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Indian Markets Eye Gains Amid Global Jitters; Will Nifty Hold 24,500?

Despite global jitters, Indian markets may open on a positive note today, with GIFT Nifty signaling early gains. However, caution remains as global cues weigh heavy on sentiment.
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GIFT Nifty Signals Positive Start

Indian equity markets are expected to open in the green today, August 4, as indicated by early cues from the GIFT Nifty, which was trading nearly 70 points higher at 24,671 around 7:30 a.m. This comes after a weak global handoff and a sharp sell-off in the previous session.

Also Read: Thousands of crores of TCS to LIC sank in 5 days, Reliance made investors happy

While the overall sentiment remains fragile due to global concerns, some bargain hunting could support local benchmarks like the Sensex and Nifty 50. Investors may look to pick up beaten-down stocks, particularly in the FMCG space, which has shown resilience despite the broad-based decline.

In the last session, Indian equities closed lower, tracking global weakness triggered by rising U.S. inflation and a wave of new tariffs from the Trump administration. Defensive stocks like FMCG held their ground, buoyed by strong demand and stable valuations.

Asian markets extended their losing streak into a seventh session today, following a weak U.S. jobs report that fueled fears of a slowdown. This has reignited talks of a potential interest rate cut by the Federal Reserve, putting further pressure on global markets.

Key Support and Resistance Levels to Watch

A breakdown below 24,535–24,500 could pave the way for a deeper correction towards 24,300–24,250.

For any sustainable rally, the index must reclaim key resistance levels decisively, or short-lived bounces may face renewed selling.

Market Momentum Insights

The Relative Strength Index (RSI) has dipped below the 40 mark, signaling a bearish grip on momentum. FPIs might trigger a relief rally if they engage in short-covering, but their long-short ratio currently suggests oversold conditions.

Expert Take

Dhupesh Dhameja of SAMCO Securities highlighted that bearish sentiment prevails, with crucial supports breaking and resistance levels shifting lower. “Put writers are adjusting lower, while call writers are building positions higher — clear signs of caution in the market,” he said.

Volatility Check

India VIX rose 3.75% to 11.97. Even with back-to-back sell-offs, volatility is still below the psychological 13 mark, hinting that the market could remain in a consolidation phase rather than experience panic selling.

Also Read: Bajaj Auto Posts 3% Growth on Strong Overseas Demand

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