GIFT Nifty futures up 37 points; The markets are poised for a positive start
Indian markets are expecting a positive start on Friday (January 24), with GIFT Nifty futures trading 36.8 points or 0.16 per cent higher at 23,300.5, reflecting optimism on Dalal Street. Asian stocks also advanced, with only the Shanghai Composite trading lower at the close.
World markets
In overnight trading, US indices continued their historic lows after President Donald Trump called for lower prices and lower oil prices in his speech at the WEF in Davos, Switzerland. The Dow Jones ended 400 points or 0.93 percent higher, the S&P 500 gained 0.5 percent or 32 points and closed above 6,100 points- its record closing high, while the Nasdaq reversed its early losses and ended 0.22 percent higher.
A technical perspective
Rupak De, Chief Technical Analyst at LKP Securities said, “After a good start, the trading session on Thursday remained muted, the index shows limited movement. It failed to cross above the 50 EMA on the hourly chart, indicating selling pressure at the top. The bearish levels are about will continue as long as the indicator remains below 23,400, support levels are seen at 23,150 and 23,000.”
FII/DII activity
Foreign Institutional Investors (FIIs) were the biggest sellers, issuing shares worth Rs 5,463 crore on Friday. Domestic Institutional Investors (DIIs) tried to counter this with purchases worth Rs 3,713 crore.
Focused business benefits
Market participants will be looking at the Q3 earnings results of Nifty heavyweights JSW Steel and Shriram Finance today. Other companies scheduled to reveal their Q3 performance include AU Small Finance Bank, DLF, Bank of India, Godrej Consumer Products (GCPL), Interglobe Aviation, Torrent Pharma and Laurus Labs among others.
