Indian markets can see a soft opening on Thursday, April 24, since Gift Nifty Futures exchanges 50.50 points lower than 24,261, hinting at a pause on the seven -day winning streak in Dalal Street. While the feeling remains widely optimistic in the midst of inputs of sustained foreign funds, mixed global signals and growing volatility can keep merchants to the limit.
Intact support structure; Key levels to see
The Nifty closed in a new maximum of 4 months in the previous session, reinforced by a implacable purchase of FII and a positive global feeling. Technically, the immediate support for NIFTY is around 24,150-24,100, while the strongest support is placed between 24000-23,900 near its 200-day simple mobile average and the recent rupture area. On the positive side, 24,550 remains a key resistance, which represents the fibonacci setback of 61.8% from the maximum of all time.
Volatility peaks as India Vix increases almost 5%
India Vix increased 4.8 percent to 15.96 levels, indicating an increase in market nervousness despite the recent rally. Analysts expect some consolidation at higher levels, especially with US-China rates developments, still an uncle.
Wall Street ends strong, Butia struggles for address
The US indices closed with solid profits on Wednesday, with the Nasdaq increasing 2.5 percent, S&P 500 rose 1.67 percent and the Dow that rises 1.07 percent. However, Asian markets opened in a narrow range today. Hang Seng Futures fell 0.5 percent, while Japan Topix and Australia ASX 200 increased modestly.
Gold, up oil; DOLLAR SOFTTENS
Gold recovered after immersing a minimum of one week, backed by safe purchases. Crude oil yesterday exceeded a strong fall, since merchants weighed OPEC+ exit scenarios. The dollar index decreased after the president of the United States, Trump, softened his tone in the autonomy of Fed and China’s rates.
Rupee under pressure; FII shorts easy
The rupee fell 0.23 percent to 85.37 against the dollar in the middle of a peak in the Greenback index to about 99.60. However, the fii feeling improved, with short net positions that are reduced from RS 78,335 million rupees to RS 70.771 million rupees. FPIS bought rupees of 3,333 million rupees in shares on Wednesday, while DIIS sold shares worth 1,234 million rupees.
F&P prohibition list: RBL Bank
RBL Bank remains under the prohibition of F&O for today, after crossed 95 percent of the position limit throughout the market.
Market outlook
With the global signals that rotate mixed and volatility progressing, merchants are advised to remain specific for stock and avoid aggressive long positions near resistance levels.
