Dalal Street set for a firm opening as GIFT Nifty trades higher

Domestic markets extended their gains on Monday, with the Nifty advancing 0.4% to close at 24,102. The rally was supported by optimism surrounding the US-Iran talks, lower crude prices, firm global cues, value buying in IT stocks and a 1% decline in India VIX, indicating easing market volatility. Analysts say Indian equities are expected to maintain a positive bias, supported by progress in the US-Iran negotiations, firm global cues, lower crude oil prices. Ongoing discussions in Switzerland have raised expectations of a formal peace framework and the reopening of the Strait of Hormuz, improving global sentiment and easing concerns around energy prices.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 35.5 points, or 0.15 per cent, at 24,135, signaling that Dalal Street was headed for a positive start on Tuesday.

• Tech View: A decisive move above this level could trigger a rally towards 24,500. On the downside, support is placed at 24,000. A breach below this level could drag the index towards 23,800. Volatility is likely to remain elevated during tomorrow's weekly expiry session, although the overall trading range may remain relatively narrow.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 1% to settle at 12.84 levels.

S&P 500, Nasdaq close lower
The S&P 500 and the Nasdaq closed down on Monday, dragged lower by declines in the megacap technology stocks including Alphabet, while investors assessed developments in U.S.-Iran negotiations.

Asian shares dip
Asian stocks opened lower as oil edged higher, with investors continuing to watch developments in US-Iran peace talks.

• S&P 500 futures fell 0.1% as of 9:08 a.m. Tokyo time
• Hang Seng futures rose 0.3%
• Japan’s Topix fell 0.3%
• Australia’s S&P/ASX 200 rose 0.3%
• Euro Stoxx 50 futures rose 0.3%

Oil gains
Oil prices rebounded on Tuesday after a sharp fall the previous session supported by tempered optimism over U.S.-Iran peace talks, while investors awaited clearer signs of progress in restoring crude flows through the Strait of Hormuz.

Gold steady
Gold prices were steady on Tuesday as investors assessed U.S.-Iran peace talks, while rising expectations of a Federal Reserve interest rate hike in December weighed on the metal.

Stocks in F&O ban today

1) 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.

Rupee
The rupee depreciated 30 paise to close at 94.63 against the US dollar on Monday, weighed down by the strength of the American currency in the overseas market.

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