D-St set for a negative opening as GIFT Nifty signals weak start
Benchmark indices began the day with gains but faced selling pressure as trading continued. The indices eventually closed lower amidst increasing Brent crude oil prices over $110. Analysts suggest that Monday's high of 23,175 is a crucial resistance level to watch. Foreign portfolio investors significantly bought shares, while domestic institutional investors were net buyers as well.
Benchmark indices opened with a gap-up on Wednesday and initially extended their gains, but the momentum failed to sustain, with selling pressure emerging as the session progressed. The indices subsequently traded lower through the day, giving up their early gains and closing in negative territory amid higher crude prices as Brent crude moved above $110. On the higher side, analysts say key level to watch is Monday's high of 23,175, only a move above the same will signal pullback towards 23,300 and 23,500 levels in the coming sessions being the 50% retracement of the entire recent decline from 24,774 to 22,180.STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded lower by 38.5 points, or 0.17 per cent, at 22,690, signaling that Dalal Street was headed for a negative start on Thursday.Tech View: A cautious stance is advisable, with 22,650–22,700 acting as a crucial support zone around the 200-WMA.
