Gift Nifty Indicates Positive Open for Markets on Tuesday

Mumbai, July 6: Gift Nifty ended the session trading higher on Monday. At the time of writing this report, Gift Nifty was last traded at 24,492, up 142.50 points or 0.59% for the session.

The July 28, 2026 futures contract gained from the opening price of 24,350. It traded at an intraday low of 24,307.50 in early sessions. From there it recovers strongly through late morning and into the afternoon session to hit a high of 24,512. It is trading slightly down from these highs at 24,492, still up ~142 points on the open. The August 25 20 June contract finished the session virtually flat at 24,549.00, up 0.00 on the previous close. The contract settled at a premium of around 57 points to the near-month contract, broadly in line with the cost-of-carry.

Gift Nifty Intraday Analysis: Monday’s Session

Gift Nifty’s intraday performance was characterized by two very different halves of the trading session. After opening at 24,350, the contract traded sideways lower through the early morning session. Selling pressure saw the contract down to an intraday low of 24,307.50 by around 9:30 am. However, shortly thereafter buyers overwhelmed sellers and began to push the contract higher in what became a relentless climb through the late morning and into the afternoon session. Movement picked up beyond the 24,400 handle and from there pushed towards an intraday high of 24,512 by around 1:00 pm. From here we saw mild profit-taking into the close with Gift Nifty settling at 24,492 — up a healthy 142.50 points, or 0.59% on the day.

Gift Nifty trades nearer the highs of the day and well above its opening price following its sharp recovery in the afternoon. As long as global cues from the U.S. and Asia don’t see sharp losses overnight, we anticipate Nifty 50 will open with a buy bias and trade nearer to the 24,450-24,492 area at 9:15 am on Tuesday, July 7. The resistance area is at Monday’s high of 24,512 while support is at the intraday low of 24,307.50.

This forecast is based on global risk sentiment not worsening from current levels overnight. Any surprise headlines from the U.S. Federal Reserve, a sharp move in crude oil or any unexpected domestic news has the potential to change this fairly constructive setup for Gift Nifty come Tuesday’s open.

Source: nseix.com