Mumbai – Indian equities are set to open slightly higher on Thursday, with the Gift Nifty at 25,110 (+30 points) indicating a positive start. This comes after five straight sessions of gains, fueled by optimism over the Centre’s plans to rationalise GST.
On Wednesday, foreign investors (FIIs/FPIs) sold equities worth ₹1,100 crore, while domestic institutional investors (DIIs) supported the market with ₹1,806 crore in net purchases.
Nifty Outlook
- Sustaining above 25,000 has reinforced bullish momentum.
- A push beyond 25,100–25,200 could trigger short-covering and extend gains toward 25,250.
- Immediate support lies near 24,800–24,770, where buying interest is expected.
- Strategy: Buy on dips remains the preferred approach unless 24,770 is breached.
Bank Nifty Levels
- Resistance: 55,800–56,000 zone; breakout could spark strong upside.
- Support: 55,500, with firm put-writing at near strikes.
- A fall below 55,450 may drag the index toward 55,000.
- Likely scenario: Sideways trade until a decisive breakout above 56,000 or breakdown below 55,450.
Market Sentiment
- India VIX closed flat at 11.78, reflecting muted volatility.
- Put-Call Ratio (PCR) improved to 1.34 from 1.11, indicating strong put-writing support and a bullish undertone.
Analysts say the near-term setup favors the bulls, with traders eyeing a breakout above 25,200 on Nifty as the next trigger for upside momentum.
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