Stock market today: Gift Nifty up 270 points; key levels for Nifty, Sensex & Nifty Bank

Indian shares are set to open higher on Tuesday as US President Donald Trump hinted the ​war in Iran could end soon, knocking oil off three-year highs and easing ‌fears of a prolonged supply shock. The conflict in ​the Middle East had already dragged the Nifty 50 and Sensex ​to their worst weekly performance in more than a year.

Nifty futures on the NSE International Exchange were 271 points, or 1.12 per cent, up at 24,393.50, hinting at a positive start for the domestic market on Tuesday. Asian stocks rallied at the start ​of trading on Tuesday. KOSPI soared more than 6 per cent, while Nikkei gained over 3 per cent. Hang Seng gained as much as 1.5 per cent.

Markets will closely monitor developments in West Asia and their potential impact on global energy supplies and crude oil prices, as uncertainty around the duration and intensity of the conflict is likely to keep investor sentiment cautious in the near term, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.

Wall Street stocks clawed their way back from a steep selloff to close higher on Monday. The Dow Jones Industrial Average rose 239.25 points, or 0.50 per cent, to 47,740.80; the S&P 500 gained 55.97 points, or 0.83 per cent, to 6,795.99 and the Nasdaq Composite jumped 308.27 points, or 1.38 per cent, to ​22,695.95.

Oil ‌prices fell on Tuesday after hitting their highest level in more than three years in the prior session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies. Brent crude futures fell as much as 10 per cent to below $90 per barrel as trading resumed.

The US dollar index retraced all of its gains of the ​past week and was trading down 0.1 per cent at 98.79. Gold was down 0.1 per cent at $5,133.55, holding within its trading channel of the past week, while cryptocurrencies remained directionless, holding the same ​range they have tracked since the beginning of February. Bitcoin was up 0.2 per cent at $69,127.60.

Investor sentiment remained fragile due to escalating geopolitical tensions in the Middle East, which triggered a sharp surge in crude oil prices, weakness in the rupee, and continued FII selling, said Ajit Mishra, SVP of Research at Religare Broking. "We recommend staying selective while focusing on strict risk management until market stability returns."

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 6,345.57 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 9,013.80 crore on a net-net basis.

Nifty50 & Sensex outlook

"On daily and intraday charts, the market is holding a lower top formation, which indicates further weakness from the current levels. We are of the view  that the current market texture is weak but oversold. For day traders, 24,000-23,900/77,500-77,200 would act as key support zones," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

An extension of the pullback move till 24,150-24,300/78,000-78,200 may be seen. On the flip side, below 23,900/77,200, the selling pressure is likely to accelerate. If the market falls below this level, it could retest 23,700/76,500. Further downside may also continue, potentially dragging the index to 23,500/76,000, Chauhan added.

A reasonable green candle was formed on the daily chart with a long lower shadow. Technically, this market action indicates a sharp down-trended movement with upside recovery, said  Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

"The overall structure of the market remains weak and the bearish chart pattern like lower tops and bottoms is intact on the daily and weekly charts. Having formed a new lower low around 23,700 on Monday, there is a higher probability of minor pullback in the short term towards 24,200-24,300 levels for a sell on rise opportunity," he said.  

Nifty Bank outlook

Nifty Bank has fallen below its 200 day EMA for the first time since April 2025, signalling a shift in the medium term trend. The daily RSI at 24.88, which was the lowest reading since January 2025. Going forward, the 55,600–55,500 zone will act as the immediate support, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

"A sustained break below 55,500 may extend the decline towards 54900, followed by 54400. On the upside, the 56,500–56,600 band will remain the crucial resistance zone, and only a breakout above this level may trigger a meaningful recovery," he added.

Nifty Bank formed a high wave candle with a small real body and long lower shadow and a bearish gap above its head signaling a pullback from the day’s low. Volatility is likely to remain elevated amid uncertain global cues, rising crude price and escalating geo-political tension, said Bajaj Broking.

"Going ahead, Nifty Bank holding above the Monday’s panic low of 55,270 will signal a pullback towards 56,600-57,000 levels in the coming sessions. Signalling consolidation in the range of 55,200-57,000 in the coming sessions. Failure to hold above 55,200 levels will lead to extension of the decline towards 54,500-54,000 levels in the coming sessions," it adds.