Stock market today: Gift Nifty up 13 points; key levels for Nifty, Sensex & Nifty Bank

Indian equity benchmark indices are poised to open on a flat note, marginally higher on Friday, after four straight sessions of losses on renewed US tariff concerns, as investors await a US Supreme Court ruling on the legality of the levies later and upcoming results season by India Inc.

Nifty futures on the NSE International Exchange traded 12.90 points, or 0.05 per cent, up at 25,998, hinting at a muted start for the domestic market on Friday. Asian stocks were seen higher on Friday ahead of a crucial jobs report. Nikkei gained more than a per cent, while KOSPI rose nearly half a per cent. Hang Seng was seen as largely flat.

Amidst the global turmoil, there is a ray of hope from corporate earnings which is expected to see sharp improvement in Q3, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. "We expect the market to remain under pressure in the near term, dragged by concerns over US tariffs, ongoing geopolitical tensions and weak global market cues."

Wall Street ended mixed on Thursday, as Nvidia and other technology stocks dipped. The S&P 500 climbed 0.01 per cent to end the session at 6,921.45 points. The Nasdaq declined 0.44 per cent to 23,480.02 points, while the Dow Jones Industrial Average rose 0.55 per cent to 49,266.11 points.

The US dollar advanced at the start of the Asian session on Friday, as traders awaited the release of the latest US jobs report and braced for a forthcoming US Supreme Court decision on President Donald Trump's use of emergency tariff powers. The dollar index was up 0.2 per cent at 98.883, rising for a third consecutive day.

Oil prices extended their gains on Friday, sitting near a two-week high as investors contended with developments in Venezuela and worried about supplies from Russia, Iraq and Iran. Brent futures rose 0.6 per cent to $62.36 per barrel, while US West Texas Intermediate (WTI) crude gained 0.5 per cent to $58.04.

With global cues remaining mixed and the earnings season approaching, trading activity remained cautious and largely stock-specific, said Ajit Mishra, SVP of Research at Religare Broking. "Participants are advised to maintain strict risk management in existing short-term positions amid heightened volatility and wait for clearer directional cues."

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 3,367.12 crore on Thursday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 3,701.17 crore on a net-net basis.
 

Nifty50 & Sensex outlook

Nifty50 has formed a long bearish candle. As long as the market is trading below 26,000/84,500, weak sentiment is likely to continue on the downside, and the market could slip till 25,750-25,700/84,000-83,700, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. "On the flip side, if it moves above 26,000/84,500, the pullback could continue till 26,075-26,100/84,800-85,000."

Nifty continued with weakness and closed at the lows towards the end. A long bear candle was formed on the daily chart that has moved below the immediate support of around 26,100-26,000 levels. This is not a good sign and signals more weakness in the short term, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

"The short-term trend of Nifty is weak. A decisive breakdown of the support indicates a short-term reversal of trend on the downside. Next crucial lower supports to be watched are around 25,700. Immediate resistance is placed at 26,000," he said.
 

Nifty Bank outlook

The banking benchmark index, Nifty Bank, continued to outperform the frontline indices. Despite the correction, it remains comfortably above its key moving averages, signalling that the broader trend is still intact, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

"Momentum indicators, however, point toward a phase of consolidation, suggesting sideways movement in the near term.

Looking ahead, the zone of 59,400–59,300 will act as immediate support for the index. As long as Bank Nifty holds above 59,400, the bullish structure remains valid. On the upside, the 59,900–60,000 band will serve as a crucial hurdle," it added.

Bank Nifty formed a bearish candle and it is expected to remain in a consolidation phase within the 59,500–60,400 range. A decisive breakout above this range or a breakdown below it will provide clarity on the next directional move, said Bajaj Broking. "On the downside, immediate support is seen at 59,500, while the key short-term support zone lies at 59,000–58,700," it said.