Stock market today: Gift Nifty signals a positive opening as Asian markets rise; all eyes on US-Iran talks

Indian equity benchmark indices are set to open on a positive note on Monday after Gifty Nifty futures on the NSE International Exchange traded 47 points, or 0.18 per cent higher at 24,467. This comes amid the ongoing US and Iran talks to end the impasse over Nuclear weapons and other issues.

Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities said, "The immediate resistance for Nifty is placed in the 24430-24450 zone. Any sustainable move above this zone could result in Nifty extending its up move towards 24600, followed by 24800 in the short term. On the downside, the zone of 24200–24180 zone is likely to act as an immediate support.”

Ponmudi R, CEO at CEO - Enrich Money said, "Nifty 50 is currently in a recovery phase, consolidating within the 24,100–24,400 range, reflecting improving sentiment along with a gradual pickup in momentum. Immediate resistance is placed near the 24,400 zone, and a sustained breakout above this level could extend the rally towards the 24,800–25,000 range. On the downside, immediate support is seen near the 24,000 level, followed by a stronger base around 23,800, which continues to act as a key demand zone. Momentum indicators are improving, with RSI trending higher near the 57 mark; however, confirmation of a sustained uptrend will require a decisive breakout above resistance levels."

Asian equities were trading in the green on Monday. KOSPI and Hang Seng added 81 pts and 251 pts, respectively. Nikkei zoomed 588 pts to 59,069.

On Friday, Wall Street closed higher. Dow Jones rose 868 points, or 1.79%, on Friday to end at 49,447.

The S&P 500 was up 85 pts to 7126. The Nasdaq rose 366 pts to 24,468.

Previous session 

Benchmark indices Sensex and Nifty ended higher on Friday. Sensex rose 504.86 points, or 0.65 per cent, to end at 78,493.54, while the Nifty gained 56.80 points, or 0.65 per cent, to close at 24,353.55.

Market sentiment was boosted by improved prospects for a Middle East resolution and a reversal in FII flows to net buying.

On Sensex, Hindustan Unilever (HUL) emerged as the top gainer, rising 4.75% to Rs 2241.10. Power Grid Corporation of India followed with a 1.86% gain, while Reliance Industries, Bharat Electronics (BEL), Tech Mahindra and Titan Company rose 1.61%, 1.56%, 1.41% and 1.34%, respectively.