GIFT Nifty Indicates Negative Start; Trading Levels to Watch Today
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GIFT Nifty signals a negative opening. Key support and resistance levels for Nifty traders to watch. FII/DII activity and global market updates.
Indian markets experienced volatility on Wednesday, with the Nifty closing 41 points lower. According to analysts, the current market trend appears weak. The Nifty is anticipated to find support around the 25700-25650 range. Conversely, any upward movement may encounter resistance in the 25950-26000 area. Foreign portfolio investors were net sellers of shares.
GIFT Nifty, previously known as SGX Nifty, suggests a negative start for today's trading session. At 25,863.50 on the NSE IX, the GIFT Nifty was down by 26.50 points, or 0.10 percent.
**Market Indicators:**
- Tech View:** The overall market breadth remains weak. A break below 25,700 could lead to a correction towards 25,500–25,400. The 25,950–26,000 zone is expected to act as a significant resistance area.
- India VIX:** The India VIX, a measure of market volatility, decreased by 2.2% to settle at 9.84.
**Global Market Overview:**
US stocks closed lower on Wednesday. The S&P 500 and Nasdaq both reached three-week lows, influenced by concerns surrounding artificial intelligence stocks.
- Dow: Down 0.47%
- S&P 500: Down 1.16%
- Nasdaq: Down 1.81%
Asian markets also opened lower, mirroring the US losses. Concerns about technology stocks are contributing to a risk-off sentiment in global markets, which is benefiting shorter-maturity Treasuries and precious metals.
- S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
- Hang Seng futures fell 0.6%
- Japan’s Topix fell 0.5%
- Australia’s S&P/ASX 200 fell 0.3%
- Euro Stoxx 50 futures fell 0.7%
The dollar strengthened against major currencies as markets anticipate central bank decisions from the UK, Europe, and Japan. The pound weakened following an unexpected decrease in UK inflation data, strengthening the argument for a Bank of England rate cut.
Currently, Bandhan Bank is the only stock under the F&O ban. This restriction applies when a security exceeds 95% of the market-wide position limit.
On Wednesday, foreign portfolio investors were net sellers of shares, with sales totaling Rs 1,172 crore. Domestic Institutional Investors (DIIs) were net buyers at Rs 769 crore.
The rupee recovered 55 paise from its record low, closing at 90.38 against the US dollar on Wednesday, following volatile trading and suspected central bank intervention.
