Gift Nifty signals flat opening as markets await Q2 results; analysts expect range-bound trade

Trading in Gift Nifty indicates a flat opening on Friday and another dull day for domestic markets.

Amid mixed global cues, domestic benchmarks are expected to remain range-bound while action will be on the broader markets, said analysts.

Stock-specific action will continue based on Q2-FY25 performance, they added.

Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher.

Concerns regarding geopolitical tensions in the Middle East and Europe have further fuelled demand for safe-haven assets.

As the market navigates these challenges, investors remain cautious amid uncertain economic conditions.

” Gift Nifty at 24,450 signals flat opening.

Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said that Nifty has been consolidating for the last two sessions following persistent foreign outflows and dull earnings.

We expect this range-bound move (Nifty hovering around the 24400-24500 zone) to continue without any major triggers, while the earning season would drive sectorial rotation.

” Key results to watch out for today is BEL, Chola Investment, JSW Steel, HPCL, Coal India, and BPCL, he said.

Pranay Aggarwal, CEO of Stoxkart - a discount broker, said: The overall market is currently in an oversold zone, which indicates Doji could be positive for the short term.

However, the medium-term trend remains bearish as long as Nifty stays below the 25000 mark.

A decisive move above 24500 could trigger a short-term pullback or relief rally following the recent decline.

Conversely, a slide below 24300 may increase selling pressure, potentially pushing us down towards 24200 and 24100 levels as well.

In summary, traders should adopt a wait-and-watch approach at current levels for any sudden market reactions.

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