Morning Quote on from Hemang Gor, Senior Research Analyst,Derivatives and Technical Research, Axis Direct
Below the Morning Quote from Hemang Gor, Senior Research Analyst, Derivatives and Technical Research, Axis Direct
Dalal Street is poised for a surprising Friday rebound despite a global tech rout. GIFT Nifty futures point to a 110-point gap-up near 22,820, as domestic traders discount Wall Street's overnight tech carnage and cheer the US 10-Year yield (US10Y) dropping below 5%. This follows a third straight drop Thursday, where the Nifty 50 fell 0.54% to 22,687.65, dragged by FMCG and IT amid terrible breadth (2,670 decliners to 1,323 advancers).
Overnight, Wall Street suffered as Meta Platforms sank 7% on AI-spending guidance, cratering the Nasdaq by 2.6% and S&P 500 by 1.2%, though the Dow eked out a 12-point gain. Asia tracked the tech carnage Friday; KOSPI tumbled 3% and Nikkei 225 dropped 1.9%.
For the NIFTY today, holding the gap-up and sustaining 22,800 resistance may ignite a short-covering rally to 23,000. Critical support rests at 22,500.
Above views are of the author and not of the website kindly read disclaimer
