The dollar index was at 100.06, near its recent highs. Gold prices eased 0.17 per cent to $4,640 per ounce in early trading.
The recovery was primarily driven by reports of a potential ceasefire framework in the Middle East, which helped stabilize crude prices after the initial uptick and improved global risk sentiment, said Ajit Mishra, SVP of Research at Religare Broking. "Traders are advised to maintain a cautious stance and focus on stock-specific opportunities."
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 8,167.17 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 8,088.70 crore on a net-net basis.
Nifty50 & Sensex outlook
The market found support near 22,550/7,2700 and reversed sharply. It has formed a bullish candle on daily charts and it is holding a higher bottom formation on intraday charts, which is largely positive. The market has completed one leg of the pullback move; hence, buying on intraday corrections and selling on rallies would be the ideal strategy for day traders, said Shrikant Chouhan, Head Equity Research, Kotak Securities.
"We consider 22,700/73,500 and 22,550/72,700 as key support zones for traders, while 23,150/74,500 and 23,300/75,000 could act as crucial resistance levels. However, if the index falls below 22,550/72,700, the uptrend may become vulnerable. In such a scenario, traders may prefer to exit their long positions," he added.
The market showed consolidation with weakness in the early part of the session. It later bounced smartly in the mid to later part of the session. A long bull candle was formed on the daily chart with lower shadow, which indicates a relief rally in the market from the lows, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"This market action hints at a possibility of a formation of short-term bottom reversal at the recent swing low of 22,182 levels. The short-term trend of Nifty is positive. A sustainable move above the immediate resistance of 23,000 levels is likely to pull Nifty towards the next hurdle of 23,500 levels in the near term. Immediate support is placed at 22,600," he added.
Nifty Bank outlook
Nifty Bank has moved above its 10-day EMA, while the daily RSI has risen above the 40 mark and is trading above its 9-day EMA. This configuration indicates a shift in sentiment from a strong bearish phase toward a sideways to mildly positive bias, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
"Looking ahead, the 53,000–53,100 zone will act as an immediate hurdle for the index. A sustainable move above 53,100 could trigger an extension of the pullback rally toward 53,600, followed by 54,100 in the short term. On the downside, 52,100–52,000 is expected to provide crucial support," he added.
Nifty Bank formed a second consecutive bullish candlestick pattern with a higher high and a higher low signaling continuation of the pullback from the extreme oversold territory. Volatility is likely to remain elevated in the near term, amid geopolitical tensions and higher crude oil prices, which continue to weigh on overall market sentiment, said Bajaj Broking.
"On the downside, weakness below the psychological 50,000 levels will signal extension of the decline towards the 200 weeks EMA placed around 48,900 levels in the coming weeks. For any meaningful pause in the ongoing downtrend, it needs to establish a sustained pattern of higher highs and higher lows in the daily chart, along with a close above recent high of 54,150," it adds.
Indian equity benchmark indices are set to open lower on Tuesday, pressured by lingering uncertainty over a potential resolution to the Middle East war ahead of a deadline set by US President Donald Trump on reopening the Strait of Hormuz. Traders are also awaiting RBI's monetary policy tomorrow, where it is expected to keep interest rates unchanged.
Nifty futures on the NSE International Exchange were 166.50 points, or 0.72 per cent, up at 22,890.50, hinting at a negative start for the domestic market on Tuesday. Asian stocks wavered on Tuesday. Hang Seng was down nearly a per cent, while Nikkei edged one-fourth a per cent lower. KOSPI was seen in green.
US stocks advanced on Monday as investors looked for signs of progress toward a US-Iran ceasefire deal. The Dow Jones Industrial Average rose 165.21 points, or 0.36 per cent, to 46,669.88, the S&P 500 gained 29.33 points, or 0.45 per cent, to 6,612.02 and the Nasdaq Composite gained 117.16 points, or 0.54 per cent, to 21,996.34.
Oil prices were perched near $110 per barrel as the prospect of escalation in the war in the Middle East and the looming deadline for a deal to be reached kept nervy investors on the sidelines. Brent crude futures rose 0.4 per cent to $110.19 a barrel while US West Texas Intermediate crude futures climbed 0.8 per cent to $113.31.
US inflation data is due later this week but for now investor attention will be on Trump's war deadline and whether a deal is agreed. The dollar has been the haven of choice among investors during the tumult. The dollar index was at 100.06, near its recent highs. Gold prices eased 0.17 per cent to $4,640 per ounce in early trading.
The recovery was primarily driven by reports of a potential ceasefire framework in the Middle East, which helped stabilize crude prices after the initial uptick and improved global risk sentiment, said Ajit Mishra, SVP of Research at Religare Broking. "Traders are advised to maintain a cautious stance and focus on stock-specific opportunities."
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 8,167.17 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 8,088.70 crore on a net-net basis.
Nifty50 & Sensex outlook
The market found support near 22,550/7,2700 and reversed sharply. It has formed a bullish candle on daily charts and it is holding a higher bottom formation on intraday charts, which is largely positive. The market has completed one leg of the pullback move; hence, buying on intraday corrections and selling on rallies would be the ideal strategy for day traders, said Shrikant Chouhan, Head Equity Research, Kotak Securities.
"We consider 22,700/73,500 and 22,550/72,700 as key support zones for traders, while 23,150/74,500 and 23,300/75,000 could act as crucial resistance levels. However, if the index falls below 22,550/72,700, the uptrend may become vulnerable. In such a scenario, traders may prefer to exit their long positions," he added.
The market showed consolidation with weakness in the early part of the session. It later bounced smartly in the mid to later part of the session. A long bull candle was formed on the daily chart with lower shadow, which indicates a relief rally in the market from the lows, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"This market action hints at a possibility of a formation of short-term bottom reversal at the recent swing low of 22,182 levels. The short-term trend of Nifty is positive. A sustainable move above the immediate resistance of 23,000 levels is likely to pull Nifty towards the next hurdle of 23,500 levels in the near term. Immediate support is placed at 22,600," he added.
Nifty Bank outlook
Nifty Bank has moved above its 10-day EMA, while the daily RSI has risen above the 40 mark and is trading above its 9-day EMA. This configuration indicates a shift in sentiment from a strong bearish phase toward a sideways to mildly positive bias, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
"Looking ahead, the 53,000–53,100 zone will act as an immediate hurdle for the index. A sustainable move above 53,100 could trigger an extension of the pullback rally toward 53,600, followed by 54,100 in the short term. On the downside, 52,100–52,000 is expected to provide crucial support," he added.
Nifty Bank formed a second consecutive bullish candlestick pattern with a higher high and a higher low signaling continuation of the pullback from the extreme oversold territory. Volatility is likely to remain elevated in the near term, amid geopolitical tensions and higher crude oil prices, which continue to weigh on overall market sentiment, said Bajaj Broking.
"On the downside, weakness below the psychological 50,000 levels will signal extension of the decline towards the 200 weeks EMA placed around 48,900 levels in the coming weeks. For any meaningful pause in the ongoing downtrend, it needs to establish a sustained pattern of higher highs and higher lows in the daily chart, along with a close above recent high of 54,150," it adds.