GIFT Nifty futures trade 30 points higher; markets will start on a positive note

Stock markets are set for a positive but cautious start as the GIFT Nifty (formerly SGX Nifty) shows a gain of 30 points. The index was trading at 24,128, reflecting optimism over global markets and outflows of foreign investors.

Important technical levels to watch

The Nifty 50 index faces resistance at 24,250, with another upside target near 24,500 if this level is breached. On the other hand, a break below 24,000 could pull the indicator to 23,700. Analysts viewed Friday’s pullback of more than half a percent as a temporary respite following a three-day rally.

Global market signals

• Asian markets: Mixed trade; Japan’s Topix rose 0.3 percent, Australia’s S&P/ASX 200 gained 0.4 percent, while Euro Stoxx 50 futures fell 0.9 percent.

• Wall Street: It ended higher on Friday as expectations of a Federal Reserve rate cut lifted major technology stocks.

• Dollar index: It hovers near a two-year high as traders look to the US nonfarm payrolls report for clues on the rate.

Property update

Gold prices remained firm, while crude oil showed a slower pace as markets awaited US economic data for guidance.

Action of FII and DII

Foreign portfolio investors (FPIs) continued to sell, offloading shares worth Rs 4,227 crore on Friday. However, domestic institutional investors (DIIs) provided relief by buying equities worth Rs 821 crore.

Stocks on F&O ban

Manappuram Finance and RBL Bank came under F&O ban on Monday as their market position limit crossed 95 percent.

The idea of ​​the Rupee

The rupee closed at a record low of 85.79 against the US dollar, down four paise, weighed down by strong demand for dollars and the performance of deficit equities.

The highlight of salary season

The Q3 earnings season begins with TCS on Wednesday. Any signs of improvement in IT sector performance could boost market sentiment and reverse the ongoing trend of FII outflows.

With mixed benchmarks and technical resistance levels, markets can witness range-oriented movements. Investors will closely monitor earnings and US data releases for further clarification.