Indian benchmark indices Sensex and Nifty 50 are likely to open higher on Thursday, November 5, tracking strong global cues. GIFT Nifty futures traded 333 points higher, signaling a positive start. Gaurav Udani said, "The immediate resistance zone is placed at 24,350–24,450." Investors are also tracking ongoing global conflict developments.

Indian benchmark indices, the Sensex and Nifty 50, are likely to open higher on Thursday, November 5, tracking strong global cues, amid the weekly expiry of Sensex contracts.

Investors will also track the September-quarter earnings announcements, crude oil prices and developments in the ongoing US-Iran and Russia-Ukraine conflicts.

At around 8:10 am, GIFT Nifty futures were trading 333 points higher at 24,304, compared with the previous close of Nifty 50 futures at 23,971, indicating a strong start for the domestic equity markets.

Gaurav Udani, Founder, Thincredblu Securities, said that Nifty is expected to open sharply higher around 24,280, up by nearly 320 points, indicating strong positive momentum. However, after such a sharp gap-up, traders should avoid chasing the opening move and wait for some retracement towards support levels before considering fresh positions.

"The immediate resistance zone is placed at 24,350–24,450. A sustained move above this zone could open the door for further upside, but some profit-booking after the sharp opening rally cannot be ruled out," Udani added.

In the previous trading session, the Sensex rallied 383.55 points, or 0.50%, to close at 77,301.40, while the Nifty 50 settled 149.75 points, or 0.63%, higher at 23,960.60.

Global Cues

Asian markets were mixed on Thursday, with Japan's Nikkei 225 falling 0.2% after rising in early trade. South Korea's Kospi declined 2.95%. Meanwhile, Australia's ASX 200 and New Zealand's NZX 50 advanced 1.94% and 1.99%, respectively.

On Wednesday, US indices ended firmly in the green. The Dow Jones Industrial Average surged 3.03%, gaining 1,569 points to hit a two-month high. The

S&P 500 and Nasdaq Composite advanced 1.58% and 1.44%, respectively.

Consumer discretionary, financial and real estate stocks led the gains on Wall Street, while energy and industrial shares lagged.

Oil Prices Today

Oil prices extended their decline on Thursday, with Brent crude trading below the $95-per-barrel mark after plunging nearly 9% in the previous session to hit a two-month low.