Sensex, Nifty set for a strong start as GIFT Nifty surges nearly 2%

Indian markets are acceptable for a affirmative commencement connected Monday, arsenic GIFT Nifty roseate by 468.50 points, oregon 1.96 per cent, to commercialized astatine 24,322 connected the NSE IX.

Key drivers for the day

State of planetary markets

• US Markets: Wall Street closed higher connected Friday, supported by robust economical information and optimism surrounding economical resilience.
• Asia: Asian equities traded successful the green, with Japan's Topix rising 0.9 per cent and Australia's S&P/ASX 200 up 0.6 per cent.
• Oil prices: Oil remained adjacent two-week highs arsenic geopolitical risks from Russia and Iran stoked proviso concerns.
• Dollar: The dollar eased somewhat arsenic enslaved yields softened.

Domestic cues

• Key events to watch: Indian markets whitethorn respond to the outcomes of the Maharashtra and Jharkhand elections, on with cardinal macroeconomic releases similar GDP information and infrastructure output.
• FII/DII trends: Foreign Institutional Investors (FIIs) were nett sellers connected Friday, offloading shares worthy Rs 1,278 crore, portion Domestic Institutional Investors (DIIs) bought shares worthy Rs 1,722 crore.

Technical insights

• Support and resistance: Nifty is expected to find enactment astatine 23,630–23,560 levels, with absorption seen astatine 24,400 and perchance extending towards 24,730, according to Jatin Gedia of Sharekhan.
• India VIX: The volatility scale roseate somewhat to 16.10, reflecting humble caution among traders.

Currency and FII data

The rupee strengthened by 9 paise connected Friday to adjacent astatine 84.41 against the US dollar, aided by beardown equity performance. Additionally, FII nett abbreviated positions narrowed from Rs 2.01 lakh crore to Rs 1.54 lakh crore, signalling reduced bearish sentiment.