Indian stock markets are likely to witness a weak opening on Monday as GIFT Nifty, earlier known as SGX Nifty, traded sharply lower in early morning deals.
As of 6:35 AM IST on May 18, GIFT Nifty was trading at 23,559.5, down 148.5 points or 0.63%, indicating a negative start for benchmark indices Sensex and Nifty.
The index touched an intraday high of 23,769 and a low of 23,555 during early trade.
Short-term technical indicators showed bearish sentiment in the market. The 5-minute and 1-hour signals remained on “Sell”, while the broader daily trend continued to indicate a “Buy” signal.
Moving average trends also reflected weakness in the near term, with the index trading below key short-duration averages. Over the last one month, GIFT Nifty has fallen significantly from its high of 24,845.5.
The weak trend in GIFT Nifty suggests investors may remain cautious at the opening bell amid global market volatility, foreign investor activity, and macroeconomic concerns. Traders are also expected to closely track crude oil prices, US market cues, and domestic institutional flows during today’s session.
