It’s likely to be a banner day for Nifty, Sensex and Bank Nifty. We believe Nifty should comfortably cross its all-time-high at 26277.35 mark.
The positive catalyst: Reports suggest that Kevin Hassett is the leading candidate for Fed chair –– reinforced expectations of easier policy ahead.
Well, lower U.S. interest rates typically boost the appeal of emerging markets like India, making them more attractive destinations for foreign capital.
Bottom-line: A breakout above 26,277.35 won’t just set a new record — it would officially end a 14-month consolidation and potentially trigger the next leg of Nifty’s rally.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+25, 26415)
Dow Futures: (+43, 47470)
Nasdaq 100 Futures (+42, 25269)
Nikkei (+632, 50191)
Hang Seng (+37, 25945)
Dow Jones (+315, 47427)
Nasdaq Composite (+189, 23215)
Bovespa (+2645, 158555).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
Wall Street ringed massive gains for the 4th straight day in overnight trade.
The Positive Catalyst: The street is betting that the Fed will cut rates in December.
According to CME FedWatch, futures traders are pricing in an 83% probability of a quarter-point rate cut next month, up from 50% one week ago.
Wall Street is closed on Thursday for the Thanksgiving holiday, while the stock and bond markets will close early on Friday.
Gold prices ($4165 per ounce) jumped higher to a near two weeks high on expectations for looser US policy which lowered the US dollar and cut the opportunity cost of holding bullion.
WTI crude oil futures ($58.70) are trading with negative bias and have fallen to 1-month low, as OPEC revised its outlook to show a supply surplus in the third quarter + growing optimism over a potential Ukrainian peace agreement which could ease restrictions on Russian oil, added to the downward pressure.
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