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

Mumbai, July 7: On Tuesday, Gift Nifty ended slightly higher, following a move to positive territory during the session. Gift Nifty last traded at 24,399, up 15.50 points or 0.06% for the session.

The July 28, 2026 futures contract on Gift Nifty opened at 24,563 but gave back all of those gains throughout the session. It reached a high of 24,594 during the first hour of trade before moving lower to trade down to 24,383. At the time of writing, Gift Nifty was last at 24,399, up 15.50 points from where it finished Monday but well off of the day’’s high coming near 24,600. The August contract finished essentially flat at 24,460.00, at a premium of about 61 points to the front month contract, consistent with cost-of-carry.

Gift Nifty Intraday Analysis: Monday’s Session

Gift Nifty traded higher during Tuesday’s session but gave back all of those gains to finish near the lows of the day. Buyers were able to push the index higher from the open at 24,563 to an intraday high of 24,594 within the first hour of trade. Sellers took control from there grinding lower through late morning toward the 24,480-24,520 area where it ran into support and moved sideways throughout the middle of the day. Selling began during the afternoon pushing the contract down to an intraday low of 24,383 around 4:00 pm. At this level buyers stepped in to generate a mild rebound that gave back few gains and finished Gift Nifty at 24,399 — higher by 15.50 points or 0.06% but well off of the highs of the day.

Gift Nifty may open flat-to-marginally-higher on Wednesday. If global markets from the U.S. and Asia trade flat or only mildly positive overnight, traders should expect Nifty 50 to open near the 24,380-24,400 area at 9:15 am on Wednesday, July 8. Resistance comes in at Tuesday’s high of 24,594. Support comes in at the intraday low of 24,383.

Iran War Update

Investor expectations continue to be driven by headlines coming out of Iran overnight as well as during Tuesday’s session. Iran held funeral services on Monday for the late Supreme Leader Ayatollah Ali Khamenei which attracted large crowds that were said to show strength rather than vulnerability. Iranian leadership has indicated they plan to establish dominance over the Strait of Hormuz during the ceasefire period and use that strength as leverage when negotiations regarding its nuclear program resume while President Donald Trump doubled-down on comments made earlier in the week stating he will “finish the job” if a deal cannot be reached. Since the 60-day clock has not officially started on the ceasefire period, markets can trade on any headline from Iran right now.

That is provided that macro and geopolitical headlines do not take a turn while markets are closed overnight. Any surprise out of the U.S. Federal Reserve, a sudden spike or drop in crude oil, or unforeseen escalation on Iran could change this bullish outlook. If conditions remain the same, this forecast will likely play out.

Source: nseix.com