GIFT Nifty up 25 points; here's the trading setup for today's session
“Investors placed more bullish bets on the monthly F&O expiry day, which saw benchmark indices rally for the fifth straight session led by gains in frontline banking and metal stocks. Even the fall in other Asian and European indices and US Dow Futures witnessing a sharp fall too didn't deter local investors," Prashanth Tapse, Senior Vice President (Research) at Mehta Equities said.
Notwithstanding FIIs outflows, India's strong growth prospects and hopes of a majority win for the ruling party in the upcoming elections has been drawing a lot of domestic investors to take exposure to equities, Tapse said.
Here's breaking down of 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 25 points, or 0.11 per cent, at 22,680, signaling that Dalal Street was headed for positive start on Friday.
- Tech View: Volatility increased On Thursday as traders rolled over holdings in the F&O segment from April to May series. Technically, the index has crossed a bearish gap of roughly 22,500 levels and maintained above it. Thus, the index will likely continue its upward trend and may attempt to break its all-time high of 22,776. The Nifty's short-term support levels are 22,500 and 22,300, with resistance around 22,780 and 23,000," Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta Investment Interrmediates said.
- India VIX: India VIX, which is a measure of the fear in the markets, gained 4.42% to settle at 10.73 levels.
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