Indian equity markets are likely to open on a subdued note on Tuesday, with GIFT Nifty trading at 24000, down around 100 points, indicating a negative start for the benchmark indices. The weakness comes after a relief rally in Sensex and Nifty in the previous session, as elevated crude oil prices and stalled US-Iran negotiations continue to weigh on sentiment today.
GIFT Nifty indicating negative opening for the domestic markets amid oil surge and stalled Iran talks- Daily Market Update 28th April 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat note.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is down by 100 points, Nifty futures likely to open around 24000 levels.
The benchmark Nifty index ended higher at 24093 spot levels after adding nearly 200 points to its previous closing values.
Broader markets outperformed the benchmark as Mid and Small cap indices gained 1.47% & 1.90% respectively.
All sectoral indices, tracked at NSE, ended in green. Amongst them, IT, Media, Pharma, Realty, Healthcare and Consumer Durables index were among the top performers, rose over 2% to over 2.5% each.
Technically, Overall chart structure for Nifty index is showing signs of consolidation within a broader range, with downside supports around 23800-23550 spot levels and resistance near the 24300-24500 spot zone (as already discussed in our previous note dated April 28, 2026). Considering current chart structure, we suggest traders to buy the sip around the support zones and sell around the resistance zone. Intraday support is placed around 23950-23900 spot levels while intraday resistance are at 24150-24225 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty and Midcapnifty futures added around 2% and 1.5% of open interest as long buildup, whereas no significant changes was observed in Banknifty futures on open interest as well as on price front. On the other hand, Finnifty futures added 11.8% of open interest without any change in the price.
All F&O sectors, barring Textile, settled on a positive note. Amongst them, long buildup was seen among Cement, Chemical and Oil & Gas stocks along with short covering among FMCG, Metal, Realty and Technology stocks.
On option front, put writing along with some call unwinding was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24500 CE and 24000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 1151 Cr in the cash segment, sold index futures worth Rs 321 Cr and bought stocks future worth Rs 1493 Cr. DIIs were net buyers to the tune of Rs 4124 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24250-24350; Supports 24000-23800
Banknifty – Resistances 56800-57100; Supports 56000-55800
Finnifty – Resistances 26350-26420; Supports 26100- 26000
F&O stocks in ban today: SAIL
Important Results Today: AWL, BANDHANBNK, DALBHARAT, GRSE, MARUTI, MSUMI & RECLTD
Disclosure
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