Early derivatives trading on the NSE International Exchange at Gujarat International Finance Tec-City indicated a positive opening for Indian benchmark indices, with GIFT Nifty futures trading eighty points higher around 22,370. The bullish trajectory pointed toward a technical relief rally for domestic equities following severe declines in banking and metal shares during previous sessions.
Market analysts attributed the overnight rebound to strong corporate earnings reports from Wall Street and selective bottom-fishing by domestic institutional investors across undervalued capital goods and pharmaceutical stocks. Asian peers in Tokyo and Seoul also traded moderately higher, providing an encouraging regional backdrop for Friday morning trade.
Technical strategists cautioned, however, that sustained upward momentum will require the Nifty 50 index to break decisively through the 22,500 resistance zone on heavy turnover. Volatility indicators remained elevated as traders evaluated corporate second-quarter earnings projections against elevated international crude benchmarks.
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Sources:
https://www.livemint.com/market/stock-market-news/stock-market-outlook-today-9-oct-sensex-nifty-prediction-djia-s-p-nasdaq-gift-nifty-nikkei-225-cues-11791506541741.html