Market rally on Wednesday? Gift Nifty surges 300 pts on rising FII inflows, falling Brent crude prices 

The Indian stock market is likely to open in the green on Wednesday on positive global cues. Brent crude prices fell below the $90 per barrel mark for the first time since August this year. Brent crude slipped 3% to $89.65 per barrel after US President Donald Trump said he believes the war with Iran "is effectively over."

Subsequently, Asian markets closed with big gains on Tuesday.

Japan's Nikkei zoomed 3% or 1800 points to 60,576. Taiwan Weighted index also closed 2.46% higher at 42,711. South Korea's Kospi surged 4.20% to 5239.

Overnight, the US market logged huge gains. Dow Jones Industrial Average closed at 52,389.75, up 1,104.02 points or 2.15%. S&P 500 ended at 7,549.94, up 173.08 points (or 2.35%). Nasdaq Composite ended at 25,253.14, up 673.71 points (or 2.74%).

The positive global cues were reflected in the movement of Gift Nifty today. Gift Nifty surged 297 points to 25,341, indicating a positive start for the Indian stock market on Wednesday. BSE and NSE are closed on account of Diwali Balipratipada today.

Sensex and Nifty have risen over 6% in the last five sessions powered by FII inflows and fall in crude prices due to diffusing of tensions between the US and Iran. Foreign portfolio investors (FPIs) have pumped in Rs 53,739 crore in November, the highest monthly inflow since September 2024, when the institutional category bought Rs 57,724 crore worth of Indian equities.

Commenting on the outlook of Nifty, Sachin Gupta, VP – Research, Technical Research, at Choice Broking said, "A sustained move above 25,150–25,200 could open the door for further upside, while 24,850–24,900 remains the immediate support zone. The broader trading range is placed at 24,850–25,200, with the near-term bias remaining bullish as long as the index holds above its support zone."

On Monday, November 9, Sensex rose 107.25 points, or 0.13%, to close at 81,106.65 and Nifty50 gained 58.25 points, or 0.23%, to end at 25,044.65.

Vatsal Bhuva, Technical Analyst at LKP Securities calls for 'Buy-on-Dips' strategy for investors.

"After a strong rally, Nifty has been consolidating over the last two sessions; however, continued buying interest indicates underlying bullish sentiment. Hence, a buy-on-dips strategy remains advisable for index traders. Traders holding positions from lower levels can trail their stop-loss to 24,800. On the upside, 25,200 remains the immediate resistance, while 24,750–24,800 is the crucial support zone," said Bhuva.