Markets are expected to remain range-bound on July 9, with Nifty and Sensex likely to extend their sideways movement as investors await fresh cues before making new bets.
As of 7:50 a.m., the GIFT Nifty was trading slightly lower by 10 points or 0.04%, at 25,593. In the previous trading session, benchmark indices remained largely range-bound for most of the day but witnessed a late surge, driven by optimism over a potential mini trade deal between India and the U.S. However, former U.S. President Donald Trump stated that Washington may soon announce fresh levies on pharmaceuticals, potentially expanding sector-specific tariffs up to 200%.
According to provisional data from NSE, Foreign Portfolio Investors (FPIs) offloaded equities worth ₹26 crore, while Domestic Institutional Investors (DIIs) made net purchases of ₹1,367 crore.
Technically, a strong bullish candle formed on the daily chart indicates the possibility of continued upward momentum. For the rally to sustain, the index must break decisively above the immediate resistance at 25,600, with the next major hurdle seen around 25,800.
On the downside, initial support is placed at 25,500, followed by 25,400. A stronger support zone lies near 25,300, noted Hardik Matalia, Derivatives Analyst at Choice Broking.
Meanwhile, India VIX dropped 2.91% to 12.1950, signaling lower market volatility and stable sentiment among traders. In the derivatives space, the highest Call open interest (OI) was seen at the 25,600 and 25,700 strikes, indicating resistance levels. On the Put side, maximum OI was at 25,500 and 25,400, suggesting solid support. This OI data highlights the importance of the 25,400–25,600 range in determining Nifty’s next directional move.
