Gift Nifty Signals Strong Gap-Up Open for Sensex, Nifty on Monday

Mumbai, July 24: Gift Nifty futures rallied sharply through Friday’s session, suggesting Nifty 50 and Sensex are likely to open with strong gains when markets reopen at 9:15 am on Monday, July 27.  

The front-month July 28, 2026 contract of Gift Nifty last traded at 23,824.50, up 148 points, or 0.63 per cent, on the day. The August 25, 2026 contract traded at 23,887.50, unchanged. Both contracts pointed to a sharp rebound after five straight sessions of losses on D-Street, even as the Iran war and oil prices near $100 a barrel continue to pose overnight risks. 

Gift Nifty Intraday 

The near-month contract opened Friday’s session at 23,687.50 and climbed steadily to touch an intraday high of 23,847.50, after dipping to a low of 23,634 in early trade. It settled near 23,824.50, up 148 points, or 0.63 per cent, recovering sharply from the week’s earlier weakness. 

Resistance is placed at 23,847.50 (Friday’s high) and support at 23,634 (intraday low). India’s benchmark indices are likely to open with a strong positive bias near the 23,800-23,900 zone Monday, tracking Gift Nifty’s rebound, even as investors stay watchful of overnight developments in the Middle East and oil markets. 

Iran War Updates 

The Middle East conflict escalated further after Yemen’s Houthi rebels struck two Saudi oil tankers, the Encelia and the Layla, in the Red Sea, prompting President Trump to threaten “major military punishment” against Iran and its Houthi allies. The US military carried out its 13th consecutive night of strikes on Iran, with Iranian state media reporting missiles struck Qeshm Island in the Strait of Hormuz. Iran said it had also attacked US military assets in Jordan and Kuwait, with Jordan’s army intercepting all but one of several missiles and drones fired at it. Separately, US intelligence is investigating whether Russia assisted Iran in targeting CIA facilities in the Gulf earlier in the war. 

Oil Prices 

Oil prices eased slightly on Friday after crossing $100 a barrel for the first time since May a day earlier, with Brent crude down 0.72 per cent at $99.97 a barrel. Despite the pullback, Brent remained on course for a 13.5 per cent weekly advance, one of its steepest of the war. WTI crude fell 0.76 per cent to $91.49 a barrel, still on track for a 10.9 per cent weekly rise. Brent had settled up 7 per cent on Thursday after the Houthi tanker attacks stoked fears of a second shipping chokepoint closing, alongside Kazakhstan’s temporary output cut following a forced shutdown of its main export route. Elevated crude remains a key overnight risk for Indian markets, given the country’s heavy oil-import reliance and the pressure on inflation, the rupee and corporate margins. 

All macro and geopolitical triggers point to a strong, gap-up open for Sensex and Nifty 50 on Monday, only if current conditions around the Iran war and crude oil prices hold through the weekend. If the macro and geopolitical conditions remain the same, this prediction will hold true on Monday; otherwise, the prediction will not be valid, given how quickly sentiment has swung through the week. 

Source

• nseix.com