Stock market today: Gift Nifty up 340 pts; key levels for Nifty, Sensex & Nifty Bank

After a mid-week hiatus, Indian equity benchmark indices are set to open higher on Thursday, as optimism over earnings rebound and the return of foreign buying look set to take the blue-chip index towards a new record high level. Traders will be tracking the developments around the potential India-US trade deal.

Nifty futures on the NSE International Exchange traded 341.70 points, or 1.32 per cent, up at 26,248, hinting at a positive start for the domestic market on Thursday. Asian stocks fell for a second day on Thursday. Nikkei dropped 1.3 per cent, while Hang Seng edged lower. KOSPI inched up marginally.

The mood remains buoyant as the U.S. reportedly plans to slash tariffs on Indian imports to just 15-16 per cent - a game-changing move that could supercharge India’s trade competitiveness and exports, said Prashanth Tapse, Senior VP (Research) at Mehta Equities.The rally, initially fuelled by the RBI’s dovish stance, is broadening out - signalling that happy days are here again."

Wall Street closed lower on Wednesday as a wave of mixed earnings. The Dow Jones Industrial Average fell 334.33 points, or 0.71 per cent, to 46,590.41, the S&P 500 lost 35.95 points, or 0.53 per cent, to 6,699.40 and the Nasdaq Composite dropped 213.27 points, or 0.93 per cent, to 22,740.40.

Brent crude was last up 2.3 per cent at $64 per barrel after US President Donald Trump on Wednesday imposed Ukraine-related sanctions for the first time in his second term, targeting Russian oil companies Lukoil and Rosneft.

Gold was last down 0.6 per cent at $4,071.09 per ounce, with prices closing in on the $4,000 mark in early Asian trading as investors booked profits ahead of US inflation data due this week. The US index was last trading 0.1 per cent firmer at 99.03.

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 96.72 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 607.01 crore on a net-net basis.
 

Nifty50 & Sensex outlook

Nifty50 continued to remain in an uptrend even during the Muhurat trading session, though the actual range remained small due to the shortened trading window. Sentiment continues to favor the bulls, with the index sustaining above the critical 21 EMA, said Rupak De, Senior Technical Analyst at LKP Securities.

"The RSI has entered a highly ambitious momentum zone and looks ready to strengthen in the coming sessions. In the short term, a rally towards 26,000/26,200 looks possible, while support is placed at 25,700," he said.

Nifty50 witnessed profit booking in the second half to shed some gains, maintaining the overall strong bias. It would be aiming to retest the previous peak of the 26300 zone in the coming days with the undertone maintained strong, having the important support positioned near the 25300 level as of now, said Vaishali Parekh, Vice President of Technical Research at PL Capital.

"Sensex witnessed a gradual rise seen during the intraday session, it has strengthened the bias anticipating a further rise in the coming days. It would have the near-term support positioned near the 82,500 zone, and on the upside, with the undertone maintained strong, it has opened the gates for higher targets of 84,400 and 89,500 levels," he added.
 

Nifty Bank outlook

Nifty Bank has maintained above its previous all-time high of 57,628 and formed a bullish candle with a long upper shadow, reflecting selling pressure at higher levels. On the downside, immediate support is seen near 57,830, while major support lies around 56,920, where the bullish gaps are placed, said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates.

"As long as the index remains above 56,920, the ongoing bullish momentum is likely to persist. On the upside, Bank Nifty could extend its rally towards the 58,500–59,000 zone. Hence, traders are advised to continue with a buy-on-dips approach for the short term," he said.

Nifty Bank faces a key supply area between 57,900 and 58,200. It signals short-term profit-booking, though the broader trend remains firmly bullish. A sustained close above 58,250 could confirm a breakout and open the door toward 58,800–59,200, while 57,600–57,400 will act as the immediate support range, said Ponmudi R, CEO at Enrich Money.