Gift Nifty Slips to 24,148.50, Pulls Back from Day’s High, Signals a Slightly Lower Open for Markets on Friday

Mumbai, June 18: Gift Nifty now points to a modestly weaker start for Indian markets on Friday, with the near-month contract trading lower in Thursday’s evening session even as it has staged a notable late-session recovery off the day’s lows, suggesting the pullback may be more measured than the headline number implies. 

Gift Nifty’s near-month contract — the FUTIDX 30-Jun-2026 — was trading at 24,148.50, down 44.00 points or 0.18%, after opening at 24,099.50 and swinging between an intraday low of 24,012.50 and a high of 24,205.50. Despite the negative headline change, the contract is trading well above both its open and its low, having clawed back significant ground through the afternoon session. 

The July contract (FUTIDX 28-Jul-2026) was trading at 24,274.50, down a marginal 0.50 points, or unchanged on a percentage basis, reflecting a flatter, more neutral bias further out the curve compared with the near-month contract’s sharper intraday swings. With the evening session still live at the time of writing, these levels should be read as directional rather than final, with the closing print likely to be the more dependable signal heading into Friday. 

The intraday chart shows a choppy, range-bound session followed by a sharp late recovery. The contract opened near 24,099, dipped to test support around 24,050-24,070 through the first hour, then rallied past 24,140 by mid-morning before reversing into a deeper slide that took it down to the day’s low of 24,012 by around 11:00-11:30. A recovery followed through midday, lifting the contract back above 24,100 by early afternoon, where it consolidated in a 24,090-24,140 range through much of the session. A sharp, decisive rally in the final hour then pushed the contract from around 24,100 to above 24,200, before it eased slightly to settle near 24,148. 

This pattern of a midday dip followed by a strong late-session rally suggests dip-buying interest remains intact even as the day’s net change stayed negative, with traders using the late-morning weakness as an entry point. Provided the Middle East situation holds at its current trajectory, with the US-Iran ceasefire framework staying intact and no fresh escalation, the read-through for Friday is fairly balanced: a Nifty 50 opening somewhere in the 24,100-24,180 zone looks reasonable, broadly in line with Thursday’s cash close rather than a sharp directional break in either direction. 

The caveat, as always, is that this projection assumes geopolitical conditions remain as calm as they are right now. If the ceasefire holds through the overnight session and global cues stay supportive, Friday’s opening should track close to current Gift Nifty levels. Any fresh escalation in West Asia, or further hawkish signals from global central banks following the Fed’s rate guidance this week, could quickly shift this setup before the 9:15 am bell. Traders will be watching overnight developments and crude prices closely for confirmation. 

Source

• nseix.com | Gift Nifty intraday data as of Thursday evening session, June 18, 2026. Session ongoing at time of writing.