GIFT Nifty futures down 70 points; markets are likely to start off on a weak note
GIFT Nifty futures signaled a weak opening for Indian equities on Friday, trading 69.50 points lower at 23,590.50. Market sentiment echoed losses in Asian peers as investors remained cautious amid rising US bond yields and expectations of stronger US jobs data.
Important technical levels to watch
The immediate support for Nifty is placed at 23,500, with resistance around 23,800. Analysts suggest that traders should monitor these levels closely to navigate the direction of the market. A breach below 23,500 may warrant a sell strategy while holding this level may lead to consolidation.
Global markets have emotional weight
Asian stocks were the best during the early trading hours. Japan’s Topix fell 0.2 percent, Australia’s S&P/ASX 200 fell 0.3 percent, while South Korea’s indices traded flat. S&P 500 futures also fell 0.3 percent, reflecting cautious investor sentiment following a selloff in US bonds.
Rupee margins are high, gold is volatile
The Indian rupee gained 5 paise to settle at 85.86 against the US dollar on Thursday, recovering slightly from its slide. Meanwhile, gold prices were flat in early Asian trading, poised for their strongest weekly gain since November.
Stocks subject to F&O restrictions today
The following stocks are subject to F&O restrictions on Friday:
- Manappuram funds
- RBL Bank
- Hindustan Copper
- LT Finance
- Bandhan Bank
These securities exceeded 95 percent of the total market capitalization.
FII/DII action
Foreign Institutional Investors (FIIs) continued to sell stocks, recording net sales worth Rs 7,170 crore on Thursday. Domestic Institutional Investors (DIIs), however, provided some support by buying shares worth Rs 7,369 crore.
What you can watch today
Investors will focus on global indexes, major domestic trends, and industry performance. Markets can remain tied to crises, with sentiment driven by technical standards and foreign capital flows.
