Gift Nifty Points to a Positive Open for Markets on Friday

Mumbai, July 2: Indian markets are likely to open positive on Friday (July 3) after Gift Nifty was seen trading up 105.50 points, or 0.44 per cent, at 24,257.50 at the time of writing. 

The near-month July 28, 2026 futures contract opened at 24,127 and hit a session high of 24,270, with the intraday low pegged at 24,112. The contract spent the early morning consolidating before staging a strong afternoon rally past 24,200. The more dated August 25, 2026 contract also traded firm at 24,233.00, up 105.50 points or 0.44 per cent, with both contracts moving in tandem suggesting broad-based conviction rather than expiry-linked positioning. 

Gift Nifty Intraday Chart: Choppy Morning Gives Way to a Sharp Afternoon Rally 

Gift Nifty’s intraday chart on Thursday printed a choppy first half followed by a decisive breakout in the afternoon that bodes well for a positive open on Friday morning. The near-month contract opened at 24,127 and traded roughly between 24,150 and 24,200 through the early morning before dipping toward the session low near 24,112 around mid-morning. A second dip tested the same support zone close to noon, with buyers again stepping in to defend the level. From around 12:30 pm onward, the contract rallied sharply, climbing from near 24,150 to the session high of 24,270 by around 2:00 pm, before consolidating modestly to trade at 24,257.50 in late afternoon, still comfortably above where it opened. The key takeaway for Friday’s 9:15 am open is that Gift Nifty defended 24,112 twice before bulls took firm control, a pattern that typically signals building conviction ahead of the next session’s open. 

Iran War Update: Doha Outcome Sets the Tone 

The Iran-US conflict remains the dominant geopolitical overhang for markets, though Thursday’s cues turned more constructive. Indirect talks between Iran and the US concluded in Doha on Wednesday with Qatar’s Foreign Ministry citing “positive progress” on the Strait of Hormuz and unfreezing of Iranian funds, even as no lasting peace deal was announced. The next round of discussions is expected only after funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei conclude on July 9, keeping near-term catalysts limited but the tone encouraging for risk sentiment into Friday’s open. 

Gift Nifty is currently trading above 24,200, up 105.50 points or 0.44 per cent at the time of writing. If overseas cues from the U.S. and Asia do not change dramatically overnight, markets are expected to open positive at 9:15 am on Friday, July 3, with Nifty 50 likely to open above the 24,150 mark. Resistance comes in at 24,270, Thursday’s session high, while support is pegged at 24,112, the intraday low defended twice during the session. 

This prediction, however, will hold true only if the macro and geopolitical conditions remain broadly as they stand now. An unexpected surprise or major development in the Doha talks, further escalation in tensions between Iran and the U.S., a surprise change in rate-cut rhetoric by the U.S. Fed, or domestic news flow can negate the positive setup Gift Nifty is outlining for Friday’s open. 

Source

• nseix.com