Gift Nifty Slips Late; Markets Set for Cautious Open on Friday

Mumbai, July 9: Gift Nifty erased a strong intraday advance to trade into the red at Thursday’s close of floor sessions, signaling a tentative open for the Nifty 50 on Friday, July 10 barring a sudden change in overnight global cues. Gift Nifty’s front-month contract last traded at 23,938.50, losing 56 points or 0.23% for the session.

Gift Nifty IntraDay Outlook: Thursday Recap

Gift Nifty’s July 28, 2026, futures contract opened Thursday’s session at 23,998.50 and climbed through the late morning session, reaching as high as 24,164 on accelerating buying. Selling took control into the close, dragging the contract to an intraday low of 23,937.50 before closing at 23,938.50, losing 56 points or 0.23% on the day. The Nifty 50 August contract traded with more resilience, last seen unchanged at 24,050. The August contract traded with a moderate premium to the front-month contract.

Assuming late weakness spills over to Friday’s trading, expect the Nifty 50 to open in the 23,900-23,950 region around 9:15 am barring a reversal signal from overseas markets. Find support at Thursday’s intraday low of 23,937.50 and resistance at the day’s high of 24,164.

Iran War Sentiment Continues to Loom Over Markets

Market anxiety held steady on lingering Iran war fears following overnight strikes by U.S. military forces on Iranian targets on Wednesday in attempts to keep the Strait of Hormuz open, one day after Iran attacked three cargo ships in the Strait. Iran fired upon two more targets on Thursday in Kuwait and Bahrain, both countries housing U.S. military bases, in retaliatory attacks for a second straight day. Iran attacks came as U.S. President Donald Trump stated Wednesday that the “temporary suspension of violence” memorandum with Iran was “over”.

U.S. Crude futures rose 0.67% to $73.16 per barrel while Brent crude surged about 1% to $78.80 per barrel.

This could all change if market-moving news breaks overnight. Any surprises out of Washington or a sharp movement in crude oil could change our Nifty 50 outlook by Friday’s market open.

Source:

• nseix.com