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Domestic equities are set to open on a positive note Monday, as GIFT Nifty rose 114 points to 24,518, indicating a bullish start for benchmark indices. The market is likely to take cues from strong foreign inflows, positive US market cues, and a busy earnings calendar.

Analysts expect Nifty to consolidate in the 23,800–24,550 zone, with 23,800 acting as a strong support due to last week’s low and a recent breakout level. Resistance is seen near 24,550, which coincides with the 61.8 per cent Fibonacci retracement level of the recent decline from 26,277 to 21,744.

Market watchers anticipate stock-specific moves with quarterly results lined up from M&M, Indian Hotels, Coforge, and CAMS. Sectors like autos, IT, and hospitality may see sharp moves depending on the earnings performance and management commentary.

In the F&O space, RBL Bank remains under ban, having breached 95 per cent of its market-wide position limit.

On Wall Street, the S&P 500 and Nasdaq closed higher for the second week in a row, supported by strong macroeconomic data and hopes of easing US-China trade tensions. Meanwhile, Asian markets opened mixed, with Japan and China shut for holidays.

Oil prices dropped over $2/barrel in early Asian trade after OPEC+ signaled a faster ramp-up in output. The fall in crude could be a near-term positive for Indian markets, especially for oil-sensitive sectors like paints, aviation, and FMCG.

The India VIX rose 0.2 per cent to 18.26, reflecting mild caution among traders as geopolitical uncertainty continues to linger. However, sustained foreign inflows have lent support to equities in recent sessions.

The rupee briefly surged to a 7-month high near 84.54 per dollar on Friday, but gave up gains to close at 84.57 amid late dollar demand. Optimism around the US-India trade deal and better domestic data kept sentiment buoyant.

Nifty’s technical structure points to continued sideways consolidation. Analysts suggest waiting for a breakout above 24,550 for fresh long positions. On the downside, a break below 23,800 may attract selling pressure.

Traders are advised to remain stock-specific with strict stop-losses, especially with earnings and global cues likely to dictate near-term direction.

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