Indian equity indices opened Friday’s trading session on a subdued note amid the markets regulator barring Jane Street from Indian equity markets. The NSE Nifty 50 opened above 25,400, while the BSE Sensex opened 57 points higher at 83,300.

In line with the overall markets, Bank Nifty surged 70 points to 56,861. However, the small and midcap outperformed after opening on a negative; the Nifty Midcap 100 surged 200 points or 0.33% to 59,882. 

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“Today, US markets will be closed for Independence Day. Wall Street reacted positively to better-than-expected job reports, boosting US stocks. Nifty is poised to follow this bullish trend, potentially influenced by India’s upcoming trade deal with the US. Key support for Nifty is at 25,221, bullish confirmation above 25,570,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Let’s take a look at the key factors to watch out for today’s trading session 

Early gainers and laggards

In early trade, among the Sensex top gainers at this hour were Bajaj Finance, Bajaj Finserv, Wipro, Shriram Finance, among other stocks. On the flip side, the key laggards in the Sensex pack included Trent, Tata Steel, SBI Life Insurance, Eicher Motors, and Maruti Suzuki.

Global markets mixed

Asia-Pacific markets traded mixed on Friday morning as overnight US markets surged to a record high on the back of better-than-expected job claims. Japan’s Nikkei 225 benchmark was flat in choppy trade while the broader Topix index added 0.15%. Meanwhile, the US stock markets will be closed on July 4 in observance of Independence Day. It also closed earlier on July 03 for the same reason.

Technical Picture: Crucial levels to watch

From a technical standpoint, market participants are keeping a close watch on key index levels. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, traders should stay cautious unless indices break above resistance zones.

“For day traders, 25,500 is a crucial level to watch. As long as the market trades below this level, the weak sentiment is likely to continue. On the downside, the market can slip towards 25,300–25,200 if it breaks the level of 25,370. On the upside, above 25,500, we can see an intraday bounce towards 25,600. A successful breakout of the 25,600 resistance zone can push the market towards 25,670,” he said.