GIFT Nifty down 80 points; here's the trading setup for today's session
Why it matters: GIFT Nifty's 79-point drop signals a negative open for Dalal Street, impacting Indian equity investors today.
- GIFT Nifty signals a negative start for Dalal Street, trading lower by 79 points (0.34%) at 22,922.
- Tech View indicates a gradually positive overall structure, projecting an upward move towards 23,200-23,400, with support shifting higher to the 22,500 zone.
- US stocks (Dow up 0.36%, S&P 500 up 0.45%, Nasdaq up 0.54%) ended higher, driven by investor focus on a potential US-Iran ceasefire and President Trump's threats regarding the Strait of Hormuz.
- Asian shares opened higher, with the MSCI Asia Pacific Index climbing 0.7%, led by technology stocks like Samsung Electronics Co. (up 1.5%) after an eight-fold profit surge.
- Oil prices extended gains as President Trump heightened rhetoric against Iran, threatening action if the Strait of Hormuz is not reopened.
- Gold prices held steady, and the dollar rose, as investors remained cautious ahead of the US-imposed deadline on the Strait of Hormuz.
- Foreign portfolio investors net sold shares worth Rs 8,167 crore on Friday, while DIIs were net buyers at Rs 8,089 crore.
- The rupee gained 14 paise to close at 93.04 against the US dollar, following RBI initiatives to curb speculative fervor.
Dalal Street faces a negative open, with GIFT Nifty down 79 points, despite a gradually positive technical outlook suggesting an upward move towards 23,200-23,400. This contrasts with positive closes for US and Asian markets, which saw gains led by tech stocks and a focus on US-Iran tensions.
