Gift Nifty Points to Flat-To-Cautious Open for Sensex, Nifty on Wednesday

Mumbai, India: Gift Nifty futures traded lower through Tuesday’s session.  Hence, India’s benchmark indices, Nifty 50 and Sensex, may open on a flat-to-cautious note on Wednesday, July 22,
amid broadly cautious cues from global markets. Third paragraph, second line: India’s benchmark indices Nifty 50 and Sensex  are likely to open in a narrow flat-to-cautious range near the 24,150-24,200 region when trading resumes at 9.15 am on Wednesday.     . The Iran war is now in its tenth day, while Brent crude fell back below $89 a barrel. However, the contract eased through the morning after opening on a firm note, tracking cautious global cues amid the escalating conflict between Iran and the US and hosting a flurry of June-quarter earnings later through the week. Asian markets traded broadly higher on Tuesday though, with Japan’s Nikkei 225 jumping over 3 per cent, as investors kept a close eye on developments unfolding in the Gulf region. 

Gift Nifty Intraday 

The near month Gift Nifty July 28 contract traded last at 24,162.50, down 7 points or 0.03 per cent, after opening Tuesday’s session at 24,132. Throughout the morning session the benchmark contract hit an intraday high of 24,260 and slipped to a low of 24,107 before coming off the lows. Meanwhile, on the derivatives board the contract was last quoted at 24,161.50, down 8 points or 0.03 per cent, while the August 25 contract traded at 24,199, down 34.50 points or 0.14 per cent, reflecting a similar cautious bias further out the curve. 

Resistance is now at 24,260 (Tuesday’s intraday high) while support is at 24,107 (intraday low). India’s benchmark indices Nifty 50 and Sensex will open on Wednesday are likely to open in a narrow flat-to-cautious range near the 24,150-24,200 region when trading resumes at 9.15 am. They will trade flat-to-cautious tracking weak-to-flat overnight cues from global markets.  

On Monday, Indian benchmark indices closed in the red with the Sensex falling 442.93 points, or 0.57 per cent, to 77,708.52 while the Nifty 50 eased 95.80 points, or 0.39 per cent, to settle at 24,238.50, dragged by sharp losses in private banking stocks even as energy, metal and pharma stocks rose. Market breadth remained modestly positive, with 2,141 stocks advancing versus 1,944 decliners and 229 remaining unchanged even as the headline gauges ended in the red. 

The broader market also exhibited strength too, with the Nifty Midcap 100 rising 0.6 per cent and the Nifty Smallcap 100 ended marginally higher, reflecting sustained stock-specific buying interest. 

Iran War Updates 

Yemen’s Iran-aligned Houthis said they would blockade Saudi Arabia by sea on Monday, opening a new front in the war and escalating threats to global energy supplies. The latest announcement came after one of the deadliest weeks of the conflict for US troops, with two soldiers killed in Friday’s Iranian attack on a military base in Jordan confirmed by the Pentagon on Monday. Iran’s Revolutionary Guards said tanker explosions had occurred near the Strait of Hormuz, in remarks carried by state TV on Monday. Meanwhile, a fourth US serviceman was confirmed killed in northern Iraq over the weekend. US Central Command announced another round of retaliatory air strikes against Iran on Monday. Iran’s foreign ministry later said mediators had proposed a 10-day ceasefire, though Washington has shown no indication it will agree to deescalate. The Revolutionary Guards claimed strikes against US bases in Jordan, Kuwait and Syria on Monday. 

Brent Crude Eases from Multi-Week Highs 

Oil prices slipped back on Tuesday as traders weighed reports of renewed US-Iran diplomacy against Monday’s fresh barrage of strikes between Washington and Tehran and the threat of a Houthi blockade on Saudi Arabia. Brent crude futures fell 35 cents, or 0.4 per cent, to $88.87 a barrel, while US West Texas Intermediate crude for September delivery traded flat at $82.47 a barrel, with both benchmarks sliding back from the multi-week highs hit in the previous session. 

Analysts said the Houthi blockade threat was fresh catalyst for oil prices as it raised the potential for supply disruptions at yet another major exporter. Talk of a possible diplomatic breakthrough was seen limiting crude’s upside for now. Meanwhile, a preliminary Reuters poll showed US crude inventories likely dropped last week, while gasoline stocks were expected to have declined as well. Analysts forecast a build in distillate stocks last week, ahead of Wednesday’s release. 

All macro triggers and geopolitical cues point to a flat-to-cautious open for Sensex and Nifty 50 Wednesday morning only if the following conditions around Iran war and crude oil prices remain the same through Tuesday night. So, any unexpected news from Tehran or Washington or Yemen’s Iran-aligned Houthis group to escalate the conflict further or sudden spike in crude oil prices overnight could invalidate this forecast. 

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/markets/stocks/asia-pacific/
• https://www.reuters.com/business/energy/oil-prices-dip-mediation-efforts-offset-us-iran-strikes-2026-07-21/