Gift Nifty signals a positive start this Wednesday morning, pointing toward a gap-up open.
And that leads us to our Call of the Day: Optimism is likely to dominate the trading session all-thru the close, inspired by Wall Street’s overnight strength.
The encouraging setup? Nifty looks poised to align with the global market uptrend, with bulls likely attempting to push the index back above the psychological 26,000 level.
Bottom-line: Nifty bulls will still aim to take over the positive baton from Wall Street’s strength and there is a bright chance Nifty bulls set their sight on 26277.35 mark.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+107, 26151)
Dow Futures: (+106, 47216)
Nasdaq 100 Futures (+36, 25055)
Nikkei (+922, 49567)
Hang Seng (+152, 26047)
Dow Jones (+664, 47112)
Nasdaq Composite (+154, 23026)
Bovespa (+633, 155910).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
Wall Street rings massive gains for the 3rd straight day driven by: Renewed hope for another Fed rate cut 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.
Interestingly, Tuesday’s gains at Wall Street came even after the benchmarks tumbled to notable losses in mid-morning trading, the blue-chip Dow Jones Industrial Average closed up 1.4% at 47,112, the broader S&P 500 added 0.9% to 6,765, and the tech-heavy Nasdaq Composite gained 0.7% to 23,025.
Gold prices ($4145 per ounce) jumped higher after dovish comments from New York Fed President John Williams and Fed Governor Christopher Waller strengthened expectations of a 25bps rate cut in December, with odds rising to around 79% as per CME FedWatch.
WTI crude oil futures ($58.09) 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. The group now estimates global supply exceeded demand by about 500,000 barrels per day, reversing its prior deficit forecast.
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