Nifty Today: GIFT Nifty Up 90 Points; Here’s the Trading Setup for Today’s Session
State of the Markets
The Indian equity markets are in for a crucial week, with analysts expecting a mix of factors to influence trading sentiment. The global cues are quite negative, with a sharp decline in the US markets overnight.
GIFT Nifty: A Positive Start
The GIFT Nifty (Earlier SGX Nifty) has signaled a positive start for the day, trading higher by 90 points, or 0.39%, at 22,356.50, indicating that Dalal Street is headed for a positive start today.
Technically Speaking
"Key resistance level to watch: 23,250; Support levels: 22,550, 22,400"
India VIX: A Measure of Fear
The India VIX, which measures market volatility, rose 4.5% to settle at 13.91 levels, indicating that the markets are still in a state of anxiety.
US Stocks: A Choppy Session
The US markets ended higher on Friday, with Dell Technologies and other tech stocks climbing after a meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy ended in disaster. The S&P 500 Index rose 0.3%, while the Dow Jones Industrial Average gained 0.4%.
Asian Shares: Mixed Trade
Asian shares were mixed, with Australian and Japanese shares rising in early trading, while US equity index futures were steady. Hong Kong stocks may decline as investors await news of any last-minute negotiations to avoid a further increase in US trade tariffs on Chinese goods.
Gold: A Haven for Investors
Gold prices firmed on Monday, helped by a weaker US dollar and rising fears that President Trump’s tariff threats could lead to a global trade war and stoke inflation, thereby fuelling safe-haven demand for the metal.
F&O Ban: No Stocks in Ban
No stocks are currently in the ban period under the F&O segment, as the security has not exceeded 95% of the market-wide position limit.
FII/DII Activity: Selling and Buying
Foreign portfolio investors turned net sellers at Rs 11,639 crore on Friday, while domestic institutional investors bought shares worth Rs 12,308 crore.
Rupee: A Weaker Currency
The Indian rupee fell 19 paise to close at 87.37 against the US dollar, as the strength of the American currency and a negative trend in domestic equities dented investor sentiments.
Trading Setup for Today’s Session
Resistance: 23,250; Support: 22,550, 22,400
The trading setup for today’s session is dominated by the fall in the US markets, which could impact Asian markets, including the Indian market. With a GIFT Nifty up 90 points, we may see some profit-taking in the markets, but the outlook remains positive, with key levels of 23,250 and 22,400 to watch. Will the Nifty be able to conquer 23,250? The answer will depend on how markets react to the Q3 GDP data and the comments from Fed Chairman Jerome Powell. Stay tuned for more updates!
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