Gift Nifty starts with strong trading sessions, signals 40% hit

The Gift Nifty was opened positive and got closed by major gains of 92 points, yesterday. The majority of the trending sectors ended in green with buying seen in oil and gas, pharma and auto stocks. Foreign Portfolio Investors were seen as net sellers at Rs1,322 crore while DIIs bought shares worth Rs 4754 crore.

The momentum readings like the 14-day RSI remain in decline mode while dropping sharply from overbought levels, as per technical view. It is propounded that most likely Nifty would need to cross the recent highs of 21593 to reverse the current downtrend. 

Technically, yesterday, the domestic indices experienced high gains with sensex above 229 points to close at 71,336.80, while the Nifty 50 settled 91.95 points, or 0.43 percent, higher at 21,441.35.

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Asian markets: Further, global market exchange has spotted good points with shares in Asia standing at good highs. Japan's Topix rose 0.8 percent whereas Australia's S&P/ASX 200 rose 0.7 percent. 

The US stocks indices rose, with the S&P 500 touching its highest intraday level since January 2022. The Dow Jones Industrial Average rose to 0.43 percent with S&P 500 gaining 0.42 percent.

Meanwhile, US dollar remained under pressure at 101.54, with five months low of 101.42. The rupee as per current status slipped 3 paise to settle at 83.19 against the US dollar.

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Oil prices fell in early Asian trades whereas Brent crude futures fell 18 cents, or 0.22 percent, to $80.89 a barrel . The US WTI crude futures were down 22 cents, or 0.29 percent, at $75.35 a barrel.

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