IGI Logo

Below the Quote on Morning market by Hemang Gor, Senior Research Analyst - Derivatives and Technical Research, Axis Direct

Dalal Street is primed for an explosive 360-point (1.45%) gap-up, with GIFT Nifty near 24,300, mirroring a historic US post-midterm rally and a violent 9% crude crash.
On Wednesday, the Nifty 50 logged its longest winning streak in five months, rising 0.63% (149.75 pts) to 23,960.60. Midcaps (+1.55%) and smallcaps (+2.00%) surged, while IT fell 1.5%.

Overnight, a Democratic midterm sweep eased fiscal anxiety, sparking Wall Street's strongest post-election rally in 44 years. The Dow Jones rocketed 3.03% on cyclical rotation, alongside the S&P 500 +1.58% and Nasdaq +1.44%, though AI data centers slumped on regulation fears.

The power shift fuelled bets on an Iran peace deal, crashing Brent crude to $94.6/bbl and softening US yields, effectively eliminating India's imported inflation fears. Asia is mixed today: Nikkei (NKY) -0.30%, Kospi (KOSPI) -3.5%, following Wednesday's >2% government-backed jump in Hong Kong.

Technically, a sharp open invites profit-taking, but Brent below $95 supports consolidating above 24,000. The bias is positive above 23,900. Immediate support is 23,800 (a break exposes 23,600); resistance spans 24,300 to 24,500.
 

Above views are of the author and not of the website kindly read disclaimer