Stock Market Today
The key benchmark indices of the Indian stock market are likely to trade with a constructive bias, supported by easing crude oil prices and improving geopolitical developments. Sentiment has improved after the United States announced the reopening of the Strait of Hormuz, strengthening hopes of progress in the broader U.S.-Iran peace process.
Crude oil continues to consolidate around the $74–$76 per barrel range, which is positive for India from an inflation and current account perspective. Gold, meanwhile, remains under pressure as hawkish signals from the U.S. Federal Reserve have reduced the appeal of non-yielding assets.
However, after the sharp rally seen in recent sessions, some profit-booking at higher levels cannot be ruled out.
Gift Nifty Live Chart Signals Weak Opening
The Gift Nifty Live Chart is trading in the red during early Friday trade. Around 7:25 AM, Gift Nifty was hovering near 24,000, nearly 165 points below Thursday’s spot Nifty close, indicating a gap-down start for the Indian market.
Vaishali Parekh’s View on Nifty Today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, expects the Indian market to open on a weaker note, tracking the subdued Gift Nifty signal.
According to Parekh, Nifty continues to gain strength on the daily chart, but sustaining above the 24,000 zone will be important. If the index holds this level, it may attempt to move towards the tough resistance hurdle near 24,400. A decisive move above 24,400 would provide greater conviction and clarity for the next leg of the rally.
She added that the 50-EMA zone near 23,800 remains an important support for the index and needs to be protected. On the upside, the 200-period moving average near 23,900 remains an important reference level for the coming sessions.
Vaishali Parekh’s View on Bank Nifty Today
On Bank Nifty, Parekh said the index witnessed a strong move in the previous session, supported by a flag pattern breakout. The index is now sustaining above the important 200-period moving average near 57,000, which has improved the overall bias.
If Bank Nifty holds above this level, the index may gradually move towards 59,200 and 60,500 in the coming days.
She further added that the 100-period moving average near 56,500 will act as the near-term support. As long as Bank Nifty sustains above this zone, the overall trend may remain positive.
