GIFT Nifty at 22,535 points to a lower open as Sensex and Nifty slip again
Indian equities are set to open lower on Monday, with GIFT Nifty trading around 22,535, down 72.50 points or 0.32% from the Nifty futures' previous close, after the Sensex and Nifty 50 fell in all four sessions of last week's shortened trading week.
The Nifty 50 settled at 22,600 on Friday, down 87.65 points or 0.39%, while the BSE Sensex closed at 73,123.83, a fall of 125.56 points or 0.17%. Over the week the Sensex lost 2.15% and the Nifty 2.63%, with elevated crude oil prices and geopolitical uncertainty weighing on sentiment, according to Religare Broking's Ajit Mishra.
Hariselvan Radhakrishnan, founder and chief executive of HST Wealth, said Indian equities were likely to open cautiously lower, with GIFT Nifty trading around 22,560, pointing to Friday's broad Wall Street decline and mixed Asian cues ahead of a week dominated by central-bank decisions and corporate earnings.
On the technical side, Choice Equity Broking's Sachin Gupta put immediate Sensex support at 72,300–72,500 and resistance at 73,500–73,800, describing a sideways bias with a negative undertone. Choice Broking's Hitesh Tailor said the Nifty is testing its 200-week EMA alongside a rising trendline, a confluence he called crucial to monitor.
Asian markets opened cautiously. South Korea's Kospi fell 51.25 points or 0.92% to 5,499.05 at the open as investors awaited third-quarter earnings from major semiconductor companies and the US Federal Reserve's October meeting, while Japan's Nikkei 225 recovered to trade 0.2% higher on gains in Kioxia and SoftBank. Taiwan's market was closed for Restoration Day, and US futures edged higher after a week of selling.
