Pre Market Setup: GIFT Nifty futures up 110 pts; D-Street likely to open on a positive note

Dalal Street is poised for a firm start on Monday, May 5, as GIFT Nifty jumped 114 points to 24,518 in early trade, tracking global cues and stock-specific momentum ahead of key earnings. Analysts expect the Nifty to consolidate between 23,800 and 24,550 levels, with volatility creeping in due to geopolitical overhangs and macro cues.

India VIX, the fear gauge, inched up 0.2 per cent to 18.26, indicating cautious optimism. RBL Bank continues to remain under the F&O ban, with its open interest exceeding 95 per cent of the market-wide limit.

On the global front, Wall Street wrapped up the week with gains, bolstered by solid US economic data and positive signals on trade talks. However, Asian markets traded mixed amid holidays in key economies. Oil prices slipped over $2 per barrel in early Asian trade after OPEC+ decided to ramp up output, which may keep energy-related stocks under pressure.

Back home, investors will keep an eye on quarterly numbers from M&M, Indian Hotels, Coforge, and CAMS. Meanwhile, the rupee surged past 84 to the dollar intraday last week, buoyed by foreign inflows, but closed marginally lower at 84.57.

All eyes will be on how the market reacts to results and global signals as Nifty hovers near crucial resistance. Traders are advised to stay stock-specific with strict stop-losses.

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