3 weeks ago

Gift Nifty Signals Positive Start; Asian Markets Advance

Gift Nifty Signals Positive Start; Asian Markets Advance
Gift Nifty Signals Positive Start For Dalal Street; Asian Markets Advance Ahead Of Key US Inflation Data · news18.com

This news is about the stock market, which is a place where people buy and sell small parts of companies.

There is a special number called the Gift Nifty that gives a hint about how India's stock market might start the day.

On Monday morning, the Gift Nifty went up a little, which means Indian stocks might begin the day in a good mood.

Other stock markets in Asia were also going up.

That happened because the stock market in the United States had a very good day, helped by news that fewer people got jobs than expected.

This made investors feel the central bank, called the Federal Reserve, might not raise borrowing costs very soon.

But people are still being careful because there is a disagreement about a very important waterway called the Strait of Hormuz, used by ships carrying oil.

Iran said talks about reopening it are almost finished, but the waterway will only reopen if the United States agrees to certain conditions.

Because of that, oil prices stayed high, and that makes some investors nervous.

So overall, the day is expected to start positively, but investors are staying alert and careful.

Key facts

Gift Nifty level
24,670.5, up 29 points or 0.12% (7:42 am IST, August 10)
Previous session - Sensex
Closed at 78,499.17, down 455.59 points (0.58%)
Previous session - Nifty 50
Closed at 24,570.65, down 65.35 points (0.27%)
Oil prices
Brent crude above $84 per barrel; WTI near $79 per barrel
Key resistance levels
24,600-24,700; breakout above 24,700 may target 24,800-25,000
Key support levels
24,500, followed by 24,400-24,300
Asian markets
Nikkei 225 and Kospi each advanced more than 1% in early trade
Key event
US inflation data awaited; Strait of Hormuz negotiations monitored

Quotes

Ponmudi R

CEO of Enrich Money

“"Asian markets are trading higher in early trade, with Japan’s Nikkei 225 and South Korea’s Kospi each advancing more than 1%, providing a constructive backdrop for regional equities. Reflecting the improved sentiment, GIFT Nifty futures are pointing to a positive start for domestic markets,"”
news18.com
“"The 24,600‑24,700 zone remains the key resistance area. A decisive and sustained breakout above 24,700 would strengthen the bullish bias and potentially open the way for an upward move towards 24,800‑25,000,"”
news18.com

Sources

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