🌐 Market Outlook
Indian equities are likely to start the session on a cautious, range-bound note. Global sentiment is mixed as investors digest the U.S. tariff impact on Indian exports along with key U.S. economic data due tonight. Gift Nifty is trading nearly flat, suggesting a muted open for the Nifty 50 around Thursday’s close.
📊 Key Levels – Nifty 50
- Support zones: 24,420 / 24,350 (immediate), deeper support at 24,250
- Resistance zones: 24,600 / 24,680 (immediate), heavy ceiling at 24,800–25,000
- Options data indicates a broad trading corridor of 24,400–25,000 for the September series.
🏦 FII & DII Flow (Cash Market, Aug 28)
- FII: Net sell ~₹3,856 crore
- DII: Net buy ~₹6,920 crore
Domestic institutions absorbed most of the foreign outflow, helping markets stabilise near 24,500.
📈 FII Index Futures Positioning
- FIIs continued to add shorts in index futures, keeping their stance bearish.
- Net short contracts outweigh long contracts significantly, showing limited conviction for a sustained up-move.
🧾 September Options Open Interest
- Highest Call OI: 25,000 (major resistance)
- Highest Put OI: 24,400–24,500 (firm support)
This defines the near-term battlefield for bulls and bears, with traders defending 24,500 and supply appearing toward 25,000.
📰 News & Updates
- Tariff shock: U.S. duty hikes on Indian exports remain an overhang, especially for sectors like textiles, gems & jewellery, chemicals, and auto components.
- Domestic triggers: Reliance AGM developments and upcoming GDP print are in focus.
- Market mood: After two days of weakness, traders may prefer to sell on rallies toward resistance levels.
🇺🇸 U.S. Economic Events Tonight
- PCE Inflation (July) – key Fed metric, can sway global risk sentiment
- Personal Income & Spending – will hint at U.S. consumption strength
- Weekly Jobless Claims
- UMich Consumer Sentiment (final)
A hotter-than-expected PCE print could reinforce a cautious stance in equities worldwide.
⚡ Trading Setup for Today
- Likely intraday range: 24,420 – 24,680.
- Strategy: Fade extremes – buy near supports, sell near resistances.
- Watch early derivative flows at 24,500 puts and 24,600/24,700 calls to judge intraday bias.
- A breakout beyond 24,750 could open 24,800–24,900, while a breakdown below 24,350 risks a slide toward 24,250.