Nifty, Sensex, Nifty Bank outlook for today: GIFT Nifty up 65 points; key levels to watch

Indian equity benchmark indices are set to open on a positive note on Thursday on the back of positive cues from Asian markets and decline in crude oil prices. Positive earning guidance also supported the sentiments, while traders, back home, await the progress of Monsoon in India.

Indian equities are expected to regain their positive momentum, supported by renewed buying interest and lower energy prices, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. The southwest monsoon has resumed its advance across the country, improving investor sentiment, he said.

GIFT Nifty, Asian markets & US stocks
GIFT Nifty Futures on the NSE International Exchange were 67.20 points, or 0.28 per cent, up at 24,119, hinting at a positive start for the domestic market on Thursday. Asian equities surged on Thursday after strong earnings. KOSPI gained more than 5 per cent, while Nikkei was up 4 per cent. Hang Seng edged lower by a per cent.

The US stocks closed mostly lower on Wednesday, dragged by tech stocks on nagging concerns about valuations. The Dow Jones Industrial Average rose 182.06 points, or 0.35 per cent, to 51,848.90, the S&P 500 lost 7.24 points, or 0.10 per cent, to 7,358.22 and the Nasdaq Composite dropped 110.40 points, or 0.43 per cent, to 25,476.64.

Crude, US dollar, gold & more
Brent crude futures dipped 0.5 per cent to $73.34 a barrel, inching closer to pre-war levels. US West Texas Intermediate fell 0.38 per cent to $70.07 a barrel. Spot gold last fetched $3,990 per ounce, hovering near its lowest since November. The dollar index was at 101.6 after reaching 101.80 in the previous session, its highest since May 12, 2025.

A rebound in Asian markets following the previous day’s sharp decline, along with positive developments regarding a potential US–India trade deal, provided additional support, said Ajit Mishra, SVP of Research at Religare Broking. "We continue to advocate a stock-specific approach, favouring relative outperformers and selective buying in rate-sensitive sectors." 

FII-DII flows
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,843.40 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 3,637.26 crore on a net-net basis.

Nifty50 & Sensex outlook
The market maintained positive momentum throughout the day, after a strong opening. it has formed a promising reversal pattern on intraday charts, and has formed a bullish candle on daily charts, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

"We are of the view that as long as the market is trading above 23,900/76,700, the pullback formation is likely to continue. On the higher side, the rally could extend to 24,150–24,200/77,500-77,700. On the flip side, below 23,900/76,700, sentiment could change. Below this level, the market could retest 23,800–23,750/76,400-76,200," it added.

Sensex formed a strong bullish candle and witnessed a sharp rebound after taking support near the previous session's lower levels, said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking. A decisive move above this zone could further strengthen the bullish outlook and open the door for an extension of the ongoing uptrend, he said.

"The overall market bias has improved significantly following today's strong recovery. As long as Sensex sustains above the 76,000–76,200 support zone, the positive momentum is likely to continue. On the upside, immediate resistance is placed around 77,500–77,700," Tailor added.

Nifty50 has formed a Piercing Line candlestick pattern near the 20-EMA support zone on the daily timeframe, signalling the possibility of a strong rally in the short term, said Rupak De, Senior Technical Analyst at LKP Securities. "On the higher end, resistance is seen at 24,500 and 24,800. On the lower end, 23,800 is likely to continue acting as a crucial support level."

Nifty Bank outlook
Nifty Bank formed a bullish engulfing candlestick pattern highlighting strong buying demand around the 57,000 levels. It in the process recouped its entire previous session decline. The daily 14 period RSI remains in up trend and is seen rebounding taking support at its nine periods average, said Bajaj Broking Research.

"Going ahead, bias remains positive and index to gradually head towards 59,200 levels in the coming sessions being the measuring implication of the recent range breakout and the 138.2 per cent external retracement of the previous decline 57456-52783. The last two weeks lows are placed around 57,000 levels, hence immediate bias remain positive above the same," it added.

Nifty Bank witnessed a breakout and formed a sizeable bullish candle on the daily chart. The RSI has rebounded from around the 60 mark, signalling a fresh pickup in bullish momentum. The rally was largely driven by strength in heavyweight banking stocks, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

"Going ahead, the immediate resistance for Bank Nifty is placed in the 58,500-58,600 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 59,000, followed by 59,400 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 57,700-57,600 zone," it added.