Nifty Set for Sharp Gap-Up; 200 SMA in Focus

Pre-open cues are strongly positive. GIFT Nifty is around 330 points above yesterday’s close, pointing to an opening near 24,250-24,300. Global risk assets have been supported by the US midterm outcome. Brent crude corrected almost 10% yesterday and is near $93.78, the dollar index is around 101.31, US 10-year yields have eased, and the Dow closed about 1,500 points higher. Yesterday Nifty went up to 23,930 and ended near 23,960, just below its 200-day SMA at 24,003. A gap-up above that level would be the first time the index trades above it since the breach in February 2026. The initial reference zone is 24,380-24,400, followed by the falling trendline high near 24,800. If 24,000 does not hold, support lies at 23,700-23,650 and then 22,205. RSI at 68.55 is near the overbought zone and the market has risen continuously, so caution is warranted. Heavyweights such as RELIANCE , HDFC Bank, ICICI Bank, Infosys and TCS largely steer the index and are worth tracking for follow-through. A gap-up at a key moving average tests whether buyers can hold; global cues like crude, yields and the dollar often set the tone before the market opens. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.