Indian Markets Set for Positive Start Amid Easing Oil Concerns
GIFT Nifty signals a positive start; here’s the trading setup for the day
The Economic TimesImage: The Economic Times
Indian equities closed sharply higher, with the Nifty reclaiming the 24,200 mark, driven by optimism surrounding US-Iran negotiations. Analysts predict potential resistance at 24,300, with targets of 24,350 and 24,700 in sight. Global markets also showed strength, buoyed by easing tensions and strong corporate earnings.
- 01Nifty closed above 24,200, indicating positive market sentiment.
- 02Resistance expected in the 24,250–24,300 range, with potential upside targets of 24,350 and 24,700.
- 03India VIX fell 8.5%, reflecting reduced market fear.
- 04Foreign portfolio investors net bought shares worth ₹666 crore on Wednesday.
- 05Oil prices declined amid optimism over easing US-Iran tensions.
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Indian equities experienced a robust session on Wednesday, with the Nifty index climbing back above the 24,200 mark, bolstered by broad-based buying across sectors. The optimism stemmed from expectations of renewed negotiations between the US and Iran, which alleviated concerns about potential oil supply disruptions and contributed to a drop in crude prices. Analysts suggest that the Nifty's bias remains positive, especially if it maintains levels above the 24,250–24,300 resistance zone. A decisive break above this range could trigger a rally toward 24,750 to 24,800. The India VIX, a measure of market volatility, fell by 8.5%, indicating a decrease in market fear. Global markets mirrored this positive trend, with major U.S. indices like the S&P 500 and Nasdaq reaching record highs, supported by strong corporate earnings and easing geopolitical tensions. In the commodities market, oil prices fell as optimism regarding the US-Iran situation outweighed ongoing supply concerns, with Brent crude futures settling at $94.49 per barrel. Foreign portfolio investors showed confidence, net buying shares worth ₹666 crore on Wednesday, while domestic institutional investors also remained active.
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The positive market sentiment may lead to increased investment opportunities for retail investors, potentially boosting their portfolios. A stable Nifty index could also enhance investor confidence in the broader economy.
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