Markets in Japan, South Korea, and Australia advanced Monday morning as hopes rose for US-China trade deal after former’s Treasury Secretary said that there was a substantial progress in the talks between two countries. The Nikkei 225 and S&P ASX 200 were trading 0.19% and 0.47% higher, respectively as of 6:47 a.m.

On Friday, the Dow Jones Industrial Average and S&P 500 ended 0.29% and 0.07% down, respectively. Nasdaq Composite ended flat.

The Bloomberg dollar index was trading 0.26% higher at 100.60 as of 6:48 a.m. The brent crude was trading 0.22% higher at $64.05 a barrel as of 6:48 a.m. Gold futures were trading 2.35% down at $3,266.22 an ounce.

The GIFT Nifty was trading 2.12% or 511 points higher at 24,593 as of 6:51 a.m.

The NSE Nifty 50 formed a small green candle and continued to struggle against the key resistance zone of 24,590 as the market closed in the red on Friday amid escalating tensions between India and Pakistan.

The short-term upside seems limited as long as it remains below the resistance of 24,590, according to Hrishikesh Yedve, technical and derivatives research analyst at Asit C. Mehta Investment Interrmediates Ltd.

On the downside, Yedve found the key support for the index at around the 23,850 level.

BajaJ Broking Research said in its markets commentary that volatility is expected to remain elevated due to geopolitical developments, tariff-related concerns and the ongoing fourth-quarter earnings season.

The Nifty finds support at 24,000–23,800 levels, representing the confluence of the past three weeks’ lows and a recent breakout level, BajaJ Broking said. “Only a breach below 23,800 could pave the way for deeper correction towards the 200-day exponential moving average, placed near 23,500–23,400.”

The Bank Nifty formed a doji candle on the daily chart, showing uncertainty, while on the weekly scale, it formed a big red candle, which displayed weakness, according to Yedve.

The index is expected to find its next strong support around the 52,000 level. Conversely, the 55,000 zone is acting as a near-term resistance for the index.

Bajaj Broking found the key support to be at 53,000–53,500 levels, while the resistance was found to be in the range of 53,000–56,000.

Market Recap 

The benchmark equity index snapped its three-week gaining streak on Friday, extending its decline for the second day amid rising tensions between India and Pakistan.

The NSE Nifty 50 ended 265.8 points or 1.10% lower at 24,008, while the BSE Sensex closed 880.34 points or 1.1% down at 79,454.47 after witnessing a volatile session on Friday.

FII/DII Activity

Overseas investors turned net sellers of Indian equities on Friday after 16 straight sessions of buying amid escalating India-Pakistan tensions.

Foreign portfolio investors offloaded stocks worth Rs 3,798.7 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned net buyers after being net sellers for a day, as they mopped up equities worth Rs 7,277.7 crore, according to provisional data from the National Stock Exchange.

F&O Cues 

  • Nifty May Futures down by 0.74% to 24,092 at a discount of 86 points.

  • Nifty May futures open interest down by 1.2%.

  • Nifty Options May 15 Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 20,650.

  • Put-Call ratio at 1.06, with highest change in Call open interest at 24,000.

  • Securities in ban period: CDSL, RBL Bank, Manappuram Finance. 

Major Stocks In News

  • State Bank of India: The board approved the plan to divest a 13.19% stake of Yes Bank to Sumitomo Mitsui Banking Corporation at Rs.21.50 per equity share for a consideration of Rs.8,888 crore. The 21.5 per equity per share is a 7.5% premium to the last closing price. Reserve Bank of India’s approval is required to conclude the sale.

  • Cyient DLM: Anthony Montalbano resigned as chief executive officer. Managing Director Rajendra Velagapudi will assume responsibility as CEO.

  • IndusInd Bank: Addressing media reports, the lender stated that the audit report received on April 26 highlighted certain aspects that may require evaluation from an insider trading perspective. The bank is currently reviewing the findings and will take appropriate actions under applicable insider trading laws based on the outcome of the examination.

  • Manappuram Finance: The company has appointed Deepak Reddy as chief executive officer effective from Aug. 1, 2025.

Currency Market

The Indian rupee rose 34 paise to close at 85.38 against the US dollar on Friday.

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