Indian benchmark indices Sensex and Nifty are likely to open on a positive note on Tuesday, tracking gains in GIFT Nifty amid firm overnight gains on Wall Street, optimism around artificial intelligence-led earnings growth, and steady institutional inflows. However, weakness across Asian markets and a mild rise in crude oil prices could keep gains in check.
GIFT Nifty is trading up, signals a positive opening for the domestic equity markets- Daily Market Update 7th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.29% to 1.12%.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is up by 50 points, Nifty futures is likely to open around 24550 levels.
The benchmark Nifty index ended higher at 24430 spot levels after adding 160 points to its previous closing values.
The broader markets traded in line with the benchmark as Mid and Small cap indices settled on a positive note.
The majority of sectoral indices, barring Media, IT and PSU Bank index, ended in green. Among them, Realty, Consumer Durables, Auto, Oil & Gas index were the best performers, rose in range 1% to 2%. On the other hand, Media and PSU Bank index were the worst performers, down around 1% each.
The Nifty index is gradually inching towards the 24,500–24,600 spot levels. Going ahead, a decisive close above the 24,600 spot level holds the key to a sustainable move higher. Options data has turned positive, put call ratio for current week expiry is at 1.44 which indicates continuation of up move in near term. Hence, we reiterate our buy-on-dips trading approach as long as the index remains above the 24,250 spot level on closing basis.
Derivatives Overview & Outlook
Yesterday, Banknifty futures added 1% of open interest as long buildup along with short covering in Nifty and Finnifty futures that shed around 2% and 3% of open interest respectively, whereas no significant change was observed in Midcapnifty futures on price as well as on open interest front.
Majority of F&O sectors settled higher. Amongst them, Capital Goods, New_age, Telecom and Textile witnessed maximum addition of long positions whereas some short buildup was seen among infrastructure stocks.
On option front, put writing along with call unwinding were seen at multiple OTM strikes. Maximum positions are at 24500 CE and 24000 PE followed by 24300 and 24400 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 243 Cr in the cash segment, bought index futures worth Rs 1539 Cr and also bought stock futures worth Rs 1453 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 3791 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24520-24700; Supports 24300-24200
Banknifty – Resistances 59020-59500; Supports 58000-57500
Finnifty – Resistances 27200-27300; Supports 26800- 26700
F&O stocks in ban today: Nil
Disclosure
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