The GIFT Nifty, an early indicator of Nifty 50’s performance, traded at 24180. On Wednesday, the benchmarks snapped a two-day losing streak. The NSE Nifty 50 closed 140.10 points, or 0.59%, higher at 24,005.85, while the BSE Sensex gained 443.97 points, or 0.58%, to end at 76,922.64. Meanwhile, oil prices extended their decline as traders assessed improving crude flows through the Strait of Hormuz and signs of progress in indirect negotiations between the United States and Iran.
Gift Nifty indicates a positive open for the domestic equity markets – Daily Market Update 2nd July 2026
Overview and Outlook
Global Stock Market Today
- The US equity markets settled on a flat to negative note.
- European equity markets, barring DAX, ended in red.
- Asian equity markets are trading mix.
- GIFT Nifty is up by 145 points, Nifty futures is likely to open around 24180 levels.
The benchmark Nifty index recovered from the lower band of its 12-days long consolidation range (23800-24260 spot zone) but failed to hold above 24000 levels.
The broader markets performed in line with the benchmark as Mid and Small cap indices settled on a positive note.
The performance on the sectoral front was mix. Among them, Nifty Realty was the top performer, gained 3.58% followed by Media and FMCG index that rose over 2% each. On the other hand, IT index was the worst performer, fell over 2% followed by Metal pack that was down 1%.
Going ahead, we reiterate our sideways view on Nifty index as long as the index remains in the mentioned consolidation range that is also the confluence zone of its 2-month and 6-month EMA. A break on either side of the range will start the next short term directional move in that direction.
Derivatives Overview & Outlook
Yesterday, Banknifty, Finnifty and Midcpnifty futures added 1.5%, 18.6% and 2.4% of open interest respectively as long positions, whereas no significant changes were observed in Nifty futures on open interest front.
On the sectoral front, FMCG, Finance, Realty, Telecom and Textile stocks witnessed maximum addition of long positions, on the other hand, some short buildup was seen among Metal and Technology stocks.
On options front, both put writing along with some call writing were seen at multiple OTM strikes. Maximum positions are at 24000 CE and 24000 PE closely followed by 23900 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 1140 Cr in the cash segment, sold index futures worth Rs 586 Cr and also sold stocks futures worth Rs 492 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3159 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24180-24250; Supports 23950-23800
Banknifty – Resistances 58600-58800; Supports 57900-57500
Finnifty – Resistances 2700-27100; Supports 26700- 26600
F&O stocks in ban today: Nil
Disclosure
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