Quote on Morning Market from Rajesh Palviya, Head of Research, Axis Direct
Below the Quote on Morning Market from Rajesh Palviya, Head of Research, Axis Direct
The Nifty 50 ended Friday’s session 79.70 points, or 0.34%, lower at 23,398.10, with market breadth remaining weak as 37 of 50 constituents closed in the red. After Monday’s holiday for Ganesh Chaturthi, global cues remain mixed. Wall Street extended its decline overnight, with the S&P 500 falling 0.48%, the Dow 0.29% and the Nasdaq 0.56%, amid renewed concerns around the pace of frontier AI development that triggered selling in semiconductor stocks and dragged Nvidia down more than 2%. Meanwhile, the 10-year US Treasury yield briefly crossed 5%, its highest level since 2023, ahead of this week’s Federal Reserve decision.
Asian markets are trading mixed, with the Nikkei up around 0.4%, Hang Seng gaining 0.5%, while the Kospi remains largely flat. Brent crude is hovering near $107 a barrel following supply disruptions in the Middle East, adding to concerns for India as a net oil importer. GIFT Nifty around 23,530 indicates a gap-up opening of nearly 130 points over Friday’s close.
Technically, the near-term undertone is turning constructive as long as the Nifty sustains above 23,300. A decisive break below this level could drag the index towards 23,150, while on the upside, 23,550 remains the immediate hurdle, followed by 23,750. If crude prices show signs of easing, the positive opening could gain further momentum and extend the recovery beyond the initial gap-up.
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