Stock Market Today: Gift Nifty Signals Cautious Start as US-Iran Tensions Weigh; 7 Stocks to Buy on July 9

Gift Nifty traded in the green ahead of** Thursday's session**, pointing to a positive start for the Indian stock market following Wednesday's sharp selloff. However, investor sentiment remains cautious amid escalating US-Iran tensions, elevated crude oil prices, and** lingering global economic** uncertainties.

Gift Nifty Indicates Positive Opening for Indian Stock Market

The Indian stock market is expected to open on a cautiously positive note on Thursday, July 9, with Gift Nifty trading at a premium, indicating a potential recovery after the previous session's steep decline.

At around 8:16 AM, Gift Nifty was trading near 23,976.5, nearly 64 points above the previous Nifty futures close, suggesting that short-covering could help benchmark indices recover part of Wednesday's losses.

However, investors are likely to remain cautious amid escalating geopolitical tensions in the Middle East, rising crude oil prices, and uncertainty over global interest rate expectations.

Why Did the Market Fall on Wednesday?

Indian equity markets witnessed heavy selling pressure in the previous session after fresh military action between the United States and Iran intensified concerns over global energy supplies.

The benchmark indices ended sharply lower:

Index	Closing Level	Change
Sensex	76,503.60	-1,677.12 (-2.15%)
Nifty 50	23,882.05	-516.65 (-2.12%)

The selloff was broad-based as higher crude oil prices and geopolitical uncertainty triggered risk-off sentiment across sectors.

Global Cues Remain Mixed

Asian markets traded in positive territory on Thursday morning, while Wall Street ended mixed overnight as investors assessed the latest developments surrounding the Middle East conflict.

Meanwhile, minutes from the US Federal Reserve's June meeting suggested that some policymakers remain concerned about inflation risks, with a few members even discussing the possibility of future interest rate hikes if inflationary pressures persist.

These developments continue to keep global investors on edge.

Crude Oil Prices Stay Elevated

Oil prices extended gains after fresh US strikes on Iran increased fears of supply disruptions through the Strait of Hormuz, one of the world's most critical energy shipping routes.

Latest crude prices:

Commodity	Price
Brent Crude	$78.82 per barrel
WTI Crude	$74.24 per barrel

Higher crude prices remain a key concern for India, as they can increase inflationary pressures, widen the trade deficit, and impact corporate earnings across several sectors.

Rupee Under Pressure

The Indian Rupee has weakened to nearly a one-month low against the US Dollar, reflecting higher crude oil prices and increased global risk aversion.

A weaker rupee may also increase import costs while adding pressure on sectors dependent on imported raw materials.

Nifty 50 Technical Outlook

According to market analysts, the Nifty 50 has slipped below the crucial 24,000–24,150 support zone, weakening its short-term technical structure.

Key Levels to Watch

Support	Resistance
23,650 – 23,800	24,150 – 24,300

Any recovery is expected to face selling pressure near the resistance zone, while sustained weakness below support could trigger further downside.

Bank Nifty Outlook

The Bank Nifty continues to trade with a weak bias after breaking important support levels.

Level	Importance
57,200	Immediate recovery trigger
57,600	Strong breakout level
56,600–56,500	Immediate support
56,100–56,000	Next downside target

A move above 57,600 could improve sentiment, while a fall below 56,500 may accelerate selling pressure.

Stocks to Watch Today

Several stocks are expected to remain in focus during Thursday's trading session.

• ONGC
• GAIL India
• MCX
• Nykaa
• Jammu & Kashmir Bank
• Ather Energy
• Anant Raj

These stocks are likely to attract attention based on technical setups and sector-specific developments.

Market Outlook

Despite Gift Nifty indicating a positive opening, market volatility is expected to remain elevated. Investors will continue to monitor geopolitical developments, crude oil prices, global bond yields, and currency movements for further direction.

A rebound driven by short-covering is possible, but sustained upside may require easing geopolitical tensions and stability in commodity prices.

Why is Gift Nifty indicating a positive opening?

Gift Nifty is trading around 64 points higher than the previous Nifty futures close, suggesting a positive start driven by potential short-covering.

Why did Sensex and Nifty fall sharply?

Markets declined after escalating US-Iran tensions pushed crude oil prices higher and increased global risk aversion.

Why are crude oil prices important for Indian markets?

Higher crude prices can increase inflation, weaken the rupee, raise import costs, and negatively impact corporate earnings across multiple sectors.

What are the key Nifty support levels?

The immediate support zone lies between 23,650 and 23,800, while resistance is placed near 24,150–24,300.

Which stocks are in focus today?

ONGC, GAIL India, MCX, Nykaa, Jammu & Kashmir Bank, Ather Energy, and Anant Raj are among the key stocks to watch.