Nifty, Sensex poised for a muted start after 7-day rally amid mixed global cues

Markets in the Asia-Pacific region showed mixed movements this morning

After climbing for seven straight sessions, Indian markets appear headed for a quieter start on April 24, amidst mixed cues from global markets. As of 7:20 am, GIFT Nifty Futures were trading around 24,265, which is 49 points lower or down 0.2 percent, suggesting a soft opening for Dalal Street.

On the previous day, the Nifty managed to climb back above the 24,300 mark, and the Sensex rose past the 80,000 level for the first time since December 2024. The broader market indices also followed the benchmarks higher, continuing their winning streak for the seventh day in a row. Among the sectors, IT, Auto, and Pharma stocks led the way with gains, while Consumer Durables, Private Banks, and PSU Banks saw losses.

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Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, noted that Nifty's recent high of 24,360 now stands as a key level. Moving beyond this could open the door for further upside.

He explained, “There is immediate resistance in the 24,350 to 24,400 range, which is known as a supply zone. If the market breaks out above this range, it could lead to strong buying activity and force short sellers to cover their positions. On the other hand, the 23,900 to 24,000 range acts as a critical support level—if this breaks, it could change the market's direction.”

Overnight, all major US stock indices finished higher on hopes that trade tensions between the US and China might ease. US President Donald Trump also indicated that he does not plan to remove Federal Reserve Chair Jerome Powell from his position.

The Dow Jones rose by 1.07 percent, the S&P 500 increased by 1.67 percent, and the Nasdaq Composite surged 2.5 percent. However, US futures were relatively flat after back-to-back gains on Wall Street.

Meanwhile, markets in the Asia-Pacific region showed mixed movements this morning. Japan’s Nikkei 225 rose more than 1 percent, continuing the momentum from the previous day. In contrast, South Korea’s Kospi slipped by 0.47 percent, while Australia’s S&P/ASX 200 edged up by 0.56 percent.