MORNING EDGE-----> Will Nifty Extend Its Rally Today? Crude Oil Drops Another 6%, FIIs Continue Buying While 24,600 Remains the Next Big Test!
Indian markets are set for another positive start as crude oil continues to decline, Wall Street closed sharply higher, and FIIs remained net buyers in the cash market.
With sentiment improving globally, the key question is:
Can Nifty now sustain its momentum towards 24,500?
##Global Cues
US Markets Ended Strongly Higher
Wall Street extended its rally overnight, supported by strong corporate earnings and easing oil prices.
• Dow Jones: 54,085.88 (+1.71%)
• S&P 500: 7,736.52 (+1.79%)
• Nasdaq Composite: 26,584.99 (+2.59%)
Crude Oil Falls Another 6%
------>FII / DII Activity (04 August 2026)
Cash Market
• FII: +₹2,446.47 crore
• DII: -₹936.14 crore
FII Derivatives
• Index Futures: -₹500.07 crore
• Index Options: +₹18,345.33 crore
• Stock Futures: -₹1,169.46 crore
• Stock Options: +₹267.05 crore
The biggest takeaway is that FIIs continue to accumulate Indian equities in the cash market, while maintaining a constructive stance through index options.
##Nifty Setup
Immediate Support: 24,300
Major Resistance: 24,600
The market has regained positive momentum, but 24,600 remains the next important hurdle from both a technical and psychological perspective.
------->PCR Remains Comfortable
Unlike previous sessions, Nifty PCR is currently around 0.8, suggesting that positioning is relatively balanced.
@@Sectors in Focus
Crude Beneficiaries