Pre Market Setup (May 15): GIFT Nifty futures rise 43 points; markets likely to open on a positive note

Dalal Street looks set for a positive start on Thursday as GIFT Nifty trades over 40 points higher, indicating continued bullish momentum after Wednesday’s late-hour buying spree. The Nifty 50 closed at 24,667, up 0.4 per cent, supported by easing geopolitical headwinds, strong FII inflows, and improving macro signals.

Technical experts remain bullish as the index continues to hold above the golden retracement level of the previous correction. Support is seen at 24,500, with resistance now set at 24,800 — a breakout above this could pave the way for a fresh rally. Buying on dips and profit-booking near resistance remain key strategies.

 India VIX cools further

The India VIX — a volatility indicator — dropped 5.6 per cent to 17.18, reinforcing the bullish mood. Lower VIX levels typically indicate reduced fear and increased risk appetite among investors.

 Global markets: Mixed signals

• US Markets:

• Asian Markets:

  • Japan’s Topix: -0.6%

  • Australia’s ASX 200: -0.2%

  • S&P 500 Futures: -0.2%
    Asian stocks slipped after a 5-day winning streak, reflecting caution ahead of U.S. inflation data and PPI prints.

 Crude oil dips;  gold rebounds

• Oil prices fell nearly $1 amid hopes of a US-Iran nuclear deal and surprise crude inventory build, raising oversupply fears.

• Gold edged up as bargain hunters stepped in after the metal hit a 1-month low. Focus now shifts to U.S. Producer Price Index data.

 Stocks in F&O ban today

1. CDSL

2. Manappuram Finance

3. Hindustan Copper
   These stocks have crossed 95 per cent of their market-wide position limit, placing them under the F&O ban list.

 FII & DII activity

• FIIs turned net buyers for a second straight session, pumping in Rs 932 crore on Wednesday.

• DIIs followed suit, buying stocks worth Rs 316 crore, further supporting the bullish undercurrent.

Rupee watch

The rupee ended flat at 85.36/$, trimming early gains amid rising crude and weakness in other Asian currencies. Importers increased hedging activity due to volatile energy prices.

FII futures positioning

FIIs have reduced their bearish bets — net shorts in index futures narrowed from Rs 36,500 crore to Rs 34,000 crore, signalling waning caution and a potential tactical shift to long positions.

With the Nifty steadily holding above key support zones and foreign investors making a comeback, traders should look for buy-on-dip opportunities, particularly if the index sustains above 24,700. A breakout above 24,800 could unlock targets near 25,000 in the short term.