Stock market today: Gift Nifty down 25 points; key levels for Nifty, Sensex & Nifty Bank
Nifty futures on the NSE International Exchange traded 24.60 points, or 0.10 per cent, up at 25,792.50, hinting at a muted start for the domestic market on Wednesday.
- Feb 4, 2026,
- Updated Feb 4, 2026 8:33 AM IST
Indian equity benchmark indices are set to open on a muted note on Wednesday amid US-India trade deal optimism, though a global sell-off in software stocks on concerns over artificial intelligence disruption may weigh on IT stocks and limit broader gains. Traders will be looking at RBI's monetary policy due later this week.
Nifty futures on the NSE International Exchange traded 24.60 points, or 0.10 per cent, up at 25,792.50, hinting at a muted start for the domestic market on Wednesday. Asian stocks were on shaky ground on Wednesday. Nikkei and Hang Seng were down half a per cent, while KOSPI edged slightly higher.
"We believe multiple positives will accrue in the form of reversal of FII outflows. Indian markets will witness continued positive momentum in the near term, with sector/stock specific action, driven by recent trade deals, Union Budget announcements and the ongoing Q3 earnings season," said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.
Wall Street ended sharply lower on Tuesday as investors worried about AI creating more competition for software makers. The S&P 500 declined 0.84 per cent to end the session at 6,917.81 points. The Nasdaq declined 1.43 per cent to 23,255.19 points, while the Dow Jones Industrial Average declined 0.34 per cent to 49,240.99 points.
The US dollar was steady on Wednesday as investors remained cautious after a partial government shutdown swiftly ended. The dollar index was at 97.43, not far from the one-week high of 97.73 it touched on Monday.
Oil prices climbed after the US shot down an Iranian drone and armed boats approached a US-flagged vessel in a key waterway, while precious metals found a firmer footing after a recent rout. Brent crude futures rose 1 per cent to $68.03 a barrel while US crude advanced 1.1 per cent to $63.90 per barrel.
Precious metals were meanwhile recovering from a rout. Spot gold reclaimed the $5,000 level and was up 1.5 per cent at $5,014.31 an ounce, while silver rose 1.7 per cent to $86.57 an ounce. In cryptocurrencies, bitcoin languished near its lowest level since November 2024 at $76,658.96, having lost nearly 3 per cent on Tuesday.
Investor sentiment improved sharply following reports that India and the US had finalised a trade deal, Ajit Mishra, SVP of Research at Religare Broking. "Sector and theme-specific approach remains advisable, with a preference for stocks showing relatively stronger momentum. Large-cap and select larger midcap names appear better positioned."
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 5,236.28 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned sellers of Indian equities to the tune of Rs 1,014.24 crore on a net-net basis.
Nifty50 & Sensex outlook
Technically, the market opened with a major gap-up but due to temporary overbought conditions, it witnessed some profit booking at higher levels, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. The short-term market outlook remains positive, but a strategy of buying on dips and selling on rallies would be ideal for traders, he said.
"On the downside, retracement support is placed at 25,500/83,000 and 25,350/82,500, while 25,900/84,300 and 26,000/84,500 would act as immediate resistance levels for the bulls. However, below 25,350/82,500, the uptrend could become vulnerable," Chauhan adds.
A large red candle has formed and managed to close above the 38.2 per cent Fibonacci retracement level, placed around 25,500, said Rupak De, Senior Technical Analyst at LKP Securities. "This has led to a swift shift in sentiment from 'sell on rise' to 'buy on dips' within a single session. Immediate support is seen in the 25,470–25,500 zone. On the higher end, resistance is placed at 26,000–26,200."
Nifty Bank outlook
Nifty Bank formed a bearish candle on the daily chart. Looking ahead, the 59,600–59,500 zone will act as a key support area, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "On the upside, the region between 60,300–60,400 remains the immediate resistance, and a breakout above this band may revive upward momentum."
Nifty Bank signaled profit booking at higher levels after a strong opening. It has immediate support at 59500-59200 levels being the confluence of the 20- and 50-days EMA. It is holding above the support area will keep the bias positive and will open upside towards 60,800 and 61,700 levels in the coming sessions, Bajaj Broking said.
