Indian stock markets face negative opening amid weak global cues and crude oil prices

Indian stock markets are set for a negative opening on Monday as GIFT Nifty signals a muted start. Gift Nifty traded around the 22,535 level, down nearly 72.50 points or 0.32% from the previous close.

Market Performance

Indian benchmark indices extended their losing streak on Friday due to broad-based selling, high crude oil prices, and subdued global cues. The Nifty 50 settled at 22,600, falling 87.65 points or 0.39%. The BSE Sensex closed at 73,123.83, declining 125.56 points or 0.17%. Ajit Mishra from Religare Broking noted that markets saw a sharp correction during the four-day trading week, with the Sensex dropping 2.15% and Nifty falling 2.63% amid geopolitical concerns and global uncertainties.

Technical Outlook

Sachin Gupta from Choice Equity Broking states that the Sensex remains in a range of 72,300 to 73,800, with immediate support at 72,300 to 72,500. Hitesh Tailor from Choice Broking added that the Nifty weekly chart formed a bearish-bodied candlestick as the index tested the 200-Week EMA and a rising trendline. Meanwhile, Wall Street futures posted modest gains on Sunday evening, with the Dow Jones rising 150 to 200 points, S&P 500 futures trimming gains to around 50 points, and Nasdaq futures surging 0.6%.

Global Markets

Asian markets started the week cautiously as investors track upcoming US Federal Reserve decisions and third-quarter earnings. South Korea's Kospi index fell 51.25 points or 0.92% to 5,499.05 at the opening bell. Japanese equities also opened lower before the Nikkei 225 recovered to trade 0.2% higher, backed by gains in Kioxia and SoftBank. The Taiwan stock market remained closed on Monday for Taiwan Restoration Day.

Context

Stock markets often react to global triggers like US Federal Reserve policy meetings and crude oil price shifts. Technical support and resistance zones help traders track potential price boundaries during periods of high volatility.