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GIFT Nifty jumps 25 points, hinting at a positive start for Nifty, Sensex, and Bank Nifty today. Will the markets maintain momentum amid global optimism and key technical levels? Traders are watching closely for early signals. Read the article for full details.
Market experts advise investors to remain cautious.
New Delhi: Indian equity markets are poised for a positive opening, following encouraging global cues and a strong performance in GIFT Nifty futures. Investors are keeping a close eye on key technical levels for Nifty, Sensex, and Bank Nifty as the trading day begins.
GIFT Nifty, a key indicator of the domestic market’s opening trend, traded higher by 24.60 points, or 0.09%, at 26,001.50 on the NSE International Exchange.
This suggests a muted but positive start for Nifty 50 futures, indicating investor optimism at the onset of the trading session. Analysts suggest that such pre-market movements often reflect sentiment based on overnight global developments and corporate earnings.
Market participants are also monitoring the broader trend in international indices, which can influence domestic market openings. A positive GIFT Nifty typically hints at a gap-up start for Nifty, giving bulls an early advantage.
Asian markets rallied on Friday, benefiting from strong corporate earnings on Wall Street and indications of easing tensions between the US and China. Japan’s Nikkei 225 and South Korea’s KOSPI saw notable gains in early trade, while Chinese indices moved cautiously higher.
Early indications point to positive momentum.
Traders are advised to focus on the following levels to gauge market direction:
Nifty 50:
Resistance: 26,200 – 26,300
Support: 25,700 – 25,800
Sensex:
Resistance: 85,000 – 85,500
Support: 84,000 – 84,500
Bank Nifty:
Resistance: 58,500 – 58,800
Support: 57,500 – 57,800
These levels are crucial as a breach could trigger stronger bullish or bearish movements, especially in high-volume trading sessions.
Early indications point to positive momentum in select sectors, particularly Information Technology, Financials, and Oil & Gas. Stocks such as TCS, Shriram Finance, Axis Bank, and Reliance Industries have shown pre-market gains, reflecting investor confidence in their earnings outlook and overall market sentiment.
Analysts highlight that Bank Nifty and PSU banks are likely to attract heavy participation, given strong Q2 results and easing credit concerns. Meanwhile, IT stocks could gain traction on robust earnings and dollar-rupee stability.
Market experts advise investors to remain cautious amid mixed global cues, rising crude oil prices, and ongoing macroeconomic developments. While the opening is positive, intraday volatility is expected, and traders should rely on technical levels and sectoral strength to guide positions.
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With domestic indices showing early optimism, today’s session could witness measured gains. However, global cues, corporate results, and FII flows will remain key determinants of market direction throughout the day.
In conclusion, the combination of a positive GIFT Nifty, favorable global developments, and healthy sectoral trends is likely to provide a stable start to the Indian markets on October 24. Traders and investors are advised to monitor key levels and maintain a balanced approach as the session unfolds.
