GIFT Nifty up 145 points; here's the trading setup for today's session
Today, markets will react to the results of four state assembly elections, where BJP has won three states.
«With the results of state elections giving a big victory to BJP in three states, we expect markets to open with a gap up of at least 200-250 points on Monday. Further, the gains may be cemented and we won't be surprised to see Nifty closer to the 22,000 levels before the general elections in 2024,» said Manish Chowdhury, Head of Research, StoxBox.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 144.5 points, or 0.71 per cent, at 20,638, signaling that Dalal Street was headed for positive start on Monday.
- Tech View: The short-term trend of Nifty continues to be positive, and one may expect further upside in the coming week. The next upside levels to be watched are around 20510. Immediate support is at 20140, said Nagaraj Shetti of HDFC Securities
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.42% to settle at 12.38 levels.
US stocks up
US stocks rallied and the S&P registered its highest close of the year on Friday, starting December on an upbeat note as remarks from Federal Reserve Chair Jerome Powell bolstered the view that key policy rates have peaked.
- Dow up 0.82%,
- S&P rises 0.59%,
- Nasdaq gains 0.55%
Asian shares rise
Asian shares started firmer on Monday while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.
- S&P 500 futures fell 0.1% as of 9:34 a.m. Tokyo time. The S&P 500 rose 0.6%
- Nasdaq 100 futures fell 0.3%. The Nasdaq 100 rose 0.3%
- Han
