Stock market today: Gift Nifty down 49 pts; key levels for Nifty, Sensex & Nifty Bank

India’s equity benchmarks are likely to open little changed on Wednesday, mostly on a negative side tracking the global cues. However, investors may remain on the sidelines ahead of the meeting of the Goods and Services Tax (GST) Council, which is expected to cut rates on a range of goods.

Nifty futures on the NSE International Exchange traded 48.80 points, or 0.20 per cent, down at 24,643, hinting at a negative start for the domestic market on Wednesday. A global slide in long-dated bonds extended into Asia on Wednesday. Nikkei and Hang Seng shed one-third a per cent, while KOSPI was trading in green.

Investors now keenly await the GST Council meeting beginning tomorrow, which could guide near-term sentiment, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. “Globally, focus remains on upcoming US economic data – Manufacturing PMI, JOLTS job openings, payrolls, and inflation print – shaping expectations around the Fed’s next rate cut.”

Wall Street started off September on a sharply lower note on Tuesday as investors weighed the future of President Donald Trump’s tariffs. The Dow Jones Industrial Average fell 249.07 points, or 0.55 per cent, to 45,295.81, the S&P 500 shed 44.72 points, or 0.69 per cent, to 6,415.54 and the Nasdaq Composite tanked 175.92 points, or 0.82 per cent, to 21,279.63.

The dollar index was flat at 98.431 after a 0.7 per cent surge on Tuesday. US crude ticked up 0.2 per cent to $65.69 a barrel. Spot gold reached $3,546.99, a new all-time high as concerns mounted over US government debt and economic growth.

“We reiterate our preference for focusing on sectors and themes displaying relative strength, such as FMCG, auto, and consumer durables,” said Ajit Mishra, SVP of Research at Religare Broking. “We are observing early signs of reversal in select PSU themes. Participants should align their positions accordingly, with an emphasis on stock selection.”

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,159.48 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned buyers of Indian equities to the tune of Rs 2,549.51 crore on a net-net basis.

Nifty & Sensex outlook

We believe that the intraday market remains volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders. On the lower side, 24,500/80,000 would act as a crucial support zone, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

“Below this, the market could retest levels of 24,400-24,350 /79,700-79,500. On the higher side, the 20-day SMA or 24,700/80,500 and 24,750/80,700 could serve as key resistance levels for the bulls. A successful breakout above 24,750/80,700 could push the market up to 24,900/81,200,” he said.

The zone of 24,450-24,400 will act as important support for the index. Any sustainable move below the level of 24,400 will lead to further correction in the index upto the level 24,200 in the short term. While, on the upside, the zone of 24,720-24,760 will act as a crucial hurdle for the index, said Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities.

Bank Nifty outlook

Nifty Bank is currently placed around the 200-day EMA. Going ahead, index holding above the 200-day EMA placed around 53,500-53,200 will lead to consolidation in the range of 53,200-55,000 in the coming sessions, said Bajaj Broking. “It has immediate support at 53,200-53,500 levels being the confluence of the 200-day EMA and the low of May 2025.”

Technically, Nifty Bank formed a red candle on a daily scale, but it is still holding above important support of 200-DEMA, which is placed around 53,575, said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates. “If the index respects the 53,575 level, then short term pullback can be possible but decisive break below 53,575 could trigger fresh weakness,” he said.