D-Street poised for positive start as GIFT Nifty signals gains

The Indian market closed marginally lower on Sunday’s special Muhurat Trading session, snapping its seven-session winning streak that had powered the strongest weekly rally since February 2021. As markets step into Samvat 2083, analysts say the underlying market structure remains firmly supportive, underpinned by strong institutional participation, resilient corporate earnings and improving global clarity.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 55 points, or 0.22 per cent, at 25,045, signaling that Dalal Street was headed for a positive start on Monday.


Tech View: On the downside, 24,800 remains immediate support, followed by the 24,600 zone. Momentum indicators remain largely unchanged, with the RSI still in the mid-70s, a level that continues to suggest overbought conditions following the week’s sharp advance, warranting some caution against chasing further upside without a broader base-building phase.

India VIX: India VIX, which is a measure of the fear in the markets, rose 12% to settle at 17.46 levels.

Asian stocks open higher

Asian stocks opened higher following Friday’s gains in US equities, though advances were tempered by concern over an investigation involving Nvidia Corp.’s chief executive officer Jensen Huang.

• S&P 500 futures rose 0.1% as of 9:54 a.m. Tokyo time
• Hang Seng futures rose 0.6%
• Nikkei 225 futures (OSE) rose 2.3%
• Japan’s Topix rose 2.8%
• Australia’s S&P/ASX 200 fell 0.6%
• Euro Stoxx 50 futures fell 0.4%

Gold edges higher

Gold prices edged higher on Monday as softer oil prices eased inflation concerns, though gains were capped by expectations that the Federal Reserve will keep US interest rates higher for longer following robust payrolls data.

Dollar holds near multi-month highs

The US dollar traded not far from a 1-1/2-year high versus the euro and a seven-month high on the Aussie on Monday, after surging by the most in nearly six months on Friday as robust US jobs data pushed up bets for higher interest rates.

Read more: Ahead of Market: 10 things that will decide stock market action on Monday

Stocks in F&O ban today

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.

Read more: Market may deliver bumper returns by next Diwali as valuations and earnings align, says Raamdeo Agrawal

Rupee

The rupee surged 52 points to close at 93.89 (provisional) against the US dollar on Friday as a softer US dollar coupled with declining crude oil prices and easing concerns over import costs supported investor sentiments.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here