Here is the dfaily market report by Angel Broking
- Positive start expected: GIFT NIFTY was trading 70 points higher, indicating a positive opening for the Indian equity markets.
- Mixed global cues: US markets closed mixed, with the NASDAQ 100 declining 1.54% amid weakness in technology stocks, while the Dow Jones ended nearly flat.
- NIFTY outlook: The report expects sideways movement in NIFTY 50, with support at 23,800–23,750 and resistance at 24,100–24,200.
- Bank NIFTY outlook: Bank NIFTY is also likely to remain range-bound, with support at 57,450–57,250 and resistance at 58,300–58,700.
- Bullish derivatives activity: Stocks witnessing fresh long build-up include Dabur, Godrej Properties and Britannia, reflecting positive market sentiment in these counters.
- Bearish derivatives activity: KPIT Technologies, Tata Elxsi and Jindal Steel saw short build-up, indicating expectations of near-term weakness.
- Trading strategy: The report suggests traders adopt a stock-specific and range-bound approach, while keeping a close watch on the key support and resistance levels.
- Market sentiment: Despite weak US technology markets, the stronger GIFT NIFTY indicates domestic equities could outperform at the opening, though volatility may persist during the session.
