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.

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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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