GIFT Nifty slips 30 points; markets to track global cues, oil prices

Markets are poised for a cautious start on Thursday, with GIFT Nifty trading 27 points lower at 24,518.50, indicating a muted opening for domestic equities. Weakness in global markets and rising crude oil prices are expected to influence investor sentiment.

Key levels to watch:
Nifty faces immediate support at 24,350, while resistance is likely near 24,700. A decisive move beyond this range could define the market's short-term trajectory. Falling below 24,350 may dampen sentiment, whereas crossing 24,700 could signal sustained upward momentum.

Global markets:
U.S. stocks rallied overnight, with the Dow Jones rising 0.7 per cent, the S&P 500 gaining 0.6 per cent, and the Nasdaq advancing 1.3 per cent. Positive results from tech giants like Salesforce and reassuring comments from Federal Reserve Chair Jerome Powell boosted investor optimism. In Asia, Japan’s Topix climbed 0.5 per cent, while Australia’s ASX 200 edged up 0.2 per cent. However, Hang Seng futures dipped 0.8 percent.

F&O ban:
Stocks in the F&O ban list today include RBL Bank, Granules, and Manappuram. These securities have exceeded 95 per cent of their market-wide position limits.

Crude oil and rupee:
Oil prices advanced as markets awaited the outcome of the OPEC+ meeting, with tensions in the Middle East adding to volatility. The rupee, meanwhile, weakened to an all-time low of 84.76 against the U.S. dollar, pressured by higher crude prices and a strong dollar.

FII/DII data:
On Wednesday, foreign institutional investors turned net buyers, infusing Rs 1,797 crore into equities. Domestic institutional investors, however, sold shares worth Rs 90 crore.

Market outlook:
Investors should remain vigilant, monitoring global cues and domestic developments as markets navigate uncertain terrain.