GIFT Nifty signals firm open for Nifty, Sensex; key levels to track on September 8

Nifty, Sensex stare at a positive start.

Dalal Street may open with some gains, kicking the week off on a positive note, on Monday, September 8, with optimism from the GST 2.0 reforms continuing to fuel buying interest. At 7.30 a.m., the GIFT Nifty index was trading at 24,910, higher by 85 points or 0.35 percent.

Analysts note that although global trade worries and higher tariffs continue to pose challenges, supportive domestic factors such as stronger macros and a streamlined GST regime are expected to keep market sentiment buoyant in the near term.

Meanwhile, against the backdrop of tariff tensions between India and the US, Prime Minister Narendra Modi responded to President Donald Trump’s “always be friends” remark by affirming that he “wholeheartedly shares the sentiment.” Modi stressed that ties between the two nations rest on a “very positive” strategic partnership at the global level.

In the previous session, foreign investors (FIIs/FPIs) net sold Rs 1,305 crore worth of Indian equities on Friday. At the same time, domestic institutional investors (DIIs) net bought shares worth Rs 1,821 crore, according to provisional exchange data.

Key levels to watch

From a technical standpoint, the index continues to lack a decisive trend, with bulls and bears alternating dominance across sessions. "Nifty has remained locked within a broad consolidation band of 24,500–25,000, and only a breakout beyond this corridor will spark a directional move with meaningful momentum," said Dhupesh Dhameja, of SAMCO Securities.

He added a decisive move above 24,900 could unleash meaningful short covering, paving the way for an extended rally, while a breakdown below 24,500 may trigger a fresh leg of bearish continuation. "Until then, range-bound action is likely to dominate, favoring a “range trading” approach with 24,400 as the floor and 24,900 as the ceiling," he said.

Also Read | Trade setup for September 8: Top 15 things to know before the opening bells

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