Stock Market Prediction Today: GIFT Nifty Signals Flat Start; Key Levels To Watch for NSE Nifty50 & BSE Sensex

Indian stock markets have been swinging sharply since the start of the week. On May 27, the Sensex dropped 625 points while the Nifty managed to close above the psychological 24,800 mark despite intra-day volatility. Earnings, sector-specific weakness, and global cues kept investors on edge, and a similar trend may continue today.
A staggering 200+ companies announced earnings yesterday, and another long list of results due today will further sway investor sentiment. As of early indicators, the GIFT Nifty suggested a flat opening for the market.

Market Recap: Pressure Across Sectors
The benchmark Sensex closed 625 points lower, while Nifty held above 24,800. Selling pressure was visible across several major sectors. Stocks like Ultratech Cement, ITC, Tata Motors, and NTPC were among the top losers.

Sector-wise performance showed that Nifty FMCG declined the most, falling 0.9%, followed by Nifty Auto and Nifty IT, which shed 0.7% each. Nifty Oil & Gas fell 0.6%, while Nifty Metal and Nifty Private Bank were down 0.5% each. On the positive side, Nifty PSU Bank and Nifty Realty gained marginally by 0.25%.

Key Levels to Watch Today: Nifty Faces Hurdle at 24,980
Sudeep Shah, Deputy VP and Head of Technical & Derivatives Research at SBI Securities, shared his outlook for today’s session.
“The Nifty experienced high volatility on Tuesday. It opened with a correction but quickly rebounded to hit a high of 25,062. However, it couldn’t hold above 25,050 and slipped back to close at 24,826,” said Shah.

On the daily chart, a bearish candle with wicks on both ends formed, indicating indecision and sharp intraday swings.

Shah highlighted that the 24,700–24,670 zone will act as crucial support. If the index breaks below 24,670, the next support lies at 24,540. On the upside, the immediate hurdle is seen at 24,950–24,980. A breakout above 24,980 may push Nifty toward 25,100 and even 25,230 in the short term.
 

Bank Nifty Outlook: Rangebound with Volatility
The Bank Nifty index closed 0.39% lower yesterday and formed a long-legged Doji candlestick, signalling indecision.

Shah identified immediate support at 55,100–55,000 and resistance at 55,600–55,700. Breakout or breakdown from these levels will set the tone for banking stocks.

Sensex Key Levels: 81,000 Support, 82,000 Resistance
“Sensex saw high volatility on the monthly expiry day and ended 0.76% lower. The 81,000–81,100 zone will be key support, while 81,900–82,000 is the immediate hurdle,” Shah said.

Volatility Index Up Again
The India VIX, a measure of market volatility, rose for the third straight session, closing in the green. Shah notes that the 19.20–19.50 zone is a near-term resistance, while 17.20–17.40 offers support.

FII/DII Activity: Mixed Signals
Foreign Institutional Investors (FIIs) were net buyers worth Rs 348.45 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 10,104.66 crore in the cash segment.

However, Shah pointed out that FIIs sold 16,107 index futures, bringing their long-short ratio in index futures down to 31.35, reflecting cautious sentiment.

Sectoral Outlook: PSU Banks, Metals, Defence in Focus
Despite weakness in the main indices, Shah believes sectors like Metals, Realty, PSE, CPSE, Banking, Financial Services, Defence, and PSU Banks could outperform in the short term, especially with stock-specific momentum from earnings.

Global Market Support: Wall Street and Asia Rebound
Global markets offered some relief. US stocks rallied sharply after President Donald Trump announced a delay in the proposed 50% tariffs on EU imports to July 9.
The Dow jumped 1.78%, S&P 500 surged 2.05%, and Nasdaq gained 2.47%, led by tech stocks like Tesla.

“The S&P 500 took support at its 20-day EMA and could test 6,000–6,080 in the short term, with support at 5,860–5,840,” Shah added.

Brent Crude hovered near its 20-day EMA with key resistance at $65–65.20 and support at $63–62.80.

US Dollar Index (DXY) pulled back after touching a low of 98.69, but remains under pressure. Key resistance is at 100–100.20, and support at 98.80–98.60.

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Asian Markets Track Wall Street Rally
Asia-Pacific markets also gained early on Wednesday:
Nikkei 225 up 1.06%
Kospi up 0.65%
Hang Seng up 0.25%
CSI 300 up 0.21%
S&P/ASX 200 up 0.21%

Australia’s inflation for April remained steady at 2.4%, slightly above expectations. In New Zealand, the central bank cut rates to 3.25%, leading to a modest rise in the Kiwi dollar.

Market Outlook: All Eyes on Earnings and Support Levels
With over 200 companies having declared results yesterday and more lined up today, earnings will continue to drive intraday action. Alongside, technical indicators suggest support for Nifty at 24,700, while resistance remains at 24,980.

Global cues remain positive for now, but traders should brace for volatility. Sectors like PSU Banks, Realty, and Metals may offer opportunities if broader indices remain rangebound.