Stock market today: Gift Nifty up 75 points; key levels for Nifty, Sensex & Nifty Bank

Indian equity benchmark indices are likely to open higher on Friday. Traders will be looking at earnings by Infosys.Investors now await earnings reports from other blue-chip companies, including Reliance Industries Wipro, HDFC Bank and ICICI Bank later in the day and on Saturday. Geopolitical cues, India US trade deal and the Union Budgest shall be other key cues for the traders.

Nifty futures on the NSE International Exchange traded 74.50 points, or 0.29 per cent, up at 25,793.50, hinting at a positive start for the domestic market on Friday. Asian stocks advanced on Friday as the artificial intelligence boom regained momentum. KOSPI gained more than a per cent, while Hang was seen flat.

Sentiment remained cautious amid persistent FII outflows and continued uncertainty around the US–India trade deal. Markets are expected to trade sideways, with investors looking at ongoing earnings, developments on the trade deal front, and cues on the upcoming Budget, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.

US stocks rose on Thursday after two days ​of declines. The Dow ⁠Jones Industrial Average rose 292.81 points, or 0.60 per cent, to 49,442.44, the S&P 500 gained 17.87 points, or 0.26 per cent, to 6,944.47 and ‍the Nasdaq Composite gained 58.27 points, or 0.25 per cent, to 23,530.02.

Oil prices were recovering from their steep fall in the previous session after Trump's watered-down comments on Iran allayed concerns over potential military action against Tehran and oil supply disruptions. Brent futures were up 0.11 per cent at $63.83 a barrel. US crude was similarly up 0.2 per cent at $59.31 per barrel Spot gold was down 0.16 per cent at $4,607.50 an ounce.

In currencies, the dollar hovered near a six-week high, after a slew of upbeat U.S. economic releases including data that showed the number of Americans filing new applications for unemployment benefits unexpectedly fell last week. Against a basket of currencies, the dollar index stood at 99.36, not far from Thursday's top of 99.493, its highest since December 2.

Market sentiment continued to be influenced by persistent foreign institutional selling and heightened geopolitical and trade-related uncertainties, which kept overall risk appetite subdued, said Ajit Mishra, SVP of Research at Religare Broking. "Participants are advised to align positions accordingly, while keeping position sizes in check given the prevailing mixed global cues and elevated geopolitical risks."

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 4,781.24 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 5,217.28 crore on a net-net basis.
 

Nifty50 & Sensex outlook

"The intraday market texture is non-directional. Traders are waiting for either side to breakout, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. On the higher side, above 25,800/83,800, the market could move up to 25,880-25,900/84,000-84,200. On the flip side, below 25,600/83,200, selling pressure is likely to accelerate. If it falls below this level, it could retest the levels of 25,500-25,450/83,000-82,800," he said.

Technically, this market action indicates a narrow range movement in the market within 25,900-25,600 levels with volatility. Nifty is finding crucial support around 25,500-25,600 levels, but was not able to surpass the crucial hurdle of 25,900-26,000 levels on the way up, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

"The underlying trend of Nifty continues to be choppy with weak bias. A sustainable move only above 25,900-26,000 levels could open more sustainable upside in the market. Any failure to sustain could result in Nifty retesting the lows of around 25,500-25,400 levels in the next few sessions," he adds.
 

Nifty Bank outlook

Nifty Bank is seen rebounding from the lower band of the last five weeks range placed around 58,700-59,000. Going ahead a follow through strength above Wednesday’s high (59,796) will open upside towards the 60,400 levels in the coming week, said Bajaj Broking.

"We expect it to extend the consolidation within the 58,700–60,400 range. A decisive breakout above this range or a breakdown below it will provide clarity on the next directional move. Key short-term support zone lies at 59,000–58,700. This area is significant as it represents a confluence of the 50-day EMA and the previous month’s low, making it a crucial level to watch," it said.

Looking ahead, the 60,000–60,100 zone will act as a crucial resistance of Nifty Bank. A decisive and sustained move above 60,100 could trigger a sharp rally towards 60,600, followed by 61,000 in the short term. On the downside, immediate support is seen in the 59,300–59,200 zone, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.