Gift Nifty Drops 30 Points Today’s Setup.
The Gift Nifty on the NSE IX was trading lower by 30.50 points, or 0.12 percent, at 26,323.50 points, indicating that Dalal Street was headed for a negative start on Monday. Domestic equities sustained their upward momentum for the third consecutive week, largely driven by favorable global cues. Going forward, global factors will play a pivotal role, especially in the absence of any major domestic events. Nifty is now targeting 26,500, with the potential to reach 27,000, especially if IT stocks show momentum alongside other major sectors. In the event of a dip, the 25,700 – 25,900 zone is expected to provide support. The near-term uptrend of the market remains intact, where Nifty could bounce back after consolidation in the next few sessions. Japanese shares fell on Monday as ruling party elections raised expectations of further central bank interest rate hikes. Oil prices began to rise on Tuesday as concerns over potential supply disruptions from the Middle East-producing region after Israel escalated attacks on Iranian-backed forces. Brent crude futures for November delivery increased by 16 cents, or 0.22%, to $72.14 per barrel as of 0043 GMT. This contract expires on Monday, and the more active contract for December delivery rose by 10 cents, or 0.14% to $71.64. A surging yen steadied on Monday as Japan’s incoming prime minister signaled that monetary policy should remain accommodative, while the dollar slipped against commodity currencies, underpinned by investors’ expectations of a turnaround in China’s economy. On Friday, the rupee declined by 3 paise to settle at 83.69 against the U.S. dollar, amid subdued domestic equity markets and increased month-end demand for the American currency. The net long of Foreign Institutional Investors decreased from Rs. 3.36 lakh crore on Thursday to Rs 3.61 lakh crore on Friday.
