Analysts predict that the market will turn its attention to local profits and the momentum of the holiday season, even if global signals will continue to have an impact.
Nifty, Sensex Eye Gains
Following a negative end in the previous session, the Nifty 50 and Sensex may experience a strong start on the stock exchanges on Thursday, October 9, as global markets surge on optimism fueled by artificial intelligence.
The GIFT Nifty index was trading at 25,151 at 7.50 a.m., up 60 points or 0.24 percent. The markets took a break after the recent rally, trading sideways and ending with a little down in the previous session.
In the absence of economic data during the government shutdown, investors turned to the minutes of the Federal Reserve‘s most recent policy meeting for hints about the outlook for interest rates, which helped technology shares propel U.S. stocks to a higher close on Wednesday.
AI Stocks Boost Global Markets
Thanks to the artificial intelligence-related megacaps that have driven market gains this year, the tech-heavy Nasdaq had the largest percentage increase.
The Dow finished flat, while the S&P 500 and the Nasdaq reached all-time closing highs. The S&P 500 rose 0.58 percent, the Nasdaq Composite climbed 1.12 percent, and the Dow Jones Industrial Average dipped 0.00 percent.
Asian stocks increased as Wall Street benchmarks reached all-time highs due to a fresh round of purchases in businesses associated with the AI growth.
On the home front, economists predict that while global signals will continue to have an impact, market attention will move toward local results, important macroeconomic data, and the momentum of the holiday season.
Important trading levels to monitor
After producing two successive Shooting Star candlesticks, an early indicator of weariness at higher levels, the Nifty index halted its current upward trend. The index has been having difficulty breaking through its immediate 25,200 resistance level.
The Nifty fell 62.15 points on Wednesday, closing at 25,046.15, just above the critical make-or-break zone. As of right present, the index has established a wide trading range between 25,200 and 24,900. A choppy and range-bound phase is expected to continue as long as it stays inside this band, according to Dhupesh Dhameja, SAMCO Securities‘ derivatives research analyst.
Technically speaking, he said, the Nifty is still circling the psychological 25,000 mark, with many levels of support aligning in the area. If the index does not break through the 25,200–25,250 resistance level, sellers should hold onto their positions.