GIFT Nifty futures up 120 pts; markets likely to open in green
GIFT Nifty futures signal a positive start, up 120 points. Asian markets rise, US stocks extend gains. Investors eye Fed, BoJ rate decisions, while FIIs turn net sellers.
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09:34 AM IST
Indian shares are poised to open on a positive note on Tuesday, March 18, as reflected by GIFT Nifty futures, which are higher by 120 points at 22,727.50. This reflects upbeat momentum in consonance with the gains in world markets, especially in the US and Asia.
Global cues
US equities closed higher for the second consecutive session, with the Dow Jones rising 0.85%, the S&P 500 increasing 0.64%, and the Nasdaq increasing 0.31%. Investors looked for bargains after recent corrections, while economic data gave mixed signals on inflation and growth.
Technical outlook
Nifty 50 formed a symmetrical triangle breakout on the hourly chart, signalling short-term bullishness. Key resistance levels are placed at 22,670 and 22,880, while crucial support lies at 22,350. If the index falls below this level, some weakness may be expected.
India VIX, a measure of market volatility, edged up 1.02% to 13.42, indicating moderate caution among traders.
FII/DII activity
Foreign institutional investors (FIIs) sold equities worth Rs 4,488 crore on Monday, continuing their selling streak. However, domestic institutional investors (DIIs) remained strong buyers, purchasing shares worth Rs 6,001 crore, providing stability to the market.
Rupee outlook
The rupee appreciated by 24 paise to close at 86.81 per US dollar, supported by positive domestic equities and a weaker dollar globally.
Stocks in F&O ban today
- Manappuram Finance
- Hindustan Copper
- BSE Ltd
- IndusInd Bank
- SAIL
These stocks have breached 95 per cent of their market-wide position limits and are restricted for fresh F&O positions.
Key events to watch
Market participants will closely monitor the US Federal Reserve’s interest rate decision on Wednesday, along with monetary policy announcements from the Bank of Japan and the Bank of England later this week.
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