Global Markets
Home›Global Markets›India›India’s Nifty 50 expected to open flat as crude and yi…
India’s Nifty 50 expected to open flat as crude and yields weigh
The Gift Nifty was around 23,490 versus the prior spot Nifty 50 close of 23,431, with 23,000 cited as the next key support level.
LiveMint Markets reports that India’s benchmark indices are expected to start Thursday largely flat, with the Gift Nifty oscillating close to the prior session as elevated crude oil prices, rising U.S. Treasury yields, and ongoing geopolitical tensions cloud the global macro outlook.
According to LiveMint Markets, the Gift Nifty live chart was trading around 23,490, about 50 points above the previous spot Nifty 50 close of 23,431. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the 50-stock index has found new support at the 23,000 zone after a breakdown at 23,800.
LiveMint Markets adds that Parekh warned the Nifty 50 has lost control for a fourth consecutive session, with sentiment staying nervous until a decisive breach above the 24,000 zone. On the Bank Nifty outlook, she said the index slipped further as HDFC Bank fell to a new low below 690, dragging Bank Nifty below the 100-period moving average around 56,500.
LiveMint Markets also notes that Parekh sees next support for Bank Nifty near 54,500, with a more crucial support around 53,000. She recommended Meesho, Torrent Power, and Max Healthcare Institute as stocks to buy today.
Latest closeWTI crude $97.01 ▲4.3%