Stock market today: Gift Nifty up 6 pts; key levels to look for Nifty, Sensex & Nifty Bank

Indian benchmark indices are likely to open flat on Tuesday, chiming trends in broader Asian markets, as investors await domestic inflation data for July and a key US inflation print that could influence near-term interest rate expectations. A truce between US and China may influence the sentiments at Dalal Streets.

Nifty futures on the NSE International Exchange traded 6.10 points, or 0.02 per cent, up at 24,634, hinting at a muted start for the domestic market on Tuesday. Most Asian stocks rose on Tuesday, buoyed by an extension of a tariff truce between the world’s two largest economies. Nikkei surged 2.5 per cent to hit new highs, while KOSPI and Hang Seng rose half a per cent each.

Wall Street’s main indexes ended lower on Monday as investors await inflation data this week to assess rate cut hopes and eye US-China trade developments. The Dow Jones Industrial Average fell 200.52 points, or 0.45 per cent, to 43,975.09, the S&P 500 lost 16.00 points, or 0.25 per cent, to 6,373.45 and the Nasdaq Composite tanked 64.62 points, or 0.3 per cent, to 21,385.40.

In commodities, gold prices were last at $3,354, having dropped nearly 1.6 per cent on Monday after Trump said tariffs will not be placed on imported gold bars. Oil prices were steady ahead of the August 15 meeting between Trump and Russian President Vladimir Putin. Brent crude futures gained 0.39 per cent, to $66.89 a barrel, while US crude futures rose 0.34 per cent, to $64.18.

Currencies were mostly calm in early trading, with the dollar steady against major peers the euro and the yen. The US dollar inde, was steady at 98.497, after advancing 0.5 per cent over the past two sessions. Bitcoin dropped below $120,000 in early hours of Asian trade.

It appears that the markets have largely digested the recent tariff-related concerns and are now focusing more on earnings cues, with the results season nearing its end, said Ajit Mishra, SVP of Research at Religare Broking. “Traders should maintain a hedged approach and focus on stocks consistently displaying relative strength for long positions,” he said.

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,202.65 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 5,972.36 crore on a net-net basis.
 

Nifty & Sensex outlook

“We believe that 24,500/80,400 and 24,445/80,200 would act as key support zones for day traders. Above these levels, the pullback move is likely to continue till 24,700-24,750/81,000-81,200, said  Shrikant Chouhan, Head of Equity Research at Kotak Securities. “On the flip side, below 24,445/80200, sentiment could turn negative. Traders may then prefer to exit their long positions.”

Nifty regained its 100-DMA, which aligns with the psychological mark of 24,500, now acting as the immediate support, with the next cushion at 24,340, said Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking. “Although the broader trend remains weak, the short-term bias has turned mildly positive, driven by a short-covering rally,” he said.
 

Nifty Bank outlook

Nifty Bank has taken support near the 100-day EMA level and witnessed a sharp pullback rally. It has ended the session above the 55,500 level. Going ahead, the zone of 55,800-55,900 will act as an immediate hurdle for the index, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. “On the downside the zone of 55,100-55,000 will act as crucial support,” he said.

Nifty Bank formed a strong bullish candle that signaled continued buying interest, said  Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking. “Key supports are now placed at 55,320 and 55,000, with resistance in the 55,700–56,000 range. A convincing breakout above this resistance band could pave the way for a rally toward the psychological 56,200 mark,” it said.