Aakash Shah, Technical Research Analyst at Choice Broking
Indian equity markets are likely to open on a subdued to negative note on Thursday, as weak global cues and a cautious signal from Gift Nifty, which is indicating a decline of around 50 points, point towards a gap-down start for domestic benchmarks. Muted sentiment across Asian markets and profit-booking after the recent consolidation phase may weigh on early momentum, although selective buying could emerge near key support levels.
From a technical standpoint, the Nifty 50 continues to trade within a broader consolidation range, though near-term bias appears slightly cautious. Immediate support is placed around 26,000–26,050, followed by a stronger base near 26,000. On the upside, resistance is seen near 26,250–26,300. A decisive move below support may lead to further pressure towards lower bands, while a recovery above resistance could revive upside momentum. Traders are advised to remain disciplined and avoid aggressive trades during early volatility.
The Bank Nifty is also expected to open weak, tracking softness in heavyweight banking stocks. Key support is seen around 59,700–59,800, while resistance is placed near 60,200–60,300. Sustaining above resistance may improve sentiment, whereas a breakdown below support could invite further selling pressure.
On the volatility front, India VIX remains at relatively low levels, indicating subdued fear despite near-term uncertainty. While low volatility supports range-bound strategies, it also signals complacency, making markets vulnerable to sharp intraday moves on unexpected global or macro developments.
Overall, the market setup suggests a cautious start, with traders focusing on buy-on-dips near support zones, stock-specific opportunities, and strict risk management while closely tracking price action around key technical levels during the session.