GIFT Nifty is pointing to a positive start, perfectly in sync with our “Call of the Day” — suggesting, Up Again For Benchmark Nifty.
The trading shall revolve around NDA landslide victory in Bihar, reinforcing political stability and market confidence.
Bullish Nifty traders are likely to shrug-off the fact that the street is expecting less than a 50% chance that the Fed will deliver a 25 bps rate cut next month, down from nearly 90% one month earlier.
Bottom-line: Nifty bulls will aim to take over the positive baton from Friday’s green close and we believe, the benchmark should hit its all-time-high and surpass its all-time high levels sooner rather than later.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+52, 26014)
Dow Futures: (+37, 47183)
Nasdaq 100 Futures (+160, 25169)
Nikkei (-122, 50260)
Hang Seng (-131, 26442)
Dow Jones (-310, 47147)
Nasdaq Composite (+30, 22901)
Bovespa (+576, 157739).
WHAT HAPPENED AT WALL STREET IN FRIDAY’S TRADE:
In Friday’s trade at Wall Street, all the three key U.S. benchmarks gapped down at open to extend a sell-off driven by suspicions about an AI bubble.
The positive takeaway however was that the Nasdaq Composite almost immediately bounced into positive territory, as dip-buyers took advantage of weakness in tech-related stocks. The S&P 500 and the Dow Jones Industrial Average resumed their uptrends too, though all three faded late and closed below their intraday highs.
Meanwhile, President Donald Trump had earlier signed a short-term spending bill that reopens the federal government through January 30.
Gold prices ($4085 per ounce) are consolidating, slightly with negative bias, amidst policymakers’ efforts to downplay the likelihood of such a move.
WTI crude oil futures ($59.57) are consolidating, as OPEC revised its outlook to show a supply surplus in the third quarter. The group now estimates global supply exceeded demand by about 500,000 barrels per day, reversing its prior deficit forecast.
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