Pre-Market 7 August 2026: Nifty Holds Above 24,600; GIFT Nifty Points To Soft Opening; What To Watch Today
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Nifty closed above 24,600 on Thursday, supported by heavyweight stocks. GIFT Nifty signalled a cautious opening as investors tracked earnings, banking stocks, crude oil, global markets and FII activity.
The benchmarks closed higher on Thursday, supported by gains in heavyweight stocks. Outside the frontline indices, however, selling pressure remained visible.
The Sensex settled at 78,955, up 374 points, while the Nifty 50 ended at 24,636, gaining 11 points. The Nifty Bank outperformed, but the Nifty Midcap 100 index slipped.
Market Recap
The special Closing Auction Session (CAS) produced only modest adjustments, with the benchmark indices ending close to where they stood at 3:15 p.m.
Reliance Industries was the biggest contributor to the Nifty's gains after a strong rally. State Bank of India and other PSU banks also attracted buying ahead of quarterly earnings. Bharti Airtel, Power Grid and select auto stocks supported the benchmarks.
Among individual stocks, Blue Star, BSE, Angel One and Hero MotoCorp ended lower, while Trent finished with marginal losses despite reporting a healthy margin beat.
Global Markets Update
On Wall Street on 6 August, the Dow Jones Industrial Average closed at 53,885.10 (down by 464.02 points), the S&P 500 stood at 7,709.96 (down by 13.59 points), and the Nasdaq Composite traded at 26,348.35 (down by 15.09 points).
European markets were mixed. France's CAC 40 closed at 8,699.71, up 30.41 points, while the FTSE 100 slipped 20.41 points to close at 10,867.89.
In Asian markets, Japan's Nikkei 225 fell to 65,683.26, whereas Hong Kong's Hang Seng Index closed at 25,530.28.
GIFT Nifty Today
On 7 August at 7:38 am, GIFT Nifty was trading at 24,646, down 102 points. The futures contract was trading slightly above Thursday's Nifty close of 24,636, indicating a cautious start for Friday's trade.
Nifty Setup
The 24,600 mark remains the immediate level to watch.
A decisive break below this zone could expose the index to 24,400, which coincides with the 10-day EMA and this week's low.
On the upside, a move above 24,700 may pave the way for a retest of 24,774, followed by the 25,000-25,150 zone.
Key Market Triggers Today
Attention will remain on the earnings calendar as more companies announce their June-quarter results.
Investors are also expected to track movement in banking and PSU stocks after Thursday's buying interest ahead of earnings.
Global market trends, crude oil prices and foreign fund activity are likely to remain on traders' radar through the session.
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, visit www.kotakneo.com/disclaimer.
Vishwa is a content and SEO strategist with 10+ years of experience across fintech and FMCG. She has a knack for connecting dots others miss, spotting trends early, and finding angles on topics most miss to question.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide.
Outside work, she's drawn to art, painting and architecture, and enjoys travelling to explore them firsthand.
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