GIFT Nifty futures trade 70 pts higher; D-Street likely to start on a positive note
GIFT Nifty signals a positive start as global cues support market sentiment; investors eye Fed’s policy decision for further direction.
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08:11 AM IST
GIFT Nifty futures were 70 points higher in early trade on Wednesday, reflecting a positive opening for Indian equities. The index was at 22,962 at 7:00 AM, reflecting strong global cues and uninterrupted value buying at lower levels.
The Nifty had surged 1.5 per cent on Tuesday to close at 22,855, registering a broad-based recovery.
Technical setup implies more gains
Analysts indicate the index remains in a bullish position following its recovery of the 21-day exponential moving average (EMA) on the daily chart. The Relative Strength Index (RSI) is also in a bullish crossover and supports the upward direction. The nearest resistance level is at 23,150 while support lies at 22,700.
Global markets: Mixed signals ahead of Fed decision
Wall Street indices lost ground during the overnight session as investors took cautious positions ahead of the Federal Reserve's monetary policy update. The Dow Jones fell by 0.62 per cent, S&P 500 fell 1.07 per cent, and Nasdaq fell 1.71 per cent. Strength was elsewhere in the Asia region with Japan's Topix gaining 0.6 per cent and Euro Stoxx 50 futures rising 0.8 per cent.
India VIX and F&O ban list
India VIX, being the key volatility gauge, dipped 1.5 per cent to 13.21, marking decreased market anxiety. Five stocks—Manappuram, Hindustan Copper, BSE, IndusInd Bank, and SAIL—are placed in F&O ban list as they hit 95 per cent of the market-wide position limit.
FII-DII flows still stand strong
Foreign institutional investors (FIIs) turned net buyers on Tuesday, infusing Rs 694 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 2,535 crore. The net short FII position eased to Rs 1.41 lakh crore from Rs 1.71 lakh crore on Monday, reflecting reduced bearish bets.
Rupee extends gains
The rupee gained for the third straight session, rising 25 paise to settle at 86.56 against the US currency. A strong domestic market and weakening dollar supported the local currency rally.
On a favourable global backdrop and firm institutional inflows, the Indian market is poised to appreciate further in today's session.
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