Gift Nifty Tanks Late; Markets Likely to Open Weak on Thursday

Mumbai, July 8: Gift Nifty tanked hard late on Wednesday erasing the index’s steady gains to trade deep in the red at the close of floor trading on Wednesday. This sets the stage for the Nifty 50 to open weak on Thursday barring a sharp change in global cues from Wall Street and Asian markets overnight. Gift Nifty’s last traded at 23,878, falling 373.50 points or 1.54% for the session.

Gift Nifty Intraday Analysis: What Happened Wednesday

The July 28, 2026 futures contract on Gift Nifty opened Thursday’s session at 24,274.50 and traded in a relatively tight range during morning and afternoon trading, reaching an intraday high of 24,302 just before noon. Sellers hit the gas pedal just ahead of 3 pm however and sent Gift Nifty reeling towards an intraday low of 23,812.50, recovering only modestly into the close at 23,878, down 373.50 points or 1.54% on the day. The August contract followed suit, last trading at 23,963 down 497 points or 2.03%, currently commanding a slight premium to the front-month contract.

If Gift Nifty’s late weakness carries over into Thursday, then traders should expect the Nifty 50 to open near 23,850-23,900 at around 9: 15 am Thursday, July 9 assuming that markets overseas do not give traders a reason to change course on that front. Support can be initially be found at Wednesday’s intraday low of 23,812.50 with resistance at the day’s high of 24,302.

Iran War Continues to Dictate Markets

Investor sentiment remained squarely dictated by headlines coming out of Iran overnight as markets continued to process Tuesday’s escalation in tensions. The U. S. military targeted more than 80 different sites associated with Iran’s Revolutionary Guard Corps after projectiles were fired at three tankers transiting through the Strait of Hormuz overnight. Targets included more than 60 small boats and Washington officially revoked Iran’s license to sell crude oil abroad as well. Iran confirmed explosions on Kharg Island as well as Qeshm Island and two port cities, Sirik and Bandar Abbas overnight while state media also reported that shrapnel from one of the strikes pierced a dock at the port city of Sirik, injuring multiple people.

Oil prices spiked nearly 2% higher as a result, with Brent crude trading above $75.54 a barrel, up another $1.33. This adds further pressure to tensions around an already fragile ceasefire between Iran and the U. S.

This outlook is subject to change should macro and geopolitical headlines shift overnight. A surprise out of the U.S. Federal Reserve, crude prices skyrocketing or plunging, or any kind of geopolitical escalation out of Iran could impact this analysis by market open Thursday. As long as conditions remain stable through Wednesday night this forecast will stand at 9:15 am on Thursday.

Source: nseix.com