Indian equity benchmarks are positioned for a gap-up opening on Friday, July 10, as indicated by GIFT Nifty futures surging over 150 points at 7:45 am, with the latest data showing GIFT Nifty futures advancing 136 points to 24,136 level. According to latest reports, this positive opening comes amid upbeat cues from global markets, as US and Iran continue technical-level talks, easing concerns over a broader escalation in the Middle East war. The SENSEX closed 238.22 points higher at 76,741.82 on Thursday, while NIFTY50 settled 80.75 points higher at 23,962.80, with the rally led by short-covering and sustained buying interest. As per Enrich Money CEO Ponmudi R, Indian equity markets are expected to trade on a steady note, supported by improving global sentiment as the United States and Iran continue technical-level talks despite recent exchange of military strikes.
Brent crude oil prices slipped over 4% to near $76 per barrel as investors reassessed the severity of risks in the Middle East. The transit route through the Strait of Hormuz remains largely stable after the recent attacks by the US on Iran, providing additional support to domestic market sentiment. This 4% decline in crude prices could significantly support the domestic markets today, as reported by Upstox News Desk, as it reduces input costs for various sectors and improves overall market sentiment.
Asian markets are trading in the green on Friday morning, with Japan's Nikkei up 2.1%, Korea's KOSPI trading 3.6% higher, and Hong Kong's Hang Seng trading 0.6% higher around 24,190. Wall Street staged a recovery on Thursday, fueled by a bullish sentiment in semiconductor shares, with the tech-focused NASDAQ 100 climbing more than 430 points or 1.4% as investor interest surged following Micron's decision to scale its total investment to $250 billion by 2030. The S&P 500 advanced over 0.7%, while the Dow Jones finished the session with a 150-point gain. As per Upstox News Desk, this positive global sentiment is providing strong cues for the Indian markets.
The Indian equity benchmarks rose for a fourth straight session on Thursday, with the SENSEX ending 238.22 points higher at 76,741.82 and NIFTY50 advancing 80.75 points to close at 23,962.80. As reported by Livemint, the benchmark Nifty closed above 23,900 level, with the rally driven by short-covering activity. The Bank Nifty index jumped 509.85 points, or 0.90%, to close at 57,252.45, forming a small bullish candlestick pattern and outperforming the frontline indices. According to SBI Securities, Bank Nifty managed to close above its 20-day EMA, indicating relatively stronger price action compared to Nifty 50. The domestic market snapped a two-day losing streak on Thursday as value buying and short covering helped benchmarks recover, with investors also shifting their attention to the ongoing first-quarter earnings season.
NIFTY50 ended Thursday's session with nominal gains, successfully stalling the bearish follow-through momentum but struggled to reclaim the pivotal 24,000 threshold on a closing basis. According to Upstox News Desk, the hourly structure stays cautious-to-bearish unless the index secures a sustained move above the 20 and 50 EMA levels during Friday's trade. On the daily time frame, the index is holding firm near the 50-day EMA support of 23,900. A decisive weekly close beyond the 24,100 territory would signal a revival in bullish strength for the upcoming week, while a weekly close below 23,800 would leave the index vulnerable to a gap-fill move toward the 23,600 zone. The open interest data for coming weekly expiry suggests a broad range of trade for NIFTY50 within 23,600 to 24,200, with 23,600 puts holding the highest open interest suggesting strong support and 24,200 calls holding the highest open interest indicating strong resistance.
