Nifty Today: GIFT Nifty signals slow start for Dalal Street amid cautious trading

Nifty remained effectively flat on Wednesday. The weekly and monthly derivative expiry of Sensex increased the cautious stance. Analysts say that if crude oil prices remain soft and global energy supply concerns continue to subside, the gradual recovery in domestic markets may continue. However, sentiment is likely to remain guarded – mixed signals from the US-Iran talks process, coupled with fresh US military strikes in southern Iran, have revived the geopolitical risk premium, which the market had started to discount. The path ahead is narrower than last week’s anticipated rally.

state of the markets
GIFT Nifty (earlier SGX Nifty) signals slow start
GIFT Nifty on NSE IX traded 1.5 points or 0.01 per cent lower at 23,872, indicating a slow start on Dalal Street on Friday.

• Technical View: Overall, technical and derivatives data indicate mildly positive trends for the upcoming sessions. On the levels front, 23800 is likely to act as immediate support, while 24000-24100 remains a strong resistance zone. Positional support for the index is placed at 23650 levels.”
• India VIX: India VIX, a gauge of fear in markets, fell 7.1% to 14.98.

American stocks closed with gains
The S&P 500 and Nasdaq hit record highs on Thursday after news reports said the US and Iran had reached a draft agreement to extend their ceasefire for 60 days, while investors also digested key inflation data.Asian shares rise
Asian stock markets rose and oil fell after the US and Iran reached a temporary deal to extend a ceasefire.

• S&P 500 futures were little changed as of 9:01 a.m. Tokyo time
• Hang Seng futures rose 0.6%
• Japan’s Topix rose 0.5%
• Australia’s S&P/ASX 200 rose 0.8%
• Euro Stoxx 50 futures fell 0.4%

oil spills
Oil futures fell slightly on hopes of a possible agreement to extend the US-Iran ceasefire, although Vice President J.D. Vance’s comments that the countries were “close” to reaching a deal but “not there yet” kept prices lower.
the dollar fell
The dollar extended its weakness against major currencies on Friday and was on track to end the week with losses after reports the US and Iran reached a deal to extend a ceasefire in the Middle East and lift restrictions on shipping through the Strait of Hormuz.
gold rises
Gold prices rose on Friday as investors assessed reports of a US-Iran ceasefire deal amid rising concerns over inflation and US interest rate hikes.
Stocks in F&O ban today

Zero

Securities in the restriction period under the F&O segment include those companies in which the security has crossed 95% of the market-wide position limit.

Rupee
The rupee closed 12 paise higher at 95.58 against the US dollar on Wednesday as renewed tensions between the US and Iran and delay in talks kept investors cautious.

(Disclaimer: The recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times)