Stock market on July 10: Here are 5 things to know before opening bell

The Indian equity benchmarks are set to open on a flat note on Thursday, July 10, as indicated by NIFTY futures traded at Gift City in Ahmedabad. NIFTY futures at Gift City also known as GIFT NIFTY futures rose 0.05% or 12 points to 25,542 amid mixed cues from global markets as tariff uncertainty looms.

Asian markets

Asian markets were trading on a mixed note on Thursday as market participants were waiting for clarity on tariffs. Japan's Nikkei fell 0.53%, Hong Kong's Hang Seng was trading on a flat note, China's Shanghai Composite rose 0.3% and South Korea's KOSPI advanced 1%.

US markets

US markets ended higher led by gains in chip giant Nvidia after it became the first company to cross $4 trillion in market capitalisation. Dow Jones rose 0.49%, S&P 500 index advanced 0.61% and Nasdaq advanced 0.94%.

Meanwhile, Bitcoin rose to an all-time high near $112,000 late on Wednesday, helped by an increase in risk appetite and persistent institutional demand.

US tariffs update

President Donald Trump imposed 50% tariffs on imports from Brazil on Wednesday for its treatment of its former president, Jair Bolsonaro, showing that personal grudges rather than simple economics are a driving force in the US leader’s use of tariffs, according to a report by AP.

Trump avoided his standard form letter with Brazil, specifically tying his tariffs to the trial of Bolsonaro, who is charged with trying to overturn his 2022 election loss. Trump has described Bolsonaro as a friend and hosted the former Brazilian president at his Mar-a-Lago resort when both were in power in 2020.

FII/DII activity

Foreign institutional investors (FIIs) bought shares worth ₹77 crore in cash segment on Wednesday while domestic institutional investors bought shares worth ₹921 crore.

In the derivatives segment, FIIs sold index futures worth ₹991 crore and sold options worth ₹3,287 crore.

Expiry day trade setup

Consolidation continued in NIFTY50 on Wednesday as the index closed 42 points lower. The indecisiveness came from weak global market cues and a delay in the trade deal announcement with the US. However, the index continued to hold the swing low trendline at the 25,240 level, indicating continued overall bullish momentum.

On the technical charts, the benchmark index is trading in a narrow consolidation range of 25,300 to 25,600 for seven consecutive trading sessions. Experts believe that a breakout from this range and a weekly closing above or below these levels could give a directional outlook for the index.

On the options data front, the 25,500 calls witnessed heavy and the highest open interest addition on Wednesday, indicating a strong resistance for today’s expiry. Similarly, the 25,400 puts hold the highest open interest on the downside, indicating strong support for today’s expiry.