Nifty, Sensex, Nifty Bank outlook for today: GIFT Nifty up 120 points; key levels to watch
GIFT Nifty Futures on the NSE International Exchange were 122.70 points, or 0.51 per cent, up at 24,221.50, hinting at a positive start for the domestic market on Wednesday.
- Jul 29, 2026,
- Updated Jul 29, 2026 7:26 AM IST
Indian equity benchmark indices are set to open higher, suggesting a gap-up opening amid the mixed global opening cues. The underlying sentiment is expected to remain cautious as geopolitical tensions in the Middle East continue to dominate investor focus. Fresh strikes by US and Saudi forces on Iran-linked militant sites in Iraq have intensified geopolitical tensions.
Indian equities are expected to remain range-bound with a positive bias, supported by easing geopolitical tensions in West Asia after the US President reiterated his preference for a diplomatic resolution with Iran, along with the continued decline in Brent crude oil prices, 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 122.70 points, or 0.51 per cent, up at 24,221.50, hinting at a positive start for the domestic market on Wednesday. Asian stocks rebounded on Wednesday after a brutal selloff a day earlier. KOSPI dropped nearly 3 per cent, while Nikkei shed nearly a per cent. Hang Seng, however, marched higher.
US stocks ended mixed on Tuesday as gains in Boeing and Coca-Cola helped offset tumbling chip stocks ahead of quarterly reports from Apple and other tech companies this week. The S&P 500 climbed 0.21 per cent to end the session at 7,428.78 points. The Nasdaq declined 0.22 per cent to 24,876.91 points, while the Dow Jones Industrial Average rose 1.03 per cent to 52,747.32 points.
Crude, US dollar, gold & more Oil prices jumped in early trading after fresh attacks in the Middle East shattered the relative calm of recent days in the US-Iran war. Brent futures jumped 3 per cent to $86.80 per barrel while US West Texas Intermediate crude rose over 3 per cent to $81.95. Gold prices inched lower on Wednesday as it fell 0.1 per cent to $4,021.87 per ounce. The dollar was firm at 101.43 against its peers.
Investor sentiment remained guarded ahead of the US Federal Reserve policy meeting, with participants refraining from taking aggressive positions, said Ajit Mishra, SVP of Research at Religare Broking. "We continue to advocate a selective, stock-specific approach, while maintaining disciplined risk and position management until greater clarity emerges on the next move of the market."
FII-DII flows Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 755.33 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 1,664.16 crore on a net-net basis.
Nifty50, Sensex & Nifty Bank The market hovered between the 23,950/76,700 to 24,050/77,000 price range. A small candle on the daily charts and non-directional intraday activity indicate indecisiveness between the bulls and bears. The intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
"On the higher side, if the market succeeds in trading above 24,050/77,000, it could then move up to 24,150–24,200/77,300-77,500. On the flip side, a breach of 23,900/76,500 could accelerate selling pressure. Below this level, the market could retest the levels of 23,800–23,750/76,200-76,000," it added.
The immediate support for Sensex is placed at 76,200–76,300, while immediate resistance seen at 77,200–77,300. As long as the index holds above the support area, the ongoing recovery attempt is likely to remain intact. A sustained move above 77,200–77,300 could attract fresh buying interest and extend the rally towards 77,700–78,000, said Sachin Gupta, VP - Technical Research, Choice Equity Broking.
The Nifty closed around the 50-EMA for the second consecutive day, suggesting indecisiveness among traders. On the higher end, 24,050 remained a strong resistance, while on the lower end, support was seen around 23,920. A decisive move above 24,050 in the near term might provide the required strength for the index to move towards 24,500 in the short term, said Rupak De, Senior Technical Analyst at LKP Securities.
From the Derivatives perspective, India VIX eased further to 12.44, reflecting subdued volatility and a lack of aggressive directional positioning, said Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities.
Nifty Bank outlook Nifty Bank formed a small-bodied bearish candle with a prominent upper wick, reflecting profit booking at higher levels. The index also remains in the lagging quadrant of the relative rotation graph (RRG), highlighting weak relative strength and momentum compared to the benchmark, said Sunny Agrawal, Head of Fundamental Research at SBI Securities.
"Going ahead, the immediate resistance for Bank Nifty is placed in the 57,200-57,300 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 57,700, followed by 58,000 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 56,300-56,200 zone," it added.
A decisive breach below the 100-day EMA, placed at 56,660, could accelerate the decline towards the 56,000-56,200 level, which coincides with the previous week's low and 52 weeks EMA. On the upside, 57,050 remains the immediate resistance. A sustained move above this level would signal renewed buying momentum and could pave the way for an up move, said Bajaj Broking.
