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

Gift Nifty Today, August 10: Indian benchmark indices are set for a positive opening on Monday, with the Gift Nifty indicating a firm start to the trading session. At 7:42 am IST, the Gift Nifty was trading at 24,670.5, up 29 points or 0.12%, suggesting the NSE Nifty could open higher after ending the previous session in the red.

The positive indication comes as Asian markets traded higher, taking cues from Wall Street’s record close after softer-than-expected US jobs data eased concerns over an imminent Federal Reserve rate hike. Japan’s Nikkei and South Korea’s Kospi gained in early trade, while broader Asian equities also edged higher.

However, sentiment remained guarded as investors continued to monitor developments in the Middle East. Iran

said negotiations with Oman on reopening the Strait of Hormuz were in their final stages, but reiterated that the waterway would only reopen once the United States met certain conditions. The uncertainty kept oil prices elevated, with Brent crude trading above $84 a barrel and WTI crude near $79 a barrel.

Ponmudi R, CEO of Enrich Money, said Indian markets are likely to open on a steady note, supported by positive regional cues, although investors are expected to remain selective amid geopolitical uncertainties and global macroeconomic developments. “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,” he said.

He added that despite the encouraging opening, investor attention remains focused on the evolving Middle East situation, particularly negotiations over the Strait of Hormuz. “Until a formal agreement is reached, geopolitical uncertainty is likely to keep investors cautious and limit aggressive risk-taking,” he said, adding that stable crude oil prices would remain crucial for India’s inflation outlook, the rupee and corporate earnings.

On the technical front, Ponmudi R said the NSE Nifty continues to maintain a constructive structure despite moderating momentum. “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,” he said. On the downside, he identified 24,500 as the immediate support, followed by the 24,400-24,300 zone, noting that holding above these levels would be critical to sustaining the market’s recovery.

In the previous session on Friday, the BSE Sensex fell 455.59 points, or 0.58%, to close at 78,499.17, while the NSE Nifty 50 declined 65.35 points, or 0.27%, to settle at 24,570.65 amid profit-booking in private banks and financial stocks.