GIFT Nifty futures down 50 pts; markets likely to open with mild weakness

Indian markets may see a soft opening on Thursday, April 24, as GIFT Nifty futures trade 50.50 points lower at 24,261, hinting at a pause in the seven-day winning streak on Dalal Street. While sentiment remains broadly optimistic amid sustained foreign fund inflows, mixed global cues and rising volatility may keep traders on edge.

Supportive structure intact; key levels to watch

The Nifty closed at a fresh 4-month high in the previous session, bolstered by relentless FII buying and positive global sentiment. Technically, immediate support for Nifty lies around 24,150-24,100, while stronger support is placed between 24,000-23,900 near its 200-day simple moving average and the recent breakout zone. On the upside, 24,550 remains a key resistance, representing the 61.8% Fibonacci retracement from the all-time high.

Volatility spikes as India VIX rises nearly 5%

India VIX surged 4.8 per cent to 15.96 levels, indicating a rise in market nervousness despite the recent rally. Analysts expect some consolidation at higher levels, especially with US-China tariff developments still unclear.

Wall Street ends strong, but Asia struggles for direction

US indices closed with solid gains on Wednesday, with the Nasdaq rising 2.5 per cent, S&P 500 up 1.67 per cent, and the Dow climbing 1.07 per cent. However, Asian markets opened in a tight range today. Hang Seng futures dropped 0.5 per cent, while Japan’s Topix and Australia’s ASX 200 rose modestly.

Gold, oil up; dollar softens

Gold rebounded after dipping to a one-week low, supported by safe-haven buying. Crude oil edged higher following a sharp fall yesterday, as traders weighed OPEC+ output scenarios. The dollar index eased after US President Trump softened his tone on Fed autonomy and China tariffs.

Rupee under pressure; FII shorts ease

The rupee slipped 0.23 per cent to 85.37 against the dollar amid a spike in the greenback index to near 99.60. However, FII sentiment improved, with net short positions reducing from Rs 78,335 crore to Rs 70,771 crore. FPIs bought Rs 3,333 crore worth of equities on Wednesday, while DIIs sold shares worth Rs 1,234 crore.

F&O ban list: RBL Bank

RBL Bank remains under the F&O ban for today, having crossed 95 per cent of the market-wide position limit.

Market Outlook 

With global cues turning mixed and volatility inching up, traders are advised to remain stock-specific and avoid aggressive long positions near resistance levels.