D-Street poised for a positive start as GIFT Nifty trades firmly higher

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TIL Creatives

A sustained breakdown below 22,500 could accelerate selling pressure and drag the index towards the 22,300–22,200 region.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a positive start

GIFT Nifty on the NSE IX traded higher by 121.5 points, or 0.53 per cent, at 22,836, signaling that Dalal Street was headed for a positive start on Friday.

Tech View: On the upside, immediate resistance is placed at 22,800 (20-DMA zone) and 23,000, while 22,600 remains a crucial support. A cautious, level-based trading approach is advisable.

India VIX: India VIX, which is a measure of the fear in the markets, rose 0.6% to settle at 15.76 levels.

Asian shares slide

Asian stocks extended losses, tracking declines on Wall Street as investors rotated out of technology giants following a blistering rally earlier this year and sought safety in Treasuries and currencies such as the yen.

• S&P 500 futures were little changed as of 9:33 a.m. Tokyo time
• Hang Seng futures rose 0.8%
• Japan’s Topix fell 1.4%
• Australia’s S&P/ASX 200 fell 0.4%
• Euro Stoxx 50 futures were little changed

US stocks tumble

US stocks tumbled on Thursday and the Nasdaq posted its steepest daily drop since early June as a batch of high-profile earnings reports ignited fresh fears about the AI spending race.

The S&P 500 ended deep in negative territory. But the tech-laden Nasdaq, dragged down by microchips, suffered a steeper loss, falling 2.6% in the wake of a spate of high-profile AI-related earnings results.

Oil prices little changed

Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due to concern of further energy supply disruption after Houthi attacks on top exporter Saudi Arabia.

Gold prices ease

Gold prices eased on Friday and were set for their sharpest weekly decline in more than four months as surging oil prices and resilient US economic data fuelled expectations that the Federal Reserve would keep interest rates higher for longer.

Stocks in F&O ban today

1) Ambuja Cement

2) Kaynes

3) SAIL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action

Foreign portfolio investors net bought shares worth Rs 3,458 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 2,891 crore.

Rupee

The rupee slumped 44 paise to close at 94.82 against the US dollar on Thursday, weighed down by a negative trend in the domestic equity markets and surging crude oil prices.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here