Indian Stock Market Anticipates Muted Opening Amidst Mixed Asian Cues and Global Economic Signals on February 12, 2024

GIFT Nifty at 23,187 signals a potentially muted opening for Indian indices on February 12, 2024, following mixed cues from Asian markets influenced by overnight US market performance (Source: News Report, February 12, 2024). NSE Nifty 50 previously closed 1.32% lower at 23,071.80, and BSE Sensex declined 1.32% to 76,293.60.Asian markets showed mixed trends, with Japan's Nikkei 225 up 0.24% at 38,893.58, while the Asia Dow fell 1.25% to 3,778.08. US markets closed with similar uncertainty, the S&P 500 rose 0.03% to finish at 6,068.50, Nasdaq Composite lost 0.36% to end at 19,643.86, and the Dow Jones Industrial Average added 0.28%, to 44,593.65, reflecting investor caution after Federal Reserve Chair Jerome Powell's comments on interest rate cuts.Powell reiterated the need for caution regarding interest rate adjustments due to strong economic conditions and elevated inflation. The US Dollar Index (DXY) rose 0.07% to 108.04. Crude oil prices saw slight declines, with WTI at $73 (down 0.44%) and Brent at $76.66 (down 0.43%).Foreign institutional investors (FII) were net sellers at Rs 4,486.41 crore, while domestic institutional investors (DII) were net buyers at Rs 4,001.89 crore on February 11, 2024. Gold prices reached Rs 85,670 per 10 grams, after surpassing Rs 86,000 on Tuesday, marking a 9.2% increase in one month.Geojit Financial Services' V K Vijayakumar suggests switching from overvalued mid and small caps to fairly valued large caps amidst market weakness driven by Trump's tariff policies (Source: Geojit Financial Services, February 12, 2024). Nifty faces resistance at 23,200 and support at 22,800, potentially declining further to 22,600 if breached.The market's immediate reaction will likely depend on how well indices hold their ground against selling pressure and whether Nifty can surpass the 23,200 resistance level. Continued FII selling could cap any upward movement, maintaining volatility in the short term.