GIFT Nifty displays mild gains indicating the green sentiments to continue in the stock market.
GIFT Nifty continues the green graph upwards, ticking around 24,100 points with an uptrend of around 0.10% from yesterday. IT, financials, and realty sectors' strength helped to support the advancing move. Improved foreign institutional investor flows and optimism on India-US trade talks helped to positive market sentiment. This hints at a gap up when the Indian share market opens tomorrow morning.
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Most of the Asian markets ended on the higher side, driven by the Nikkei and Kospi, with positive buying interest in Indian markets. The US Fed policies and crude oil prices were followed closely by investors, impacting intraday volatility as well as hope for day's trade. Although US markets trade down by 0.40% at Dow Jones index as of now, the positive sentiment seems to head its way into Indian markets.
The GIFT Nifty futures holds above 25,000 points and gaining up by about 0.10%, showing consistent bullish pressure. IT and PSU banks remain firm, though there is seen profit booking in the auto segment. Positive buying is indicated in mid-cap and small-cap stocks showing wide market participation. Even though US markets trade in losses as of now, Indian ADRs trade displaying mixed trends.
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Pre-market futures suggest a moderately firm opening for Indian equity indices. The top resistance would be around 25,000 in the Nifty with support near 24,700. Market direction will hinge on international developments, trade talks updates, and sectoral performance leads. These support levels are going to play crucial role in the coming trading sessions when the bullish forces would try to push the markets into a positive rally.
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The strong close of GIFT Nifty indicates market optimism supported by domestic economy resilience and global forces. Traders must observe key price levels and fundamental economic events as the market looks set for a gap up opening and a green trading session when the markets open tomorrow morning.
