Positive Start Expected for Indian Markets Amid Global Cues
GIFT Nifty hints at positive start; here's trading setup for the day
The Economic Times
Image: The Economic Times
Indian equities ended Thursday slightly negative, but the GIFT Nifty indicates a positive start today. Analysts suggest immediate support is between 23,450-23,100, with resistance at 24,300. A decisive move above this level could lead to further gains towards 24,700-24,800.
- 01GIFT Nifty indicates a positive start for Indian markets.
- 02Immediate support levels are between 23,450-23,100.
- 03Resistance is at 24,300; a breakthrough may lead to gains.
- 04Foreign investors net bought shares worth ₹382 crore.
- 05Brent crude oil prices fell 1.4% to around $98 per barrel.
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Indian equities closed slightly lower on Thursday, influenced by volatility from the weekly Sensex expiry. The GIFT Nifty, which indicates the Indian market's opening, traded 47 points higher at 24,218. Analysts note that immediate support is in the range of 23,450-23,100, while a decisive close above 24,300 could lead to further upward momentum towards 24,700-24,800. The India VIX, a measure of market volatility, decreased by 3.1% to settle at 18.08. On the global front, U.S. markets showed resilience with the S&P 500 and Nasdaq Composite gaining, buoyed by a ceasefire agreement between Israel and Lebanon. Foreign portfolio investors were net buyers of shares worth ₹382 crore, while domestic institutional investors sold shares worth ₹3,428 crore. The Indian rupee closed stronger, reflecting optimism over easing geopolitical tensions.
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Investors should monitor the Nifty's performance as it approaches key resistance levels, which could influence trading strategies and market sentiment.
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