Gift Nifty Points Flat-to-Positive Open for Markets on Monday

Mumbai, July 3: Indian markets are set to open flat-to-positive on Monday, July 6 following Gift Nifty’s last traded at 24,355, which is slightly above the opening level of 24,330, at the time of this report’s writing. 

The July 28, 2026, futures contract opened at 24,330 and rallied to a high of 24,465 in the first half of the session before falling through the afternoon to an intraday low of 24,314.50. It was last available at 24,355, up just about 25 points from the open, having erased most of its mid-session gains. The August 25, 2026, contract ended the session at 24,408.00, about 53 points premium to the near contract in line with the cost-of-carry. 

A Look at Gift Nifty’s Friday’s Session 

Gift Nifty’s intraday move on Friday spoke volumes about the session: first thing buyers emerged at the open and took the contract to an early high just shy of 24,460 by about 8:00 am. Price action saw sideways movement in a tight range through the remainder of the midmorning before a quick sell-off into 24,340 was bought quickly around 9: 30 am; after which we retested those highs to register the high of the day at 24,465 around noon. Sellers took control soon after as we trended lower through the afternoon to an intraday low of 24,314.50 and eventually recovered a few points to 24,355 into the afternoon close. What looked like a bullish set up in the morning failed to hold midday gains into the close. 

Iran War Update: Doha Talks Remain in a Holding Pattern 

Sentiment continues to digest Iran-US tensions after Wednesday’s inconclusive session of indirect talks held in Doha where representatives discussed maritime security in the Strait of Hormuz along with unfreezing Iranian assets. Qatar’s Foreign Ministry issued a statement saying talks made “positive progress” however there is yet to be any major news of a peace deal struck between the two parties and next talks will not be held until funeral processions conclude for Iran’s late Supreme Leader Ayatollah Ali Khamenei on July 9. Without any major updates coming out of Doha markets have few catalysts to trade off this weekend. 

Gift Nifty currently trades at 24,355, barely above where it opened Friday by a handful of points after it was unable to sustain its mid-session highs. Provided that cues from the U. S. and Asia don’t seesaw too dramatically over the course of the weekend we should expect Nifty 50 to open nearer to the 24,330-24,355 region at 9:15 am on Monday, July 6. Resistance can be found at Friday’s high of 24,465 and support at the intraday low at 24,314.50. 

Again, this forecast is contingent that geopolitical risks and macroeconomic factors continue to remain unchanged as of this writing. Any further elevating tensions between Iran and the U.S., surprise commentary out of the U.S. Federal Reserve regarding rate cuts or any unscheduled domestic news released over the weekend could change the conservative setup we are seeing for Gift Nifty heading into Monday’s open. 

Source

• nseix.com