GIFT Nifty hints at positive start; here's trading setup for the day

Indian equities ended Thursday on a slightly negative note, amid heightened volatility driven by weekly Sensex expiry, despite supportive cues from a stronger Indian rupee and Brent crude. From a support perspective, analysts say immediate short-term support is positioned in the zone of 23,450-23,100. On the upside, a decisive close above 24,400 is likely to trigger further momentum, potentially leading the index towards the 24,700-24,800 range.

STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a positive start.

Nifty futures on the Gift Nifty traded 47 pts higher at 24,218.

Tech View: The near-term sentiment remains uncertain, as the index failed to decisively clear the 24,300 resistance level. However, if it moves above 24,300 with conviction in the next session, a sustained rally could unfold in the near term. Otherwise, a sharp bout of profit booking may emerge, potentially dragging the index towards 24,000.

India VIX: India VIX, which is a measure of the fear in the markets, fell 3.1% to settle at 18.08 levels.

Global Markets Watch
S&P 500 futures were little changed as of 9:05 a.m. Tokyo time
Hang Seng futures fell 0.5%
Japan’s Topix fell 0.6%
Australia’s S&P/ASX 200 fell 0.2%
Euro Stoxx 50 futures fell 0.2%

US Markets Rally
The benchmark S&P 500 and tech-heavy Nasdaq Composite inched higher on Thursday following record closes in the previous session, as a ceasefire between Israel and Lebanon fueled hopes that the worst of the regional conflict may be over.

However, trading on Wall Street remained volatile even after Donald Trump announced a 10-day ceasefire agreement, which could pave the way for broader peace talks. Investors also weighed a mixed set of economic data and corporate earnings.

Forex News

• The euro was little changed at $1.1778
• The Japanese yen was little changed at 159.23 per dollar
• The offshore yuan was little changed at 6.8231 per dollar
• The Australian dollar was little changed at $0.7155

Oil prices fall
Oil prices slipped in early Asian trading after Donald Trump voiced optimism about securing a lasting ceasefire with Iran before the current truce expires next week.

The global benchmark Brent crude fell 1.4% to around $98 per barrel, trimming gains from the previous session as easing geopolitical concerns weighed on prices.

Stocks in F&O ban today

SAIL
Sammaan Capital

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors net bought shares worth Rs 382 crore on Thursday. DIIs, meanwhile, were net sellers at Rs 3,428 crore.

Rupee
The rupee closed slightly stronger on Thursday on growing optimism over a potential deal to end the Iran war, which kept oil prices below $100 a barrel and lifted global equities to record highs.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)