Stocks market today: Gift Nifty up 42 points; key levels for Nifty, Sensex & Nifty Bank

Indian equity benchmark indices are likely open higher on Thursday, tracking gains across Asian markets after robust Nvidia earnings, though analysts see the overall mood remaining cautious on intermittent profit booking and the absence of fresh domestic triggers. Oil prices rose as investors gauged whether the US-Iran nuclear talks.

Nifty futures on the NSE International Exchange were up 42.20 points, or 0.16 per cent, up at 25,671, hinting at a positive start for the domestic market on Thursday. Asian stocks advanced on Thursday amid soothing concerns over AI-driven disruption and rising costs. KOSPI rose nearly 2 per cent, while Nikkei was up half a per cent. Hang Seng edged lower.

The rebound tracked a recovery in global and US technology stocks. The undertone remains cautious with selective sectoral participation, markets are likely to continue trading within a broader range in the near term, guided by macro developments and sector-specific catalysts, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.

Wall Street ended higher on Wednesday, extending its tech-led rally with all three major US stock indices advancing. The Dow Jones Industrial Average rose 307.65 points, or 0.63 per cent, to 49,482.15, the S&P 500 gained 56.06 points, or 0.81 per cent, to 6,946.13 and the Nasdaq Composite jumped 288.40 points, or 1.26 per cent, to 23,152.08.

The dollar began the day on the back foot during the Asian trading session on Thursday as better-than-expected earnings from Nvidia boosted investor confidence and markets awaited details of the latest US tariffs on imports of foreign goods. The US dollar index held losses from Wednesday's session, edging down to 97.592.

In oil markets, prices rose as jitters about the threat to supply from potential military conflict between the US and Iran remained. Brent crude futures were up 0.27 per cent at $71.04 a barrel, while US crude rose 0.24 per cent to $65.55 per barrel. Spot gold was up 0.27 per cent at $5,184.66 an ounce, buoyed by some safe-haven demand.

Sentiment improved marginally amid stabilising global cues and a rebound in global technology stocks, which helped ease concerns following the recent sell-off in the IT sector, said Ajit Mishra, SVP of Research at Religare Broking. "Participants are advised to focus on opportunities on both sides until a clearer directional trend emerges in the index."

Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,991.64 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 5,118.57 crore on a net-net basis.
 

Nifty50 & Sensex outlook

Technically, the market opened on a strong note, but after an intraday rally, it again witnessed profit booking at higher levels, which is largely negative. We are of the view that the 20-day SMA or 25,600/82,500 will act as an immediate resistance zone for day traders, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

"As long as the market trades below this level, the weak sentiment is likely to continue on the downside, with a potential slip toward the 200-day SMA or 25,350-25,300/82,000-81,800. Conversely, if the market moves above the 20-day SMA or 25,600/82,500, the pullback could extend toward 25,750-25,800/82,800-83,000," he said.

"We expect the market to remain sideways until there is an improvement in investor confidence. Immediate support is placed at 25300; as long as this level is maintained, the possibility of a rally remains intact. On the higher end, resistance is placed at 25650–25750," said Rupak De, Senior Technical Analyst at LKP Securities.

Hitesh Tailor, Research Analyst at Choice Broking said that Nifty is reflecting market indecision. Resistance lies at 25,600–25,650, support at 25,300–25,350, while the RSI at 46.77 signals neutral momentum with a slight bearish bias.
 

Nifty Bank outlook

Nifty Bank is suggesting a pause in the ongoing bullish momentum. The immediate resistance is placed in the 61400–61500 zone, said By Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "Any move above could result in Nifty Bank extending its up move towards 62,000, followed by 62,500. On the downside, the zone of 60,800–60,700 zones is likely to act as an immediate support."

Nifty Bank formed a small bearish candle with a small real body and shadows in either direction signaling consolidation amid stock specific action. Bias remains positive and we believe dips should be used as buying opportunity, with short term support seen at 60,500-60,200 levels being the confluence of the 20 days EMA, said Bajaj Broking.

"Volatility is likely to remain elevated amid uncertain global cues. In the near-term index is likely to trade in the range of 60,000-61,750. A decisive move beyond this range could trigger fresh directional momentum," it added.