Bulls eye strong start as GIFT Nifty signals positive opening for D-Street

Markets witnessed a volatile trading session on Thursday with both benchmark indices opening sharply higher amid positive sentiment. However, the inability to sustain at elevated levels resulted in persistent profit booking throughout the day, dragging the indices lower from their opening highs. Going forward, analysts say sustained movement above immediate resistance zones will remain crucial for confirming stronger recovery momentum, while support zones continue to hold importance for maintaining near-term stability in the market.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 64.5 points, or 0.27 per cent, at 23,654, signaling that Dalal Street was headed for a positive start on Friday.

• Tech View: The overall sentiment continues to remain weak, with the possibility of further downside in the short term. On the lower end, 23,400 is likely to act as a crucial support level; a decisive breach below this mark may trigger panic selling in the market. Conversely, the index needs to move decisively above 23,800 to witness a directional rally and improve the near-term sentiment.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 3% to settle at 17.82 levels.

US Stocks end higher
Wall Street's benchmark S&P 500 index closed slightly higher after Thursday's choppy session as oil prices finished lower and investors hoped for a Middle East peace deal even as the U.S. and Iran appeared to take directly opposing stances over Tehran's uranium stockpile and control of the Strait of Hormuz.

Asian stocks gain
Asian stocks rose for a second day and US equity-index futures edged higher as optimism over ongoing US-Iran talks buoyed sentiment.

• S&P 500 futures rose 0.2% as of 9:12 a.m. Tokyo time
• Hang Seng futures rose 0.7%
• Japan’s Topix rose 0.5%
• Australia’s S&P/ASX 200 rose 0.5%
• Euro Stoxx 50 futures were little changed

Oil climbs
Oil prices climbed on Friday as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, with the two sides still at loggerheads on Tehran's uranium stockpile and controls on the Strait of Hormuz. The market, however, remained headed for a weekly loss.

Dollar up
The dollar held near a six-week top on Friday, after a volatile overnight session on conflicting signals over a U.S.-Iran peace deal, though investors latched on to hopes of some progress.

Gold slips
Gold edged lower on Friday, on track for its second consecutive weekly loss, as higher oil prices and rising concerns around inflation and hawkish interest rates weighed on the metal.

Stocks in F&O ban today
SAIL
Kaynes

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 sold shares worth Rs 1,891 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 2,492 crore.

Rupee
The rupee rebounded 50 paise from its all-time closing low to settle at 96.36 against the US dollar on Thursday after crude oil prices retreated from elevated levels amid signs of easing geopolitical friction, alongside likely central bank intervention.

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