Indian markets poised for higher open as GIFT Nifty signals gap-up amid mixed global cues

Indian equities are likely to start Monday on a positive note after GIFT Nifty traded around 25,018, up about 38 points (0.15%) from the previous close, suggesting a gap-up opening for the domestic market. The move follows a special one-hour Muhurat Trading session on Sunday in which both the Sensex and Nifty slipped into the red, ending their six-session winning streak for the first time in nine years.

"After a sharp weekly advance and a subdued Muhurat trading session, the market enters the new week facing a key test of momentum, with investors likely to weigh the scope for further gains against the prospect of near-term profit-taking," said Ponmudi R, CEO of Enrich Money. He added that the immediate focus will be on whether underlying buying interest can sustain the recent advance, especially ahead of Thursday's CPI data.

In the Sunday session, the Sensex fell 29 points to 80,999 and the Nifty 50 dropped 44 points to 24,986, ending just below the 25,000 psychological level. Media and pharma sectors outperformed, while most other sectors showed a soft bias.

Technical analysis from Ponmudi indicates that the Sensex has moved above its 20-, 50-, 100- and 200-day EMAs, with resistance near 81,200-81,300 and 82,000. Support lies around 80,500-80,300, followed by 80,000-79,700. For the Nifty 50, resistance is seen at 25,150-25,200 and 25,500, with support at 24,800 and 24,600. The RSI remains in the mid-70s, suggesting overbought conditions and caution against chasing further upside.

Globally, Asian markets mostly declined on Monday, while U.S. futures were mixed. Dow Jones futures rose about 150 points, Nasdaq futures fell up to 150 points amid concerns about Nvidia CEO Jensen Huang, and S&P 500 futures traded near flat. South Korea's Kospi recovered to trade 0.22% higher above 5,000, Japan's Nikkei 225 jumped 2.05% to 58,614.33, and Taiwan's Taiex surged over 3% in early trading.