Gift Nifty Points to Flat Start on D-Street on Friday; Oil at 6-Week High Keeps Traders Wary

Mumbai, July 23: Gift Nifty futures  traded marginally lower at the time of writing on Thursday, suggesting India’s benchmark equity indices Nifty 50 and Sensex
could open cautious-to-flat at 9:15 am on Friday.. The war in Iran crossed into its 12th night of US attacks overnight, while crude prices climbed to a six-week high above $96 a barrel, suggesting investors may adopt a cautious stance in Friday’s session. Iran war updates and global oil prices will continue to influence Indian markets, with Q1 earnings updates also under focus for domestic cues. The near-month contract had swung in a wide range through Thursday’s session, briefly touching a high before slipping sharply lower in the afternoon, underlining the choppy mood gripping traders through the day. 

As of Thursday’s close, the front-month July 28, 2026 contract of Gift Nifty was last traded at 23,862.50, down 7 points or 0.03 per cent on the day. Further out, the August 25, 2026 contract of Gift Nifty traded at 23,889.00, down 51 points or 0.21 per cent. Both contracts pointed to a largely flat handoff for Indian markets heading into Friday’s session. 

Gift Nifty Intraday 

The near-month contract of Gift Nifty on Thursday opened at 23,884 and hit an intraday high of 23,992 in the mid-morning session, before slipping sharply through the afternoon to touch an intraday low of 23,801. It later recovered some ground to settle near 23,862.5, down 7 points or 0.03 per cent on the day. 

Gift Nifty Brief Technical Levels 

Resistance: 23,992 (intraday high Thursday) 

Support: 23,801 (intraday low Thursday) 

India’s benchmark equity indices are likely to open in a cautious-to-flat range near 23,800-23,950 when markets reopen Friday at 9:15 am, tracking overnight global cues on the Iran war situation and elevated crude oil prices. Markets will also keep a close eye on Q1 earnings updates by Indian corporates. 

Iran War Updates 

The US military carried out a 12th consecutive night of strikes on Iran, while President Donald Trump warned that Washington would destroy an Iranian bridge or power plant every time Iran targeted a ship in the Strait of Hormuz. Iran’s Revolutionary Guards said an oil tanker caught fire after an explosion while attempting to pass through what they called a mined route south of the strait, with two other tankers forced to turn back. The Guards said the strait was under their control and completely closed while US actions continued, warning that no tanker would be allowed to pass without coordination with Tehran. Yemen’s Iran-aligned Houthi rebels opened a new front by threatening Saudi oil tankers in the Bab el-Mandeb Strait, announcing a naval blockade of Saudi Arabia and claiming to have struck the Saudi-flagged tanker Encelia in the Red Sea. Separately, US intelligence analysts were reported to be investigating whether Russia had assisted Iran in drone strikes on CIA facilities in the Gulf earlier this year. 

Oil Prices 

Oil prices rose to a six-week high on Thursday as US-Iran tensions escalated further. Brent crude futures gained more than 1.5% to near $96 a barrel, its highest level since June 8, after settling above $94 in the previous session. US West Texas Intermediate crude advanced to $88.27, extending Wednesday’s near 3 per cent rally. Elevated crude prices remain a key overnight risk for Indian markets, given the country’s heavy reliance on oil imports and the resulting pressure on inflation, the rupee and corporate margins. 

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

Source

• nseix.com