Dalal Street set for a positive start as GIFT Nifty trades higher

Domestic markets staged a strong recovery on Wednesday following the previous session's profit booking, with the Nifty gaining to close at 24,021. Indian equities are expected to regain their positive momentum, supported by renewed buying interest and lower energy prices. Brent crude is at $76/bbl remaining near four-month, as vessel movement through the Strait of Hormuz is witnessing steady improvement.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 73.50 points, or 0.31 per cent, at 24,096.50, signaling that Dalal Street was headed for a positive start on Thursday.

• Tech View: On the daily timeframe, the Nifty has formed a Piercing Line candlestick pattern near the 20EMA support zone, signalling the possibility of a strong rally in the short term. On the higher end, resistance is seen at 24,500 and 24,800. On the lower end, 23,800 is likely to continue acting as a crucial support level.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 9% to settle at 13.94 levels.

US Stocks mixed
The Nasdaq and S&P 500 closed lower on Wednesday, dragged by tech stocks on nagging concerns about high-flying valuations, but falling crude prices boosted airlines and other travel stocks and the Dow finished higher.

Asian shares gain
Asian stocks rallied with US equity futures after Micron Technology Inc.’s blowout sales outlook reignited confidence in the artificial-intelligence trade.

• S&P 500 futures rose 0.6% as of 9:13 a.m. Tokyo time
• Hang Seng futures fell 0.3%
• Japan’s Topix rose 1%
• Australia’s S&P/ASX 200 fell 0.4%
• Euro Stoxx 50 futures fell 0.5%

Oil slips
Oil prices extended their decline on Thursday, edging closer to pre-war levels as stranded tankers exited the Strait of Hormuz following an initial accord to end the U.S.-Israeli war with Iran, easing supply concerns.

Dollar surges
A surging dollar has swept past chart resistance and is heading toward its sharpest monthly gain in almost a year on Thursday, as traders bet on a strong U.S. economy propping up short-term interest rates and waited on key inflation data.

Gold extend losses
Gold prices extended losses on Thursday, hovering near the more-than-seven-month low hit a day earlier, as the dollar held firm on rising expectations of Federal Reserve interest rate hikes.

Stocks in F&O ban today

1) NIL

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 appreciated by 21 paise to settle at 94.55 against the US dollar on Wednesday on the back of a steep fall in global crude oil prices. Brent crude, the global oil benchmark, was trading lower by 2.05 per cent at $75.50 per barrel in futures trade.

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