GIFT Nifty is pointing to a cautious start, perfectly in sync with our “Call of the Day” — which suggests an up-and session and caution is likely to prevail on any excessive intraday strength for the Benchmark Nifty.
The trading shall revolve around Wall Street witnessing its worst day of the 2025 in overnight trade where Dow slipped nearly 600 points and was down for the 3rd straight day.
Sentiment at Wall Street deteriorated ahead of Nvidia’s earnings due Wednesday. So, all eyes will be on Nvidia as its earnings will be scrutinized amid anxiety over stretched AI valuations.
Bottom-line: Nifty bulls will still aim to take over the positive baton from Monday’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 🇮🇳: (-22, 26009)
Dow Futures: (+81, 46673)
Nasdaq 100 Futures (+53, 24853)
Nikkei (-1019, 49305)
Hang Seng (-212, 26172)
Dow Jones (-557, 46590)
Nasdaq Composite (-193, 22708)
Bovespa (-746, 156993).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
In Monday’s trade, US stocks opened lower, staged a brief recovery, but eventually slipped through the afternoon, kicking off a crucial week packed with economic data releases and an even more significant earnings lineup.
All eyes are now on NVIDIA, the undisputed leader of the AI revolution, as investors, traders, and speculators await its commentary and numbers from the recently concluded quarter — a key sentiment driver for tech and broader market momentum.
As on Monday’s closing bell, the Dow Jones Industrial Average was down 1.2% at 46,590, the broad-based S&P 500 had fallen 0.9% to 6,672, and the tech-heavy Nasdaq Composite was off 0.8% at 22,708.
The Next Big Catalyst: This week, all eyes will be on the FOMC Minutes from the latest meeting to trickle in this Thursday, November 20th.
The minutes will offer deeper insight into the Federal Reserve’s thinking after it lowered the federal funds rate by 25 bps at its October 2025 meeting, bringing the target range to 3.75%–4.00%.
Gold prices ($4037 per ounce) are drifting down, slightly with negative bias, amidst policymakers’ efforts to downplay the likelihood of such a move.
WTI crude oil futures ($59.65) are consolidating with negative bias, 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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