Nifty, Sensex, Nifty Bank outlook for today: GIFT Nifty down 93 pts; key levels to watch

Indian equity benchmark indices are expected to open steady on Friday as investors track developments in the West Asia, while quarterly earnings ​are likely to drive stock-specific moves. Higher oil prices ​are negative for India, which imports a bulk of its crude requirements. Investors reduced exposure to risk assets amid renewed concerns.

Indian equities are expected to witness a gradual upmove, supported by hopes of a potential resolution in the West Asia and a better-than-expected Q1FY27 earnings. Brent crude prices slipped amid optimism that progress in Iran-Oman talks could pave the way for a US-Iran peace agreement, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.

GIFT Nifty, Asian markets & US stocks GIFT Nifty Futures on the NSE International Exchange were 92.40 points, or 0.37 per cent, down at 25,6474, hinting at a negative start for the domestic market on Friday. Asian shares held their breath on Friday for US jobs ​data, while rising oil prices ‌served as a reminder that Middle East tensions remain. Nikkei and KOSPI dropped nearly a per cent, while Hang Seng was down half a per cent.

US stocks finished the trading session lower on Thursday as investors digested the latest round of earnings and looked at the progress over peace deal between the US and Iran. The Dow Jones fell 464.02 points, or 0.85 per cent, to 53,885.10, the S&P 500 lost 13.52 points, or 0.18 per cent, to 7,710.03 and the Nasdaq Composite shed 15.09 points, or ​0.06 per cent, to 26,348.35.

Crude, US dollar, gold & more Gold steadied on Friday and was on track for its biggest weekly, while investors awaited ​key US nonfarm payrolls data. Spot gold was little changed at $4,235.57 per ounce. Oil prices inched higher on Friday amid cautious undertone due to uncertainty over shipping through the Strait of Hormuz. Brent crude was trading higher at $83.33 a barrel, while US WTI crude was up at $77.98 a barrel.

Participants remained cautious ahead of key global developments, while the ongoing earnings season continued to drive stock-specific action, said Ajit Mishra, SVP of Research at Religare Broking. "We maintain our 'buy-on-dips' approach and recommend focusing on relatively stronger stocks across sectors while adhering to disciplined risk management."

FII-DII flows Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 17.86 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 4,013.60 crore on a net-net basis.

Nifty50 & Sensex outlook A small candle on daily charts and non-directional intraday activity indicate indecisiveness between the bulls and the bears. For day traders now, 24,700/79,000 would act as an immediate breakout level. Above this, the market could move up to 24,800-24,850/79,300-79,500, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

"On the flip side, below 24,600/78600, we could see intraday price corrections down to 24,500-24,450/78200-78000. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders," he added.

Nifty repeatedly faced resistance, with buying momentum fading at higher levels. On the downside, 24,600 acted as a crucial support throughout the session, said Rupak De, Senior Technical Analyst at LKP Securities. "As long as the Nifty sustains above 24,600, it has the potential to move towards 24,800. A sustained breakout above 24,800 could trigger a fresh directional rally."

Sensex continues to trade above its 20-day, 50-day, 100-day and 200-day EMA, indicating strengthening momentum across both the short-term and medium-term trend, said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking. "It continues to hold above the 78,300–78,600 support zone, while 79,100–79,300 remains the immediate resistance area."

Nifty Bank outlook Bank Nifty extended its positive momentum by forming a bullish candle, continuing to maintain a higher high–higher low structure on the daily chart. It closed above the previous session's high, indicating buying interest and a positive bias for the coming sessions. It has been consolidating within the broader 56,500–58,700 range over the past several weeks, said Bajaj Broking.

"On the downside, 57,700 remains the immediate support level, followed by the 57,000–56,800 zone, which is expected to provide a strong cushion. On the upside, 58,300–58,700 remains the immediate resistance band, and a sustained move above 58,700 would reinforce the bullish trend and trigger further upside momentum," it added.

Nifty Bank continues to trade above its key short-term and long-term moving averages, indicating that the broader trend remains constructive. However, momentum indicators remain largely neutral and suggest a phase of sideways consolidation in the near term, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

"From a technical perspective, the 58,500-58,600 zone is expected to act as an immediate resistance area. A decisive move above 58,600 could trigger a fresh upswing, paving the way for a rally towards 59,100, followed by 59,600 in the short term. On the downside, the 290-day EMA zone placed around 57,600-57,500 is likely to provide strong support and act as a crucial cushion, he said.