Indian equities expected to open higher as GIFT Nifty signals positive start
The Indian market may begin the day on a modest gain, with GIFT Nifty near 22,750, while Asian indices rise and US futures remain range-bound after the Federal Reserve left rates unchanged.
Indian equities are projected to open slightly higher on Thursday, with the GIFT Nifty trading around 22,750 points. Analysts note that the gain could be limited unless the Nifty breaks decisively above 22,800, as the Federal Reserve’s policy stance, elevated crude prices and high US bond yields continue to curb broader risk appetite.
The previous session saw the BSE Sensex close 352 points lower at 73,246, and the NSE Nifty slip 51 points to 22,699, pressured by selling in IT stocks, Reliance Industries and rising oil prices. "Markets traded volatile on Wednesday and ended marginally lower as elevated crude oil prices, geopolitical uncertainty and caution ahead of the US Federal Reserve’s policy decision weighed on investor sentiment," said Ajit Mishra, senior vice-president of research at Religare Broking.
Technical analysis suggests the Sensex is likely to remain in a sideways range, with immediate support near 72,600-73,000 and resistance around 73,500-73,800. "Holding above 72,600-73,000 will be crucial for stabilisation, while a breakdown below this support zone could invite further selling pressure," said Sachin Gupta, VP of technical research at Choice Equity Broking.
For the Nifty 50, the index is consolidating within a 22,400-22,800 band, with key support at 22,500 and resistance at 22,800. "A decisive breakout beyond these levels will trigger the next trending move," noted Vatsal Bhuva, technical analyst at LKP Securities.
Across Asia, South Korea’s Kospi rose 1.03% to 6,074 points, Japan’s Nikkei 225 gained 0.79% to 64,460 points, while Taiwan’s Taiex slipped 0.25% to 46,919 points. In the United States, Wall Street futures were choppy; Nasdaq futures fell about 350 points after earnings reports from Alphabet and Microsoft, the Dow Jones Industrial Average rose 0.2%, and the S&P 500 advanced 0.3%.
Investors are advised to monitor key technical levels and broader macro-economic factors, including crude oil prices, US Treasury yields and the India VIX, before making trading decisions.