Stock market today: Gift Nifty down 60 pts; Key levels to watch for Nifty, Sensex & Nifty Bank

Indian benchmark indices are set to open lower on Thursday on the back of muted global cues including the debt concerns for the US economy. Rise in the US treasury yields and hawkish tone of the US Federal Reserve are also denting the sentiments at the global equities.

Nifty futures on the NSE International Exchange traded 60.20 points, or 0.24 per cent, lower at 24,772, hinting at a muted start for the domestic market on Thursday. Asian shares fell and Treasuries continued their slide at the open Thursday. Japan’s Nikkei dropped about a per cent, while South Korean KOSPI was down 1.3 per cent. ASX200 and Hang Seng shed up to half a per cent.

Fed officials maintained a hawkish stance, dampening near-term rate cut hopes and warning of a sustained tariff-driven inflation, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. “India’s core sector output grew modestly in April 2025, signalling a moderation in industrial activity. We expect markets to remain firm, supported by healthy domestic macros.”

US stocks closed sharply lower on Wednesday as Treasury yields spiked on worries that US government debt would swell by trillions of dollars if Congress passes President Donald Trump’s proposed tax-cut bill. The Dow Jones fell 1.91 per cent to 41,860.44, the S&P 500 lost 1.61 per cent to 5,844.61 and the Nasdaq Composite tanked 1.41 per cent to 18,872.64.

US fiscal concerns and a tepid auction of Treasury bonds slapped the dollar to a two-week low versus the yen on Thursday, while President Donald Trump tried to push his sweeping spending and tax-cut bill through Congress. Bitcoin was last 1.6 per cent higher at $110,049.82, after earlier reaching a record high of $110,636.58.

Oil prices eased on Thursday as unexpected builds in U. crude and fuel inventories raised demand concerns, while investors stayed cautious, focusing on renewed Iran-US nuclear talks. Brent futures slipped 0.5 per cent to $64.58 a barrel, while US West Texas Intermediate crude shed 0.5 per cent to $61.25.

The recent price action in the Nifty indicates that the bulls are making a strong effort to sustain the prevailing uptrend, said Ajit Mishra, SVP of Research at Religare Broking. “Participants are advised to align their positions accordingly, focusing more on stock selection based on relative strength. Dips should be seen as an opportunity to gradually accumulate quality stocks,” he said.

Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,201.79 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 683.77 crore on a net-net basis.

Nifty & Sensex outlook

Shrikant Chouhan, Head Equity Research at Kotak Securities believes that the intraday market texture is non-directional, and as long as it is trading between 24,650 and 25,000, the range-bound texture is likely to continue. A breakout above 25,000/82,200 could push the market up to 25,100–25,150/82,500–82,700.

“On the flip side, if the market drops below 24,650/81,200, sentiment could turn negative. Falling below this level, the correction wave is likely to accelerate. In such a scenario, the market could retest the levels of 24,500–24,450/80,700–80,500,” it said.

A fall below 24,700 could trigger a market correction, potentially leading to a decline toward the 21-EMA, which is currently positioned around 24,428, said Rupak De, Senior Technical Analyst at LKP Securities. “Sentiment is likely to remain sideways to bearish as long as the Nifty stays below 25,000. If the Nifty reclaims the 25,000 level, the sentiment may turn bullish,” he said.

Nifty Bank outlook

Nifty Bank formed a doji candle on the daily chart, indicating indecision. On the downside, strong support is seen near 54,520 (21-DEMA), while short-term resistance is placed at 55,700 levels, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta Investment Interrmediates. “Traders are advised to monitor these levels closely for potential trading opportunities.”

We expect the index to extend the last 4 weeks’ consolidation in the broad range of 56,000-53,500. It is  indicating a shallow pullback that suggests underlying strength and potential higher bottom formation, said Bajaj Broking. “Within the consolidation, we believe dips should be used as buying opportunities. Key support at 54,000-53,500 being the confluence of key retracement and 20 days EMA.”