Gift Nifty down 55 points
India’s stock market benchmark indices, Sensex and Nifty 50 are likely to open lower on Thursday as global market losses may reflect. The trends on Gift Nifty also indicate a negative signal for the Indians. Gift Nifty was trading around the 25,002 level, a discount of nearly 55 points from the previous close to Nifty futures. A stable upside breakout from here could open a target of 25,360 levels in the near term, according to the Fibonacci extension. Immediate support is around the 24,800 -24,750 levels. U.S. stocks fell on Wednesday ahead of Nvidia’s report, which could be the centerpiece event of Wall Street this week and could either undermine or further fuel a rally driven by optimism around artificial intelligence. The current market is characterized by high trading volumes, so investors are advised to exercise caution, especially when planning to hold an investment for less than 8 months. In today’s session, Nifty may find support levels between 24,920, 25,040, or 24,870, while resistance could be observed around 24,180 and 25,230. On Wednesday the bank Nifty index ended 134.90 points or 0.26% lower at 51,143.85, forming a small bearish candlestick pattern on the daily charts. Bank Nifty continued to experience selling pressure around its resistance level of 51,300 and once again failed to breach it. Bank Nifty is stuck in a narrow range of 50,900 – 51,300 and breaking out of this range will further clarify the direction of the index from a short-term perspective. On Wednesday, the rupee depreciated by 4 paise to close at 83.97 against the American currency, amidst strong dollar demand from importers, particularly oil companies. The net long of FIIs increased from Rs 86,286 crore on Tuesday to Rs 1.34 lakh crore on Thursday.
