Asian markets are set for a cautious start on April 29, with India’s Gift Nifty hinting at a muted open despite strong gains in the previous session.
Positive global cues from Europe may offer some support, but weakness in US futures and lingering caution around China’s economic stimulus plans are likely to keep traders on edge.
Investors are expected to closely monitor China’s latest policy measures, US market trends, and key technical levels on the Nifty 50, as Asia-Pacific markets navigate a mixed global backdrop.
Muted start for Indian markets
The Gift Nifty was trading 0.09% lower at 24,448.5, suggesting a flat-to-slightly-negative opening for Indian equities.
On April 28, the Nifty 50 surged 1.20% to close at 24,328.50, while the Sensex gained 1.27% to settle at 80,218.37.
Despite this strong move, elevated India VIX levels indicate that volatility remains a concern.
Analysts caution that unless Nifty breaks decisively above the 24,350 resistance zone — where it has been stuck for four sessions — consolidation could continue.
Crucial support remains in the 24,000–24,050 range, while a breakout above 24,350 could trigger a rally toward 24,550 and potentially 24,860, the December 2024 swing high.
Global market cues mixed
European markets closed higher on Monday, providing a slight positive backdrop for Asia.
The FTSE 100 rose 0.15%, Germany’s DAX climbed 0.47%, and France’s CAC 40 added 0.72%.
The broader STOXX 50 index was up 0.55%, indicating resilience in European equities.
However, US futures remained under pressure at the time of writing.
Dow Jones futures were down 0.09%, NASDAQ futures slipped 0.14%, and S&P 500 futures declined 0.16%, signaling cautious sentiment ahead of critical economic data releases this week.
Asia-Pacific markets remain cautious
Asia-Pacific equities traded mixed on Monday.
China’s CSI 300 index dipped 0.14% despite Beijing’s fresh promises to implement “more proactive macroeconomic policies” to meet the country’s growth targets.
Hong Kong’s Hang Seng Index ended flat, reflecting investor hesitation amid ongoing trade talks between the US and regional economies.
In Japan, the Nikkei 225 gained 0.38% and the Topix rose 0.86%, signaling optimism.
South Korea’s Kospi edged up 0.1%, while the Kosdaq fell sharply by 1.41%.
Australia’s S&P/ASX 200 advanced 0.36%, tracking broader gains in commodities and banking stocks.
Key factors to watch
Heading into Tuesday’s session, traders will watch for further signals from China regarding stimulus implementation, movements in US stock futures, and domestic technical levels on the Nifty 50.
With volatility still high and global uncertainties persisting, a cautious and data-driven approach will likely dominate market sentiment.
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