GIFT Nifty is pointing to another drubbing and that’s in line-with our call of the day which suggests bullish investors are likely to pull back their bets in Friday’s trade amidst another steep sell-off at Wall Street in overnight trade.
The Biggest Headwind: In yesterday’s trade, FIIs turned out to be net sellers to the tune of Rupees 3263.
Technically speaking, confirmation of strength only above Nifty 25,777 levels.
Bottom-line: Sentiment still fragile, the battle for directional clarity shall continue — and Nifty remains caught in a narrow range, wavering with wild swing.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (-76, 25515)
Dow Futures: (+131, 47044)
Nasdaq 100 Futures (+107, 25237)
Nikkei (-959, 49930)
Hang Seng (-135, 26351)
Dow Jones (-399, 46912)
Nasdaq Composite (-446, 23054)
Bovespa (+44, 153339).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
Wall Street witnesses steep fall in the wake of weaker labour market data.
Meanwhile, In the US, the government shutdown shows no signs of resolution and is likely to extend into a second month, further delaying the release of key economic data.
Gold prices ($3999 per ounce) are seen stabilizing around $4,000 per ounce, remaining below October’s record high of $4,382 with investors keeping an eye on the Federal Reserve’s policy outlook
WTI crude oil futures ($59.67) traded with negative bias as, traders assessed OPEC+’s decision to pause output increases next quarter amid expectations of slowing demand and looming oversupply.
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