"Nifty Bank in the last 6 weeks is seen consolidating in the range of 56,500-58,700. Within the consolidation immediate hurdle is placed at 57,500 levels. On the downside key support is placed at the 56,000-56,200 levels. A breach below the same will lead to acceleration of decline towards 55,000 levels being the confluence of the trendline support joining previous major lows," it added.
Indian equity benchmark indices are set to open higher, suggesting a gap-up opening amid the mixed global opening cues. The underlying sentiment is expected to remain cautious as geopolitical tensions in the Middle East continue to dominate investor focus. Fresh strikes by US and Saudi forces on Iran-linked militant sites in Iraq have intensified geopolitical tensions.
Indian equities are expected to remain range-bound with a positive bias, supported by easing geopolitical tensions in West Asia after the US President reiterated his preference for a diplomatic resolution with Iran, along with the continued decline in Brent crude oil prices, 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 122.70 points, or 0.51 per cent, up at 24,221.50, hinting at a positive start for the domestic market on Wednesday. Asian stocks rebounded on Wednesday after a brutal selloff a day earlier. KOSPI dropped nearly 3 per cent, while Nikkei shed nearly a per cent. Hang Seng, however, marched higher.
US stocks ended mixed on Tuesday as gains in Boeing and Coca-Cola helped offset tumbling chip stocks ahead of quarterly reports from Apple and other tech companies this week. The S&P 500 climbed 0.21 per cent to end the session at 7,428.78 points. The Nasdaq declined 0.22 per cent to 24,876.91 points, while the Dow Jones Industrial Average rose 1.03 per cent to 52,747.32 points.
Crude, US dollar, gold & more Oil prices jumped in early trading after fresh attacks in the Middle East shattered the relative calm of recent days in the US-Iran war. Brent futures jumped 3 per cent to $86.80 per barrel while US West Texas Intermediate crude rose over 3 per cent to $81.95. Gold prices inched lower on Wednesday as it fell 0.1 per cent to $4,021.87 per ounce. The dollar was firm at 101.43 against its peers.
Investor sentiment remained guarded ahead of the US Federal Reserve policy meeting, with participants refraining from taking aggressive positions, said Ajit Mishra, SVP of Research at Religare Broking. "We continue to advocate a selective, stock-specific approach, while maintaining disciplined risk and position management until greater clarity emerges on the next move of the market."
FII-DII flows Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 755.33 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 1,664.16 crore on a net-net basis.
Nifty50, Sensex & Nifty Bank The market hovered between the 23,950/76,700 to 24,050/77,000 price range. A small candle on the daily charts and non-directional intraday activity indicate indecisiveness between the bulls and bears. The intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
"On the higher side, if the market succeeds in trading above 24,050/77,000, it could then move up to 24,150–24,200/77,300-77,500. On the flip side, a breach of 23,900/76,500 could accelerate selling pressure. Below this level, the market could retest the levels of 23,800–23,750/76,200-76,000," it added.
The immediate support for Sensex is placed at 76,200–76,300, while immediate resistance seen at 77,200–77,300. As long as the index holds above the support area, the ongoing recovery attempt is likely to remain intact. A sustained move above 77,200–77,300 could attract fresh buying interest and extend the rally towards 77,700–78,000, said Sachin Gupta, VP - Technical Research, Choice Equity Broking.
The Nifty closed around the 50-EMA for the second consecutive day, suggesting indecisiveness among traders. On the higher end, 24,050 remained a strong resistance, while on the lower end, support was seen around 23,920. A decisive move above 24,050 in the near term might provide the required strength for the index to move towards 24,500 in the short term, said Rupak De, Senior Technical Analyst at LKP Securities.
From the Derivatives perspective, India VIX eased further to 12.44, reflecting subdued volatility and a lack of aggressive directional positioning, said Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities.
Nifty Bank outlook Nifty Bank formed a small-bodied bearish candle with a prominent upper wick, reflecting profit booking at higher levels. The index also remains in the lagging quadrant of the relative rotation graph (RRG), highlighting weak relative strength and momentum compared to the benchmark, said Sunny Agrawal, Head of Fundamental Research at SBI Securities.
"Going ahead, the immediate resistance for Bank Nifty is placed in the 57,200-57,300 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 57,700, followed by 58,000 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 56,300-56,200 zone," it added.
A decisive breach below the 100-day EMA, placed at 56,660, could accelerate the decline towards the 56,000-56,200 level, which coincides with the previous week's low and 52 weeks EMA. On the upside, 57,050 remains the immediate resistance. A sustained move above this level would signal renewed buying momentum and could pave the way for an up move, said Bajaj Broking.
"Nifty Bank in the last 6 weeks is seen consolidating in the range of 56,500-58,700. Within the consolidation immediate hurdle is placed at 57,500 levels. On the downside key support is placed at the 56,000-56,200 levels. A breach below the same will lead to acceleration of decline towards 55,000 levels being the confluence of the trendline support joining previous major lows," it added.