Quick Take
Here's what's moving the markets today.
The setup today is highly unusual — GIFT Nifty is pointing one way, but flows say another
The Big Picture
The market is looking for direction, as GIFT Nifty is hinting at a possible rally, but the FII flows are indicating a sell-off. The IT sector is the clear winner, with Nifty IT up 1.76%. The pharma sector is also on fire, with Nifty Pharma up 1.72%. The Bank Nifty, however, is down 0.16%. The USD/INR is trading at 95.20, down 0.23%, and the Brent Crude is at 72.13, up 0.78%. The Gold (MCX) is trading at 4,187.30, up 2.93%.
The US market is also showing mixed signals, with the S&P 500 down 0.21%, the Nasdaq down 1.45%, and the Dow Jones up 1.11%. The VIX is trading at 15.81, down 2.11%. The Big Tech stocks are mixed, with NVIDIA down 2.63%, Apple up 6.66%, Microsoft up 4.68%, Amazon up 1.82%, Alphabet up 0.71%, Meta up 3.48%, Tesla down 6.46%, Intel down 13.81%, and AMD down 10.86%.
The Crypto market is also showing mixed signals, with Bitcoin up 0.68%, Ethereum up 1.07%, Solana down 1.24%, BNB down 0.08%, XRP up 0.73%, Cardano up 7.68%, Dogecoin up 0.18%, and Avalanche up 0.14%. The Crypto Fear & Greed Index is at 23/100, indicating extreme fear.
Key Levels to Watch
| Level | Support | Resistance |
|---|---|---|
| Nifty 50 | 24,150 | 24,400 |
| BSE Sensex | 77,500 | 78,000 |
| Bank Nifty | 57,800 | 58,200 |
| Nifty IT | 27,200 | 27,600 |
| Nifty Pharma | 25,500 | 26,000 |
Top 5 Stocks/Assets for Today
- Paper Trading is a must, with Nifty IT looking strong. Buy TCS and Infosys.
- The pharma sector is on fire, with Nifty Pharma up 1.72%. Buy Sun Pharma and Dr Reddy's.
- The IT sector is expected to outperform, with Nifty IT up 1.76%. Buy HCL Tech and Wipro.
- The Crypto market is showing mixed signals, with Bitcoin up 0.68%. Buy Bitcoin and Ethereum.
- The US dollar is trading at 95.20, down 0.23%. Buy USD/INR put options.
Today's Game Plan
Bull Case:
- Nifty 50 to break 24,400.
- Nifty IT to touch 27,600.
- Bank Nifty to fall below 57,800.
Bear Case:
- Nifty 50 to fall below 24,150.
- Nifty IT to touch 27,200.
- Bank Nifty to rise above 58,200.