Indian indices poised for positive open as GIFT Nifty climbs, global markets mixed

Indian equity markets are expected to open higher on Wednesday, with the GIFT Nifty trading near 25,319, up roughly 275 points from the previous Nifty futures close. The rise points to a positive start for the BSE Sensex and NSE Nifty 50.

On Monday, the Sensex closed at 81,106.65, gaining 107.25 points (0.13%), and the Nifty 50 ended at 25,044.65, up 58.25 points (0.23%). Analysts noted that the Nifty held above the 25,000 level and formed a candle with a long lower shadow, indicating buying interest at lower prices. The daily RSI was reported at 77.88.

"Indian equity markets ended on a positive note, with Nifty opening nearly 90 points higher at 25,076.40 and trading within a narrow range throughout the session," said Sachin Gupta, VP-Technical Research at Choice Broking Private Limited.

Gupta added that the Sensex maintained support in the 80,600-80,700 range, with resistance near 81,700-81,800, and that the index stayed above key moving averages despite an RSI of 79.67, suggesting an overbought condition.

Vatsal Bhuva, technical analyst at LKP Securities, observed that after a recent rally, the Nifty has been consolidating but continues to attract buying on dips. He recommended a buy-on-dip approach, noting support around 24,750-24,800 and resistance near 25,200.

In the United States, major indices posted declines on Tuesday, with the Dow Jones Industrial Average down about 160 points, the Nasdaq falling 0.7%, and the S&P 500 closing 0.4% lower after earlier profit taking.

South Korea's Kospi slipped 0.49%, while Japan's Nikkei 225 rose 0.28% and the Topix advanced 0.65%. Taiwan's Taiex opened higher, gaining up to 1% to reach 43,150.41.

Investors are advised to monitor global cues, including Asian equity movements and crude-oil price trends, as they influence domestic market sentiment.