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GIFT Nifty points to higher opening for Indian equities
GIFT Nifty was about 200 points above Tuesday's Nifty 50 close of 24,334, signaling a firmer start for Wednesday trading.
LiveMint Markets said Indian equities are set for a stronger start on Wednesday as the GIFT Nifty index is trading more than 200 points above Tuesday's spot Nifty 50 close of 24,334.
The report linked the improved technical setup to a more supportive global backdrop, citing easing crude oil prices and resilience in US stocks. It also noted GIFT Nifty was more than 50 points above its previous close and pointed to a bullish bias as the index is above the 50-EMA around the 24,200 zone.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 is showing an almost bullish engulfing pattern on the daily chart. She added that the index faces a resistance hurdle near 24,400, while 24,000 is the near term support to watch to keep the outlook intact.
On the Bank Nifty, Parekh said the index has been consolidating near the 200-period moving average around 57,450 and remains above the 50-EMA at about 57,200. She described 58,500 as a tougher resistance level that would need a decisive break for further conviction, with major support near the 100-period MA around 56,000.
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