GIFT Nifty Rises 34 Points: Influences from Asian Markets, Crude Oil Prices, Q3 Results, Dollar Movement, and More

Nifty, which are traded on the NSE International Exchange, showed an increase of 34 points or 0.16% compared to the previous trading session. The level reached was 21,457.

Indian Markets Poised for Higher Opening on Thursday, GIFT Nifty Signals; Positive Global Cues with US Stocks Up, Asian Stocks Rise. Dollar Approaches Six-Week High; F&O Expiry for January Series Today.

Indian Stock Indices Set for Higher Opening on Thursday with January F&O Expiry; Asian Stocks Rise on US Gains. Focus on Q3 Earnings Ahead of Extended Weekend – Pre-Market Update.

Nifty’s daily chart shows a long positive candle, suggesting a potential Bullish Piercing Line pattern after recent weakness. However, caution for shorts is advised by Nagaraj Shetti of HDFC Securities due to the persistent negative chart pattern of lower top-bottom.

Nifty forms bullish piercing line-type candle pattern on the daily chart, with a long positive candle after an initial lower opening, signaling a potential reversal and shift in sentiment, according to an analyst.

Nifty, positioned at the midpoint of Tuesday’s extended bearish candle at 21,500, exhibits a potential short-term reversal. However, uncertainty prevails at these levels, with anticipated strong resistance around 21,500-21,600. The immediate support is identified at 21,220, according to market analysis.

Nifty Bank has effectively defended the crucial support level of 44,500, witnessing fresh put writing activities following a brief downturn, as highlighted by Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Despite the recent rebound, the Nifty Bank index remains within a downtrend. A potential pullback rally towards the 45,500 level is expected. A significant development would be the index closing above 45,500, leading to further short-covering moves towards the 46,000 level, which is marked by the highest open interest on the call side,” as stated by Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

GIFT Nifty Signals Positive Start: Nifty Futures on NSE International Exchange Up 34 Points at 21,457, Indicating a Favorable Opening for the Domestic Market on Thursday.

Asian shares mostly higher on Thursday as improved investor sentiment toward China and Hong Kong continues. The Chinese central bank’s liquidity injection and support for asset prices contribute to the positive outlook. MSCI’s Asia-Pacific index rose 0.26%, with China’s Shanghai surging 1.34%, and Hong Kong’s Hang Seng jumping 0.57%. Japan’s Nikkei fell 0.29%, Australia’s ASX 200 rose 0.26%, New Zealand’s DJ declined 0.06%, and South Korea’s KOSPI was down 0.50%.

Oil prices climbed on Thursday as data revealed a larger-than-expected drop in US crude stockpiles, coupled with optimism from the Chinese central bank’s reduction in banks’ reserve ratio, bolstering hopes of additional stimulus measures and economic recovery. Brent crude for March rose 20 cents (0.3%) to $80.24 a barrel, while US West Texas Intermediate crude gained 22 cents (0.3%) to reach $75.31 a barrel as of 0128 GMT.

The dollar remained stable near a six-week high on Thursday as investors awaited key data, including GDP, to assess the future direction of US interest rates. The dollar index edged up 0.06% to 103.33. In Asia, the offshore Chinese yuan inched up 0.06% to $7.1648 per dollar.

The Japanese yen weakened by 0.16% to 147.75 per dollar. Sterling declined 0.13% to $1.2706. The euro was down 0.07% at $1.0875, ahead of the European Central Bank’s policy meeting later in the day.

On Wednesday, Wall Street shares extended their winning streak, with the S&P 500 notching its fourth consecutive record high close. Netflix’s stellar quarterly results and strong performance in chipmakers, fueled by ASML’s robust report, contributed to the gains.

The S&P 500 rose by 0.08% to reach 4,868.55 points, the Nasdaq gained 0.36% closing at 15,481.92 points, while the Dow Jones Industrial Average experienced a slight decline of 0.26%, finishing at 37,806.39 points. Notable companies set to announce Q3 results today include Adani Power, JSW Steel, SBI Life Insurance, Punjab National Bank, and others.

Stocks in F&O Ban: Zee Entertainment Enterprises (ZEEL) is the only stock under the F&O ban by the National Stock Exchange (NSE) for Thursday, January 25. Companies with derivative contracts exceeding 95% of the market-wide position limit face a ban in the F&O segment.

FPIs Sell Shares Worth Rs 6,935 Crore: According to provisional data from NSE, Foreign Portfolio Investors (FPIs) were net sellers of domestic stocks, offloading shares worth Rs 6,934.93 crore on Wednesday. On the other hand, Domestic Institutional Investors (DIIs) were net buyers, acquiring Indian equities worth Rs 6,012.67 crore.

Rupee Rises 3 Paise Against Dollar: The rupee closed 3 paise higher at 83.12 against the US dollar on Wednesday. Forex traders noted that the rupee remained range-bound, supported by positive domestic markets and a soft US dollar, while gains were limited due to rising crude oil prices and foreign fund outflows.

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