▼ Pre-Market Signal · 8:28 AM IST. GIFT Nifty at 23,720.5 — Nifty 50 may GAP DOWN ~455.65 pts from prev close 24,176.15
The GIFT Nifty current price of 23,720.5 relative to the Nifty 50 previous close of 24,176.15 indicates a significant downside gap. This calculation results in a projected gap-down of 455.65 points for the domestic index opening.
This projected move suggests that the Nifty 50 may struggle to sustain its previous levels as it aligns with the 23,720.5 level seen in offshore trading.
Domestic Market Snapshot
| Index | LTP | Prev Close | Change | Change% |
|---|---|---|---|---|
| GIFT Nifty | 23,720.5 | 23,715 | +5.5 | +0.02% |
| Nifty 50 | 23,815.85 | 24,176.15 | -360.3 | -1.49% |
| Bank Nifty | 54,439.9 | 55,310.55 | -870.65 | -1.57% |
| India VIX | 18.55 | 16.84 | +1.71 | +10.17% |
The India VIX surged by 10.17% to reach 18.55, indicating a sharp rise in market volatility and perceived risk. The Nifty 50 had previously dropped 360.3 points to close at 23,815.85 in the last session.
Global Cues
| Index | Price | Open | Change (vs Close) | Change% | Intraday Change |
|---|---|---|---|---|---|
| Dow Jones | 49,704.47 | 49,549.07 | +95.31 | +0.19% | +155.4 |
| S&P 500 | 7,412.84 | 7,385.31 | +13.91 | +0.19% | +27.53 |
| Nasdaq | 26,274.13 | 26,135.63 | +27.05 | +0.1% | +138.49 |
| Nikkei 225 | 62,805.44 | 62,618.72 | +387.56 | +0.62% | +186.72 |
| Hang Seng | 26,560.1 | 26,497.03 | +153.26 | +0.58% | +63.07 |
| KOSPI | 7,703.83 | 7,822.24 | -118.41 | -1.51% | -249.58 |
| Brent Crude | 105.17 | 104 | +0.96 | +0.92% | +1.17 |
| USD/INR | 95.31 | 95.3 | +0.01 | +0.01% | +0.01 |
The Dow Jones edged up by 0.19% to close at 49,704.47, while Asian sentiment appears mixed as KOSPI dropped 1.51% to 7,703.83. Brent Crude at 105.17 (+0.92%) and a steady USD/INR at 95.31 may add to the domestic cautiousness.
Key Levels to Watch
| Level | Value |
|---|---|
| PP | 23,700 |
| R1 | 23,804 |
| R2 | 23,893 |
| R3 | 23,997 |
| S1 | 23,611 |
| S2 | 23,507 |
| S3 | 23,418 |
The GIFT Nifty price of 23,720.5 is currently hovering just above the Pivot Point of 23,700. Failure to hold the S1 level of 23,611 may lead to a deeper test of the S2 support at 23,507.
Technical Outlook
GIFT Nifty displayed an intraday high of 23,789 and a low of 23,596, resulting in a range spread of 193 points. The current price of 23,720.5 sits within the lower half of the previous session’s Nifty 50 range.
The sentiment appears bearish as the domestic index faces a projected gap of 455.65 points amid a surge in the India VIX to 18.55. This setup indicates that selling pressure may persist at the open.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Readers are advised to conduct their own research before making any investment decisions.
