Sensex, Nifty today: Gift Nifty slips 33 points; here's what to expect from the stock market

The stock market is expected to open lower on Tuesday, 29 July, extending its losses amid weak global cues. Trends in the Gift Nifty also point to a subdued start for the benchmark indices, Sensex and Nifty 50.

Gift Nifty closed lower for the third straight session on Monday, weighed down by losses in private bank and real estate shares. Analysts believe the market is likely to remain under pressure due to mixed Q1 earnings, persistent selling by foreign investors, and the lack of major progress on the India-US trade pact, with the deadline fast approaching.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, "GIFT Nifty is down 33 points at 24,676, reflecting the deepening bear grip on Dalal Street after Monday’s steep sell-off."

Meanwhile, analysts expect stock-specific moves to dominate as the earnings season picks up momentum.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, "The benchmark indices continued to face selling pressure at higher levels. The Nifty ended 156 points lower, while the Sensex was down by 572 points. Among sectors, the Realty index suffered the most, shedding nearly 4.29%, while some buying interest was observed in select pharmaceutical and FMCG stocks."

"Technically, Nifty bulls remain sidelined unless 25,100 is crossed, with key support at 24,473 and strength confirmed only above 25,421. Sentiment remains fragile amid six major headwinds: overbought conditions, heavy profit booking, FII outflows of Rs 30,287 crore in July, weak Q1FY26 corporate earnings, uncertainty over US-India trade agreements, and the looming FOMC decision on rate cuts. Sectoral pain was led by Nifty Realty, which plunged over 4%," Tapse said.

"Key earnings due today include L&T, Asian Paints, NTPC, and Bank of India. In stock-specific action, Adani Green posted a 60% rise in Q1 profit, while NSDL’s Rs 4,011.5 crore IPO opens on July 30.Preferred trades: Sell Nifty at CMP (24,681) for targets of 24,473/24,222, and Bank Nifty (56,085) for 55,300/54,700. Bearish bias continues on VOLTAS, CUMMINS, and DLF. Top short: SELL SRF (CMP Rs 3,057) for targets of 2,971/2,922 amid bearish momentum and long unwinding," added Tapse.

Chouhan said, "For Bank Nifty, the short-term the outlook is still weak, a close below 56100 is negative and based on it we may see the index heading towards, 55500 with a major support at 55700. Above 56100, the chances of hitting 56350 would turn bright."

"For today, it is advisable to take a long position if Nifty bounces and forms a reversal formation from 24500-24550 levels with a stop-loss of 24450. Around 24900-25000, it may find severe resistance," added Chouhan.