Gift Nifty Signals Cautious Open for Markets on Thursday

Mumbai, July 22: Gift Nifty futures  traded lower suggesting India’s benchmark equity indices Nifty 50 and Sensex could open cautious-to-flat on Thursday. The war in Iran crossed into its 11th night of US attacks overnight, while crude prices went over $91 a barrel, suggesting investors may adopt a cautious stance in Thursday’s session. Iran war updates and global oil prices will continue to influence Indian markets on Thursday, with Q1 earnings also coming under focus for domestic cues. As of Wednesday’s close, front-month July 28, 2026 contract of Gift Nifty was last traded at 23,988.00, gaining 26.50 points or 0.11 per cent after plunging from its early highs through the morning session. Further out, the August 25, 2026 contract of Gift Nifty traded at 24,069.50, up 22.50 points or 0.09 per cent on the day. 

Gift Nifty Intraday 

The near-month contract of Gift Nifty on Wednesday opened at 24,125.50 and hit an intraday high of 24,131.50 in the early session. It then plunged through the morning session to touch an intraday low of 23,926.00 before recovering some ground to trade near 23,988.00 at the close, up 26.50 points or 0.11 per cent on the day. 

Gift Nifty Brief Technical Levels 

Resistance: 24,131.50 (intraday high Wednesday) 

Support: 23,926.00 (intraday low Wednesday) 

India’s benchmark equity indices are likely to open in a cautious-to-flat range near 23,950-24,050 when markets reopen Thursday at 9.15 am tracking overnight global cues on Iran war situation and higher crude oil prices. Markets will also keep a close eye on Q1 earnings updates by Indian corporates. 

Iran War Updates 

US forces widened the scope of their strikes on Iran overnight, hitting a military site near the north-western city of Tabriz for the first time since hostilities worsened two weeks ago, as President Trump signalled that talks with Tehran were unlikely in the near term. The bombing campaign has now stretched to an 11th consecutive night, with US Defense Secretary Pete Hegseth putting the total cost of the war at $37.5 billion. Jordan’s air defences intercepted eight of ten Iranian projectiles fired on Wednesday, even as Iran claimed a fresh attack on a US base in Kuwait. Secretary of State Marco Rubio called Iran’s continued strikes on commercial vessels in the Strait of Hormuz unacceptable and said the US military would keep protecting international shipping through the waterway.

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

Source

• nseix.com