Pre-Market Update: GIFT Nifty Signals Positive Start for Nifty 50 on July 7; Here are the Key Market Triggers to Watch

The Indian stock market is likely to open on a positive note on Tuesday, July 7, supported by firm global cues and continued institutional buying. As of 7:23 a.m., GIFT Nifty was trading around 24,581, indicating a higher opening for the benchmark Nifty 50. Asian markets traded mixed during early trade, while U.S. equities ended higher overnight, led by strong gains in technology stocks.

Investors continue to monitor geopolitical developments in the Middle East after an oil tanker caught fire near the Strait of Hormuz off the coast of Oman following an attack by an unidentified projectile. The incident occurred despite the ceasefire between the U.S. and Iran and ongoing diplomatic efforts aimed at reaching a lasting peace agreement.

Japanese government bond yields remained near multi-decade highs amid concerns over fiscal sustainability and persistent inflation. The benchmark 10-year Japanese government bond yield stood at 2.830 per cent, its highest level since October 1996. The 30-year yield edged up to 4.085 per cent, while the 20-year yield remained at 3.805 per cent, the highest since comparable records began in 1999. The two-year and five-year yields were largely unchanged.

Gold prices declined ahead of the release of the U.S. Federal Reserve's June policy meeting minutes. Spot gold fell 0.4 per cent to USD 4,148.59 per ounce, while U.S. gold futures for August delivery slipped 0.2 per cent to USD 4,160.20 per ounce. Spot silver also declined 0.8 per cent to USD 61.57 per ounce.

Crude oil prices edged higher as traders continued to assess easing geopolitical tensions in the Middle East. Brent crude rose 0.39 per cent to USD 72.29 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.26 per cent to USD 68.84 per barrel. Meanwhile, the U.S. dollar index stood at 100.86 against a basket of major global currencies.

From the derivatives perspective, the Put-Call Ratio (PCR) for the July expiry stood at 1.48, indicating a positive undertone. On the put side, the highest open interest addition was seen at the 24,400 strike, while the maximum open interest remained concentrated at the 24,000 strike. On the call side, the highest open interest addition was recorded at the 24,450 strike. The maximum open interest was concentrated at the 24,500 and 24,400 strike prices.

The Nifty 50 closed at 24,430.35 on Monday and is expected to remain positive as long as it sustains above the 24,400-24,300 support zone. Immediate resistance is placed at 24,458, followed by 24,498 and 24,564. Key support levels are seen at 24,326, 24,286 and 24,220. A sustained move above the resistance zone could open the door for an advance towards 24,600 and 24,800. However, a break below 24,300 may trigger profit booking, with the 24,000 level emerging as the next important support.

Stock-specific action is expected to remain in focus. Hexaware Technologies partnered with NYSE-listed SmartRent to drive AI-native transformation across multiple business functions through three integrated workstreams. Torrent Pharmaceuticals received NCLT approval for the amalgamation of JB Chemicals & Pharmaceuticals, subject to filing the certified order with the Registrar of Companies. Varun Beverages said its subsidiary, VBL Industries (Kenya), will acquire the dairy beverages, juices and packaged drinking water business of Devyani Food Industries (Kenya) for USD 32 million, equivalent to around Rs 305 crore.

Blue Jet Healthcare launched a Qualified Institutional Placement (QIP) at a floor price of Rs 531.7 per share with a discount of up to 5 per cent. Concord Enviro Systems announced the resignation of Chief Financial Officer Anish Goel, effective July 31, 2026. Embassy Developments approved raising up to Rs 1,570 crore through additional debentures, increasing the earlier fundraising plan of Rs 400 crore. RITES secured a USD 35.82 million order from South Africa's Volantis Asset Finance for supplying and commissioning 4,000 HP Cape Gauge diesel-electric locomotives. TANFAC Industries approved a preferential issue worth Rs 173.5 crore to fund expansion, with participation from promoter Anupam Rasayan India and institutional investors.

No stock is under the F&O ban for July 7.

Foreign Institutional Investors (FIIs) remained net buyers on July 6, purchasing equities worth Rs 243.03 crore. Domestic Institutional Investors (DIIs) also extended their buying, investing Rs 3,791.42 crore during the session.

The Indian stock market ended higher on Monday for the fourth consecutive session as improving monsoon conditions and sustained FII buying boosted investor sentiment. The Sensex gained 521.16 points, or 0.67 per cent, to close at 78,285.07, while the Nifty 50 advanced 159.50 points, or 0.66 per cent, to settle at 24,430.35.

U.S. markets also ended higher on Monday, supported by a rally in technology stocks. The Dow Jones Industrial Average rose 0.29 per cent to 53,055.91, the S&P 500 gained 0.72 per cent to 7,537.43, and the Nasdaq Composite climbed 1.12 per cent to 26,121.16. Among major technology stocks, Nvidia rose 0.37 per cent, AMD surged 6.61 per cent, Broadcom gained 3.73 per cent, Meta advanced 2.98 per cent, Alphabet added 2.45 per cent, Apple rose 1.31 per cent and Tesla jumped 6.69 per cent. SpaceX shares, however, declined 0.98 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.