Indian equity benchmarks Sensex and Nifty 50 are set for a higher opening on Friday, tracking gains in global markets and a strong indication from Gift Nifty. The latter, trading at 23,450.50, reflects a 90-point premium to the previous close, signaling optimism on Dalal Street.
The domestic market on Thursday faced a sharp decline with the Sensex shedding 422.59 points (0.54 percent) to close at 77,155.79, while the Nifty 50 slipped 168.60 points (0.54 percent). 72 percent) to settle at 23,349.90. Analysts noted that Nifty’s violation of the 200-day EMA at 23,500 could extend the decline towards 23,200-23,100 levels.
Technical view
The Nifty formed a downtrend on the daily chart, suggesting continued bearish momentum. Jatin Gedia of Sharekhan remarked, « The index faces resistance at 23,500, with support near 23,180. » Nagaraj Shetti of HDFC Securities highlighted the importance of short-term action, saying: “Failure to show strong weakness in future sessions could trigger a rebound.”
List of global indices and F&O bans
Wall Street closed higher on Thursday, driven by gains generated by Salesforce, while Asian markets echoed the positive sentiment on Friday morning. Meanwhile, eight stocks, including Adani Enterprises, ABFRL and GNFC, remain subject to the F&O ban due to position limits.
Rupee and FII/DII data
The rupee ended at an all-time low of 84.50 against the US dollar, pressured by surging crude oil prices and equity outflows. FIIs sold stocks worth Rs 5,321 crore on Thursday, while DIIs offset some losses by purchasing stocks worth Rs 4,200 crore.
Today’s outlook
The focus will be on PMI data releases from the US, Europe and India, as well as geopolitical developments. While Gift Nifty suggests a rebound, the indices may see a recovery in the near term, but volatility may persist.
