Gift Nifty Indicates Flat-to-Cautious Open for Sensex, Nifty On Tuesday Amid Iran War, Oil Rally

Mumbai, July 20: Gift Nifty futures closed down through Monday’s session indicating a flat-to-cautious open for India’s benchmark indices Nifty 50 and Sensex on Tuesday, July 21. Iran war entered its ninth day while Brent crude rallied through $90 per barrel. The contract traded lower through the day after opening on a firm note on tracking caution among investors ahead of a week packed with key geopolitical and monetary policy headlines. 

July 28, 2026 contract of front-month Gift Nifty traded last at 24,275.50, down 7.50 points or 0.03 per cent. Asian markets traded with a cautious tone in early deals on Monday under pressure from intensifying conflict between Iran and Israel, with key technology results this week likely to influence investor sentiment further about the sustainability of the AI-led rally. 

Gift Nifty Intraday 

Gift Nifty July 28, 20 futures contract opened Monday’s session at 24,373.50, hit an intraday high of 24,373.50, traded down through the day to touch an intraday low of 24,111 and later trimmed some losses to trade near 24,275.50, down 7.50 points or 0.03 per cent on the day. August 25, 20 contract was at 24,324, down 3.50 points or 0.01 per cent. 

Resistance is at 24,373.50 (Monday’s high) and support at 24,111 (intraday low). India’s benchmark indices Nifty 50 and Sensex are likely to open in a narrow flat-to-cautious range near 24,250-24,300 when trading resumes at 9.15 am Tuesday on tracking overnight global cues. Indian benchmark indices ended with sharp gains last Friday with Sensex rising 964.58 points or 1.25 per cent to 78,151.45 and Nifty 50 rallying 261.55 points or 1.09 per cent to close at 24,334.30 reclaiming the 24,300-mark on strong earnings-led buying after JP Morgan’s stock recommendations, amid elevated crude prices. Market breadth was weak with 1,632 shares advancing against 2,419 decliners and 175 stocks ending with no change. Most of the gains were seen in heavyweight stocks. 

Iran War Updates 

U.S. forces launched strikes against Iran for a ninth straight day on Monday. Washington said the latest round of attacks targeted Iran’s ability to use drones to target commercial shipping in the Strait of Hormuz. The flare-up in fighting has lifted to 17 the number of U.S. military personnel confirmed dead since the war began in February with more than 420 wounded after dozens more were injured over the weekend in Jordan and northern Iraq. Iran’s Revolutionary Guard Corps said it fired on U.S.-linked positions in Syria on Monday. Kuwait said Iran targeted its desalination plant for a second consecutive day. 

Brent crude rallies above $90 

Oil prices jumped on Monday as a month-old ceasefire between Iran and Israel unravelled, increasing concerns of another slide into full-scale conflict. Brent crude rose as much as 3.9 per cent to trade above $90 a barrel, the highest level since mid-June. West Texas Intermediate crude hovered near $84 a barrel, also tracking higher as concerns mounted over further escalation in the region.

All macro and geopolitical triggers point to a flat-to-cautious open for Sensex and Nifty 50 on Tuesday, only if current conditions around the Iran war and crude oil prices hold through Monday night. Any fresh escalation from Tehran or Washington, or a sudden overnight spike in oil, could alter this prediction.

Source

• nseix.com
• https://www.reuters.com/world/middle-east/us-launches-iran-strikes-ninth-day-another-american-confirmed-killed-2026-07-20/
• https://www.reuters.com/world/india/gold-slips-oil-prices-advance-fed-rate-hike-voices-grow-2026-07-20/