GIFT Nifty signals cautious start; markets eye consolidation amid global cues

​Indian equities are likely to open on a muted note, tracking mixed global cues, as GIFT Nifty traded 40 points lower at 22,870 in early deals. The Nifty 50 has been consolidating in the 22,800-22,900 range for the past seven sessions, with support from domestic institutional buying. With no major triggers on the horizon, analysts expect the index to remain in this zone unless a decisive breakout occurs.

Tech check: Nifty’s crucial levels to watch

Market experts see immediate support at 22,800, while resistance is placed at 23,150. A break above this could fuel an upside rally, whereas a breach below 22,800 might lead to sharper corrections. India VIX, which measures market volatility, eased 4.8 percent to 14.68, indicating stable sentiment.

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Wall Street weighs on sentiment

US markets closed lower overnight, with the Dow Jones shedding 1.01 per cent, the S&P 500 slipping 0.43 per cent, and the Nasdaq losing 0.47 per cent. Investor mood soured after Walmart issued a cautious outlook, sparking concerns over consumer demand. Meanwhile, the US Federal Reserve’s stance on interest rates remains a key market driver.

FII-DII play: Domestic investors lend support

Foreign portfolio investors (FPIs) remained net sellers, offloading shares worth Rs 3,311 crore on Thursday. However, domestic institutional investors (DIIs) absorbed the selling pressure, buying shares worth Rs 3,908 crore, ensuring market stability.

Rupee, commodities, and Asian cues

The rupee strengthened 34 paise to settle at 86.64 against the US dollar, aided by dollar weakness. Gold prices held steady but were set for an eighth straight weekly gain as investors hedged against inflation concerns. In Asia, stocks traded mixed, with Hang Seng futures up 2 per cent, while Japan’s Topix and Australia’s S&P/ASX 200 saw minor moves.

Stocks in F&O ban

Manappuram remains under the F&O ban as its open interest has crossed 95 per cent of the market-wide position limit.

With key macro data, including US and India’s PMI numbers due later today, market participants will look for cues on growth momentum. For now, expect a choppy session with a tight trading range.