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Asia

The sound of a global trade war may be intensifying, but investors have kicked off the week seemingly unfazed by the noise. Asian markets are giving out mixed signals focussing on cues from robust U.S. earnings and venturing further into riskier assets like stocks. Meanwhile, Asian markets are sending mixed signals. Gift Nifty suggests a positive opening for Indian markets.

US & Europe

Wall Street's major indexes ended Monday on a high note, buoyed by Nvidia and other AI-related stocks. Steelmakers also saw significant gains after U.S. President Donald Trump announced additional tariffs on steel and aluminum imports. Meanwhile, European stock markets began the week positively, seemingly unaffected by Trump's latest tariff announcement.

Commodities

Gold prices continued their record-breaking rally on Monday, surpassing the crucial $2,900 mark for the first time. This surge was fueled by safe-haven demand as U.S. President Donald Trump's new tariff threats heightened trade war and inflation fears. Meanwhile, oil prices climbed nearly 2% on Monday, despite having posted their third consecutive week of losses, as investors remained concerned about the potential for a trade war initiated by Trump.

* Events today:

* Earnings today: Tvtoday, Vodafone.

* Trump imposes 25% tariffs on steel, aluminium imports in latest trade war salvo.

* Eicher Motors reported 18% (YoY) growth in its consolidated net profit to Rs 1171 crore in Q3.

Nifty Outlook

Yesterday marked the largest decline in this selling spree that has now extended four consecutive days. Horizontal support near 23300 appears to have stepped in to pause the declines and allow regrouping of bulls. While we play for upswings today, oscillators fail to suggest a sizeable move. Towards this end, we would be mindful of upsides getting challenged at either 23480 or 23530, with a break past 23600 required for bullish confirmation. Rejection trades from 23600 will have the potential to aim for 23300 again or even 23220-23060, but a collapse is not expected, atleast today.

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