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India’s Nifty 50 set for steady start as crude rises and semis slip

Gift Nifty was around 24,098, indicating a flat open after Nifty 50 closed Thursday at 24,072.8, down 0.02%.

Reported · Written up by our desk · Asia

India’s benchmark indexes are expected to open steadily on Friday, tracking weakness in global markets and investor caution amid rising crude oil prices and a selloff in semiconductor stocks, according to LiveMint Markets. LiveMint Markets said trends in Gift Nifty pointed to a flat start, with the contract trading near 24,098, about a 2 point premium versus the Nifty futures’ previous close. On Thursday, the Nifty 50 ended nearly flat, settling 5.75 points, or 0.02%, lower at 24,072.75, while the Sensex rose 1.44 points to close at 77,186.87.

LiveMint Markets cited analysts noting the indexes appear range-bound. Kotak Securities’ Shrikant Chouhan said that as long as the Sensex trades between 77,000 and 77,500, the market is likely to remain range-bound, with upside potential toward 77,800 to 78,000 if it moves above 77,500 and faster selling pressure if it falls below 77,000.

Technical and derivatives levels highlighted by LiveMint Markets pointed to the 24,000 zone as a key support area, with significant Nifty call open interest concentrated at 24,100 to 24,200 and put open interest strongest at 24,100 to 24,000. Immediate support was cited at 23,900 to 23,950, while resistance was identified at 24,250 to 24,300.

Latest closeWTI crude $79.00 ▼0.8%|Sensex 77,185.43 ▲0.2%

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