Stock market today: Gift Nifty up 34 points; key levels for Nifty, Sensex & Nifty Bank

Indian benchmark shares are poised to open higher on Tuesday, after three sessions of gains, as the central bank's lending reforms and positive business updates from companies ahead of their September quarter results boosted sentiment. However, traders will be looking at global cues amid the US shutdown.

Nifty futures on the NSE International Exchange traded 33.60 points, or 0.13 per cent, down at 24,219 hinting at a positive start for the domestic market on Tuesday. Asian stocks, those open, ticked higher on Tuesday. Japan's Nikkei was up by a per cent, while Australia and New Zealand were seen mixed.

Stock-specific action is expected to dominate in the near term,  as the Q2 results season unfolds, with sectors such as banking, IT, capital goods, and consumption likely to remain in focus, said Siddhartha Khemka, Head of Research of Motilal Oswal Financial Services. "Overall, we expect Q2FY26 to mark a bottoming of earnings growth," he said.

The S&P 500 and the Nasdaq advanced on Monday, as artificial intelligence-related dealmaking boosted investor sentiment. The Dow Jones Industrial Average fell 63.31 points, or 0.14 per cent, to 46,694.97, the S&P 500 gained 24.49 points, or 0.36 per cent, to 6,740.28 and the Nasdaq Composite gained 161.16 points, or 0.71 per cent, to 22,941.67.

In currencies, the US dollar was on the front foot, helped in part by weakness in the yen and euro. The dollar index added 0.05 per cent to 98.17. Largest crypto token Bitcoin hovered near a record peak, as investors turned to alternative assets as a store of value.

Oil prices were steady on Tuesday, with sentiment toward a smaller-than-anticipated OPEC+ output hike dulled by weakening global demand and the potential for a supply glut. Oil prices steadied on Tuesday, with Brent crude futures up 0.11 per cent to $65.54 a barrel, while US crude rose 0.06 per cent to $61.73. Spot gold rose to an all-time high of $3,977.19 an ounce.

Sustained strength in banking and IT majors will be key to maintaining momentum, said Ajit Mishra, SVP of Research at Religare Broking. "Amid all, we continue to favor themes such as PSU banks, oil marketing companies, and defense, while using dips to accumulate quality names from the metal and auto sectors."

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 213.54 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 4,881.60 crore on a net-net basis.
 

Nifty50 & Sensex outlook
The current market texture is bullish, but buying on intraday dips and selling on rallies would be the ideal strategy for day traders, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. "On the downside, 25,000–24,950/81,500-81,300 would act as crucial support zones, while 25,150/82,000 and 25,200/82,200 could be immediate resistance levels for the bulls. However, below 24,950/81,300, the uptrend would become vulnerable," he said.

Nifty 50 eventually closed in the green with a strong bullish candle. From a technical standpoint, a sustained move above 25,115 could open the door for a rally toward 25,250 and 25,350, said Amruta Shinde, Technical & Derivative Analyst at Choice Broking. "On the downside, immediate support is placed at 25,018 and 24,900, which may act as potential entry zones for long trades."
 

Nifty Bank outlook
Nifty Bank breached a downward-sloping trendline on the daily chart. Given this constructive chart structure, it appears poised to continue its northward journey, with 56,600 as the immediate upside target, followed by 57,000 in the short term. On the downside, the support zone of 55,700–55,600 is expected to cushion any pullbacks, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

The RSI is at 63, indicating Nifty Bank is nearing bullish territory, which could lead to upward momentum. A strong support zone lies around 55,800, which has held recent declines, while the resistance zone near 56,500 continues to cap upside momentum, said Jigar Trivedi, Senior Research Analyst at Reliance Securities.