Pre Market Setup: GIFT Nifty down 20 pts; Dalal Street likely to open flat

Indian equities may see a flat to slightly negative open on Wednesday, April 30, as GIFT Nifty futures trade lower by 20 points at 24,411.50. The trend follows a marginally positive close on Tuesday, driven by gains in global markets and renewed optimism around US trade developments.

Technical setup

According to technical analysts, the Nifty is likely to remain range-bound in the near term. The index is struggling to decisively break above the 24,550 mark, which coincides with the crucial 61.8 per cent Fibonacci retracement level. On the downside, support is seen near 24,250, a breach below this level may trigger fresh selling pressure.

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India VIX rose 2.5 per cent to 17.37 on Tuesday, suggesting a slight uptick in volatility expectations among traders.

Global cues mixed; US indices gain, Asian markets cautious

Wall Street ended higher on Tuesday, buoyed by earnings optimism and easing concerns on trade. The Dow Jones closed up 0.75 per cent, the S&P 500 gained 0.58 per cent, and the Nasdaq advanced 0.55 per cent.

In Asia, Japan’s Topix and Australia’s ASX 200 rose 0.3 per cent, while Hang Seng futures remained flat. S&P 500 futures declined slightly in early Tokyo trade.

Rupee strengthens; FIIs remain buyers

The Indian rupee appreciated 27 paise to settle at Rs 84.96 against the US dollar on Tuesday, aided by falling crude oil prices and consistent foreign inflows. Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,386 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 1,369 crore.

F&O ban list: RBL Bank in focus

Only one stock, RBL Bank, is under the F&O ban today, having breached 95 per cent of the market-wide position limit.

Commodity check: Gold steady, oil dips

Gold prices held steady amid expectations of progress in global trade negotiations and upcoming US inflation data. Crude oil, however, slipped in Asian trade due to global demand concerns stemming from policy uncertainty.