GIFT Nifty starts lower by 40 points; key levels to watch in today’s session

Declines in private bank and realty GIFT Nifty today pulled GIFT Nifty lower. Analysts expect the market to remain under pressure amid mixed Q1 earnings, continued FII selling and lack of progress on the India-US trade deal ahead of the nearing deadline.

Stock market setup 2025 action will likely continue as earnings season gathers pace.

Indian stock market update:

Today's Forecast for Sensex, Nifty 50 & Bank Nifty

Sensex Prediction

With the formation of a bearish candlestick on the daily chart and lower high on intraday charts, we could see some more near-term selling.

“Market sentiment will likely remain subdued as long as the Sensex trades below the 81,100 level. If we see some more selling pressure, then there is a possibility of the index retesting the 80,500–80,350 zone. On the other hand, if we see a decisive move above 81,100, then a recovery rally may start, with the Sensex likely to test the 81,400 level. There could be some further room for the Sensex to the 81,700 level,” Shrikant Chouhan, Head of Equity Research at Kotak Securities, told BloombergQuint.

Nifty OI Data

In the GIFT Nifty pre-market, the 24,800 strike on GIFT Nifty saw the maximum call option interest, which could turn out to be the resistance level. The 24,500 strike on the GIFT Nifty had the most put option interest, which could provide support around that level. So, a firm close above 24,800 would be a pre-requisite to revive the bullish momentum, change the sentiment and move higher, said Hardik Matalia, Derivative Analyst - Research at Choice Equity Broking.

Nifty 50 Prediction

"The Nifty 50 index lost 0.63% on July 28 for its third straight session of losses."

“The market ended with a weak closing today, giving a red candle with selling on higher levels. It shows that the market is taking some support. If we see a move higher, there could be a strong resistance. Traders can take an opportunity to sell in this situation, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, told BloombergQuint.