GIFT Nifty futures hint at a flat opening; mixed trends across Asian markets

The Nifty is showcasing resilience amid its consolidation phase, with analysts expecting the monthly expiry of November derivatives contracts on Thursday to potentially trigger a breakout above the critical 24,350 level. Key US economic data expected later today, including Q3 GDP growth estimates, PCE inflation figures, and initial jobless claims, will also influence market sentiment.

Global Market Snapshot

GIFT Nifty: Signaling a muted start, GIFT Nifty futures traded 9 points higher at 24,313.50, hinting at a cautious open for Indian markets.

US Markets: Wall Street closed lower on Wednesday as tech stocks led the decline. The Dow, S&P 500, and Nasdaq fell by 0.31%, 0.38%, and 0.6%, respectively.

Asian Markets: Mixed trends were observed in Asia. While Australia’s S&P/ASX 200 rose by 0.5%, Japan’s Topix remained flat. S&P 500 and Hang Seng futures edged up by 0.1% each.

Currency Update: The rupee weakened by 11 paise to close at 84.40 against the dollar, amid global uncertainties and rising crude oil prices.

Technical View and Strategy

Key Levels: Nifty faces resistance at 24,500, while strong support is seen around 24,000. A breakout above 24,500 could pave the way for significant gains.

Volatility Index

India VIX dropped 4.4% to settle at 14.62, reflecting reduced market fear.

FII/DII Activity

• FPIs: Net buyers of Rs 8 crore

• DIIs: Net buyers of Rs 1,302 crore

Key Trends to Watch

• US Thanksgiving holiday may lead to subdued global trading volumes.

• The euro showed its sharpest rise in four months, while the yen gained strength on speculation of a Japanese rate hike in December.

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