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The article, titled "Gift Nifty today: GIFT Nifty signals a muted start for D-Street. Here's the trading setup for today's session," provides an analysis of the Indian stock market's expected performance, focusing on the GIFT Nifty as a key indicator.
The article opens with a global market overview, highlighting various international indexes like S&P 500, Hang Seng, Topix, and Euro Stoxx 50. While some indexes show slight gains, others are flat or experiencing losses, suggesting a mixed global sentiment.
Regarding the Indian market, the article emphasizes the volatile trading witnessed on the previous day, with the Nifty index ending nearly unchanged after a session characterized by initial gains followed by profit-taking. Despite the volatility, the overall tone is positive, with analysts attributing this to rotational participation from major stocks. Experts like Ajit Mishra from Religare Broking predict a continuation of this trend, aiming for a Nifty target of 25,100, and suggest focusing on accumulating quality stocks during dips.
The focus then shifts to the Gift Nifty, a futures index that provides a pre-market indication of the Indian stock market's direction. The article reports that the Gift Nifty futures are trading 2 points lower at 24,928, signaling a flat start for the market. However, Nagaraj Shetti of HDFC Securities offers a more nuanced interpretation, suggesting that the current chart pattern points towards further consolidation or a minor dip in the next 1-2 sessions before a bounce back from the lows. He identifies 24,600 as immediate support and highlights that a decisive move above 25,100 could re-energize bullish sentiment.
The article further touches upon other relevant market indicators. The India VIX, which measures market volatility, has decreased, suggesting a decline in investor fear. The yen is approaching a 2-1/2-month high ahead of the Bank of Japan's policy decision, hinting at a potential tapering of bond buying and a possible rate hike. Furthermore, China's PMI data and Australian consumer price figures are anticipated to influence market activity.
In addition to the Nifty, the article discusses other market-related information, including a ban on certain securities under the F&O segment, foreign portfolio investors' (FPIs) net selling, and domestic institutional investors' (DIIs) buying activity. The rupee's appreciation against the US dollar is also mentioned. Finally, the article concludes by highlighting companies scheduled to release their first-quarter results on Wednesday.