Gift Nifty hints at a cautious start as the buzz is that the overnight pessimism at Wall Street could spill over to Indian equities.
So, for today, the mantra is simple: discipline over excitement.
1) Buy selectively on dips
2) Avoid chasing strength blindly
3) Manage leverage with caution — not emotion
Long Story Short: Caution is advised as strong risk-on sentiment appears unlikely today — however, a large wave of selling also doesn’t seem probable.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (-25, 26335)
Dow Futures: (+38, 47327)
Nasdaq 100 Futures (+45, 25388)
Nikkei (+277, 49580)
Hang Seng (+155, 26189)
Dow Jones (-427, 47289)
Nasdaq Composite (-90, 23276)
Bovespa (-461, 158611).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
Wall Street kicks off December in the red.
Investors appear cautious, even as hopes for another Federal Reserve rate cut continue to build. The mood suggests traders are willing to wait for confirmation rather than chase optimism.
At the closing bell, the broad-based S&P 500 was down 0.5% at 6,812, the blue-chip Dow Jones Industrial Average had shed 0.9% to 47,289, and the tech-heavy Nasdaq Composite was off 0.4% at 23,275.
Gold prices ($4225 per ounce) jumped higher towards its 1-month high as investors continued to bet on a Federal Reserve rate cut next month.
Markets are currently pricing in an 87% probability of a 25 bps cut at the Fed’s final policy meeting of the year.
Meanwhile, gold is up nearly 60% this year and pacing toward its strongest annual performance since 1979.
WTI crude oil futures ($59.53) 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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