Indian equity benchmark indices are expected to open on a cautious note this Friday, August 7, 2026, following a dip in GIFT Nifty futures. Trading on the NSE International Exchange, GIFT Nifty futures were down 92.40 points, or 0.37 percent, at 25,6474, indicating a negative start for the domestic market.
Global Market Overview
US stocks concluded their Thursday trading session lower as investors processed the latest corporate earnings reports and tracked developments regarding a potential peace deal between the US and Iran. The Dow Jones Industrial Average fell 0.85 percent, the S&P 500 lost 0.18 percent, and the Nasdaq Composite shed 0.06 percent.
Asian markets also showed caution on Friday, with shares holding their breath ahead of crucial US jobs data. Rising oil prices served as a reminder of persistent Middle East tensions. Japan's Nikkei and South Korea's KOSPI both dropped nearly one percent, while Hong Kong's Hang Seng was down by half a percent.
Commodity Markets
- Crude Oil: Oil prices edged higher on Friday amid uncertainty surrounding shipping through the Strait of Hormuz. Brent crude traded higher at $83.33 a barrel, and US WTI crude was up at $77.98 a barrel.
- Gold: Gold prices remained steady on Friday, poised for their most significant weekly gain, as investors awaited key US nonfarm payrolls data. Spot gold was largely unchanged at $4,235.57 per ounce.
Indian Market Outlook and Key Levels
Domestic institutional investors (DIIs) showed strong buying interest, acquiring Indian equities worth Rs 4,013.60 crore on Thursday. However, foreign portfolio investors (FPIs) turned net sellers, offloading domestic stocks to the tune of Rs 17.86 crore.
According to Ajit Mishra, SVP of Research at Religare Broking, market participants remain cautious due to upcoming global developments, while the ongoing earnings season continues to drive stock-specific movements. Mishra recommends a 'buy-on-dips' strategy, focusing on relatively stronger stocks across various sectors.
Nifty50 & Sensex
The daily charts indicate indecisiveness between bulls and bears. Shrikant Chouhan, Head of Equity Research at Kotak Securities, suggests that for day traders, 24,700/79,000 will act as an immediate breakout level. Above this, the market could advance to 24,800-24,850/79,300-79,500. Conversely, a fall below 24,600/78,600 could lead to intraday corrections down to 24,500-24,450/78,200-78,000.
Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty repeatedly faced resistance at higher levels, with 24,600 acting as crucial support. As long as Nifty sustains above 24,600, it has the potential to move towards 24,800, with a sustained breakout above this level triggering a fresh directional rally.
For Sensex, Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, highlights that the index continues to trade above its 20-day, 50-day, 100-day, and 200-day EMAs, signaling strengthening momentum across short-term and medium-term trends. Sensex holds above the 78,300–78,600 support zone, with 79,100–79,300 being the immediate resistance area.
Nifty Bank
Nifty Bank extended its positive momentum, forming a bullish candle and maintaining a higher high–higher low structure. It closed above the previous session's high, indicating buying interest. Bajaj Broking notes that the index has been consolidating within the broader 56,500–58,700 range. On the downside, 57,700 remains immediate support, followed by the 57,000–56,800 zone. On the upside, 58,300–58,700 is the immediate resistance band, and a sustained move above 58,700 would reinforce the bullish trend.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, adds that Nifty Bank's broader trend remains constructive, trading above key moving averages. However, momentum indicators suggest a phase of sideways consolidation in the near term. From a technical perspective, the 58,500-58,600 zone is expected to act as immediate resistance. A decisive move above 58,600 could trigger a fresh upswing towards 59,100, followed by 59,600. Strong support is anticipated around the 290-day EMA zone at 57,600-57,500.