Stock market today: Gift Nifty down 32 pts; key levels for Nifty, Sensex & Nifty Bank

Indian benchmark indices are set for a muted start on Friday amid the rising volatility on the back of Trump tariffs. However, cues from the US and Asian stocks remain mixed ahead of the weekend. Japanese markets scaled new highs, while the US dollar and crude traded little changed in the early trade of Asia.

Nifty futures on the NSE International Exchange traded 31.90 points, or 0.13 per cent, down at 24,641.50, hinting at a muted start for the domestic market on Friday. Japanese shares surged on Friday after positive earnings reports. Nikkei jumped more than 2 per cent to hit new highs. However, KOSPI and Hang Seng were marginally lower.

The Dow and S&P 500 eased on Thursday, while the Nasdaq eked out a record closing high. The Dow Jones Industrial Average fell 224.48 points, or 0.51 per cent, to 43,968.64, the S&P 500 lost 5.06 points, or 0.08 per cent, to 6,340.00 and the Nasdaq Composite gained 73.27 points, or 0.35 per cent, to 21,242.70.

The US dollar rose on Thursday after Bloomberg News reported Federal Reserve Governor Christopher Waller is emerging as a top candidate to serve as the central bank's chair among President Donald Trump's team. The dollar index was up 0.2 per cent at 98.124.

In commodity markets, Oil prices were little changed in early Asian hours on Friday, but were headed for their steepest weekly losses since late-June. Brent futures were unchanged at $66.45, while US crude futures were little changed at $63.81 a barrel. Gold was 0.4 per cent lower, with bullion last trading at $3391.157 per ounce.

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 4,997.19 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 10,864.04 crore on a net-net basis.
 

Nifty & Sensex outlook

"We are of the view that 24,500/80,300 will act as a key support zone for day traders. As long as the market stays above this level, the pullback formation is likely to continue. On the higher side, the market could move up to 24,800/81,000. Further, upside may continue, potentially lifting the index up to 24,875/81,350," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

On the flip side, a decline below 24,500/80,300 could change the sentiment. Below this level, the market could retest the levels of 24,350-24,300/79,800-79,650. Given the current market volatility, level-based trading would be the ideal strategy for day traders, he added.

Nifty formed a bullish candlestick pattern, reflecting renewed buying interest and momentum. From a technical standpoint, a sustained move above the 24,650 level could open the door for an upside toward 24,850, said Hardik Matalia, Derivative Analyst - Research at Choice Equity Broking. "On the downside, immediate support is placed at 24,550, followed by 24,400 — both of which could offer attractive entry points for fresh long positions," he said.
 

Nifty Bank outlook

Nifty Bank need to start forming higher high and higher low on a sustained basis to signal a pause in the corrective trend The index has key support between 55,200 and 54,900 - a region that aligns with the 100-day EMA and key Fibonacci retracement levels from the prior upward move, making it a significant demand area, said Bajaj Broking.

"On the upside, resistance is seen in the 56,300–56,500 range, which corresponds to the lower boundary of the recent breakdown zone. A sustained move above this level would be an early indication of weakening bearish momentum or a potential pause in the current downtrend," it said.

Nifty Bank formed a big bullish candle on the daily scale, indicating strength. On the downside, the 55,150–54,970 zone will act as strong support zone, while on the upside, the 21-DEMA placed near 56,170 will serve as immediate resistance, said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates. Hence, traders are advised to buy near support and sell near resistance levels, he said.