"Volatility is likely to remain elevated amid uncertain global cues and the upcoming RBI monetary policy announcement. Key short-term support is placed in the 58,500–58,000 zone being the confluence of the 100 days EMA and the bullish gap area," it added.
Indian equity benchmark indices are set to open on a muted note on Wednesday amid US-India trade deal optimism, though a global sell-off in software stocks on concerns over artificial intelligence disruption may weigh on IT stocks and limit broader gains. Traders will be looking at RBI's monetary policy due later this week.
Nifty futures on the NSE International Exchange traded 24.60 points, or 0.10 per cent, up at 25,792.50, hinting at a muted start for the domestic market on Wednesday. Asian stocks were on shaky ground on Wednesday. Nikkei and Hang Seng were down half a per cent, while KOSPI edged slightly higher.
"We believe multiple positives will accrue in the form of reversal of FII outflows. Indian markets will witness continued positive momentum in the near term, with sector/stock specific action, driven by recent trade deals, Union Budget announcements and the ongoing Q3 earnings season," said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.
Wall Street ended sharply lower on Tuesday as investors worried about AI creating more competition for software makers. The S&P 500 declined 0.84 per cent to end the session at 6,917.81 points. The Nasdaq declined 1.43 per cent to 23,255.19 points, while the Dow Jones Industrial Average declined 0.34 per cent to 49,240.99 points.
The US dollar was steady on Wednesday as investors remained cautious after a partial government shutdown swiftly ended. The dollar index was at 97.43, not far from the one-week high of 97.73 it touched on Monday.
Oil prices climbed after the US shot down an Iranian drone and armed boats approached a US-flagged vessel in a key waterway, while precious metals found a firmer footing after a recent rout. Brent crude futures rose 1 per cent to $68.03 a barrel while US crude advanced 1.1 per cent to $63.90 per barrel.
Precious metals were meanwhile recovering from a rout. Spot gold reclaimed the $5,000 level and was up 1.5 per cent at $5,014.31 an ounce, while silver rose 1.7 per cent to $86.57 an ounce. In cryptocurrencies, bitcoin languished near its lowest level since November 2024 at $76,658.96, having lost nearly 3 per cent on Tuesday.
Investor sentiment improved sharply following reports that India and the US had finalised a trade deal, Ajit Mishra, SVP of Research at Religare Broking. "Sector and theme-specific approach remains advisable, with a preference for stocks showing relatively stronger momentum. Large-cap and select larger midcap names appear better positioned."
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 5,236.28 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned sellers of Indian equities to the tune of Rs 1,014.24 crore on a net-net basis.
Nifty50 & Sensex outlook
Technically, the market opened with a major gap-up but due to temporary overbought conditions, it witnessed some profit booking at higher levels, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. The short-term market outlook remains positive, but a strategy of buying on dips and selling on rallies would be ideal for traders, he said.
"On the downside, retracement support is placed at 25,500/83,000 and 25,350/82,500, while 25,900/84,300 and 26,000/84,500 would act as immediate resistance levels for the bulls. However, below 25,350/82,500, the uptrend could become vulnerable," Chauhan adds.
A large red candle has formed and managed to close above the 38.2 per cent Fibonacci retracement level, placed around 25,500, said Rupak De, Senior Technical Analyst at LKP Securities. "This has led to a swift shift in sentiment from 'sell on rise' to 'buy on dips' within a single session. Immediate support is seen in the 25,470–25,500 zone. On the higher end, resistance is placed at 26,000–26,200."
Nifty Bank outlook
Nifty Bank formed a bearish candle on the daily chart. Looking ahead, the 59,600–59,500 zone will act as a key support area, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "On the upside, the region between 60,300–60,400 remains the immediate resistance, and a breakout above this band may revive upward momentum."
Nifty Bank signaled profit booking at higher levels after a strong opening. It has immediate support at 59500-59200 levels being the confluence of the 20- and 50-days EMA. It is holding above the support area will keep the bias positive and will open upside towards 60,800 and 61,700 levels in the coming sessions, Bajaj Broking said.
"Volatility is likely to remain elevated amid uncertain global cues and the upcoming RBI monetary policy announcement. Key short-term support is placed in the 58,500–58,000 zone being the confluence of the 100 days EMA and the bullish gap area," it added.