GIFT Nifty indicates tepid start for markets despite positive global cues; check key levels

Experts suggest 24,450 would be the immediate breakout level for the bulls.

Frontline indices Nifty 50 and Sensex may see muted start on Wednesday, April 30, as bulls take a pause after rallying nearly 10 percent from monthly lows. However, after recording a sharp jump, the markets have been range-bound over the past five sessions.

At 7.45 am, GIFT Nifty futures were around 75 points lower, implying a start in the red for the benchmarks amid a quiet market sentiment.

Overnight, Wall Street stocks advanced while crude and gold prices slid as investors juggled corporate earnings, signs of progress in U.S. President Donald Trump's tariff negotiations, and increased odds of a global recession. All three major U.S. stock indices were modestly higher, with the blue-chip Dow out front.

The Dow Jones Industrial Average rose 0.75 percent, the S&P 500 rose 0.58 percent, and the Nasdaq Composite rose 0.55 percent.

Asian stocks edged up after the S&P 500 index advanced for a sixth day on optimism that companies will be able to weather slowing economic growth and tariff-fueled disruptions. While Japanese and Taiwanese benchmarks traded with mild gains, Hong Kong's Hang Seng index was half a percent lower.

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In the previous session, the domestic markets exhibited largely range-bound oscillation, as caution prevailed amid border tensions.

"We are of the view that, on the upside, 24,450 would be the immediate breakout level for the bulls. Above this level, the market could rally towards 24,550-24,600. On the other hand, if the market falls below 24,250, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150-24100," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Minor degree pullbacks to support zone should be considered as a buying opportunity, noted experts.

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