Gift Nifty Signals Flat-to-Cautious Open for Sensex, Nifty on Friday Amid Iran War, Oil Rally Intensify

Authored By HDFC SKY | Last Modified: Jul 16, 2026 05:39 PM IST

Mumbai, July 16: Gift Nifty witnessed significant volatility during Thursday’s session, ending up closing slightly lower, suggesting flat-to-cautious open for Nifty 50 Friday, July 17 amid fresh U.S. strikes on Iran overnight. Brent crude continues its rally for fourth session breaching $85 barrel. Front month contract of Gift Nifty ended Thursday’s trade at 24,089.50, down 5.50 points or 0.02 per cent.

Gift Nifty Intraday Analysis

Gift Nifty July 28, 2026, contract opened Thursday’s session at 24,086 and rallied to an intraday high of 24,209 late in the morning. It quickly reversed direction on profit booking and hit an intraday low of 24,033.50 before recovering some of its losses to close near 24,085.50, down 9.50 points or 0.04 per cent on the day.

The futures contract for Nifty50 Aug 25, 20 contract currently trades at 24,165, up 6.00 points or 0.02 per cent on the day.

Resistance is at 24,209 (Thursday’s high) and support is at 24,033.50 (day’s low). Nifty 50 is likely to open in a narrow flat-to-mixed range near 24,050-24,100 when markets open at 9.15 am Friday.

The cash session on Thursday opened on a firm note with Sensex trading higher by 262.08 points or 0.34 per cent at 77,447.51 and Nifty 50 up 83.35 points or 0.35 per cent at 24,161.85 tracking strong close on Wall Street overnight, shrugging off concerns over heightened geopolitical tensions.

The U.S. military on Wednesday launched another round of attacks on Iran’s coastal defences and missile sites earlier Wednesday in what U.S. President Donald Trump called a “striking success.” The Pentagon hit Greater Tunb Island and a second wave several hours later. It comes days after the U.S. reimposed a naval blockade of Iranian ports.

The Islamic Revolutionary Guard Corps said on Wednesday it had struck U.S. military targets in the region, including in Bahrain, Kuwait and Jordan. Kuwait said its armed forces intercepted four missiles and 21 drones from Iran on Wednesday in an attack that caused material damage but no injuries.

The war has killed thousands of people and displaced millions, mainly in Iran and Lebanon, where conflict restarted between Israel and Iran-backed militant group Hezbollah. In July alone, U.S. ​attacks have killed 35 people, Tasnim reported, citing a ​health ministry official.

“We are in an existential battle with America,” Abbas Araqchi was quoted as saying by state TV. Iran’s Revolutionary Guard claimed missile strikes on U.S.-linked targets in Bahrain, Kuwait and Jordan.

Kuwait’s armed forces said they intercepted four missiles and 21 drones launched from Iran towards a joint U.S.-Kuwait military airbase in Kuwait. Iranian state TV said one of the strikes forced the evacuation of a hospital in the southwestern city of Ahvaz.

Benchmark Brent crude extended its rally for a fourth straight session on Thursday, climbing to around $85.28 a barrel in early trade as fresh strikes by U.S. increased fears of a wider regional conflict.

West Texas Intermediate rose to around $80.02 a barrel, with both benchmarks trading near the one-month highs hit earlier this week. Analysts warned oil prices could inch higher towards $85-$87 a barrel if tensions continue. Most analysts continue to see chances of a full-scale war between Washington and Tehran as remote.

Goldman Sachs estimates Brent could rise to above $110 a barrel in the fourth quarter if supply disruptions from Gulf persist. However, prices may retreat towards the $60s if tensions dissipate sooner and output recovers faster than expected.

All macro and geopolitical triggers point to a flat-to-cautious open Friday if conditions remain unchanged through Thursday’s evening. Any fresh outbreak from Tehran or Washington or sudden overnight move in crude can alter this prediction.

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