Stock market today: Gift Nifty down 83 points; key levels for Nifty, Sensex & Nifty Bank

Indian equity benchmark indices are likely on a muted note on Wednesday as geopolitical tensions and tariff worries temper optimism around earnings growth. Traders are on the tenterhooks, led by fresh tariff threats from U.S. President Donald Trump over India's Russian oil purchases.

Nifty futures on the NSE International Exchange traded 82.60 points, or 0.31 per cent, down at 26,202.50, hinting at a negative start for the domestic market on Wednesday. Asian stocks were mixed in early trade. Nikkei and Hang Seng dropped up to a per cent, while KOSPI was trading a per cent higher.

Investors will track key global data. Markets are likely to trade sideways, with tussle between positive Q3 business updates being weighed down by geopolitical uncertainty. This back-and-forth is expected to continue in the near term, said Siddhartha Khemka, Head of Research of Motilal Oswal Financial Services

Wall Street ended higher on Tuesday as chip stocks surged on renewed AI optimism. The Nasdaq gained 0.65 per cent to 23,547.17, while the Dow Jones Industrial Average rose 0.99 per cent to 49,462.08 points, nearing the historic 50,000 mark. The S&P 500 climbed 0.62 per cent to end the session at 6,944.82 points.

Crude futures slid and resource shares climbed in Asian trading. Oil prices continued their slide after US President Donald Trump said Venezuela will be 'turning over' up to 50 million barrels of oil to be sold at its market price following the toppling and capture of the nation's leader. US crude fell 1.1 per cent to $56.48 a barrel and Brent fell to $60.22 per barrel.

The dollar index was little changed at 98.60. Spot gold fell 0.6 per cent to $4,469.04 an ounce. Copper declined 0.1 per cent to $13,111.50 a tonne. In cryptocurrencies, bitcoin fell 0.8 per cent to $92,499.05, and ether declined 0.5 per cent to $3,257.66.

A buy-on-dips approach remains advisable. Beyond the established sectoral leaders, emerging opportunities are also visible in the pharma and realty spaces, said Ajit Mishra, SVP of Research at Religare Broking. "Participants are advised to plan their positions accordingly while keeping position sizes moderate and adhering to disciplined risk management," he said.

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 107.63 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 1,749.35 crore on a net-net basis.
 

Nifty50 & Sensex outlook

The intraday market formation is still on the weaker side, but a fresh selloff is possible only after the breach of 26,100/84,800, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. "Below this, the market could slip to 26,000-25,950/84,500-84,350. On the flip side, 26,250/85,300 would be the immediate resistance zone for the bulls. The market can bounce back up to 26,350-26,380/85,500-85,700." he said.

The Nifty has slipped as weakness continues. On the lower end, it found intraday support around 26,100. The trend looks likely to remain range-bound in the near term, said Rupak De, Senior Technical Analyst at LKP Securities. "Going forward, a sustained rally may emerge upon a maneuvering effort by bulls to take the Nifty above 26,300. On the downside, support is placed at 26,000."
 

Nifty Bank outlook

Nifty Bank formed a bullish candle with a minor upper shadow. The zone of 60,400-60,500 will act as an important hurdle for it, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "Any sustainable move above the level of 60,500 will lead to further upside upto 61,100, followed by 61,600 in the short term. On the downside, the zone of 59,700-5,9600 will act as important support," he said.

Bank Nifty formed a small bull candle with shadows in either direction signaling consolidation amid stock specific action around the all-time high, said Bajaj Broking. Going ahead, a follow through strength will open further upside towards 60,700 initially followed by 61,400 levels from a short-term perspective being the measuring implication of the recent range.