Street Signs: Nifty hunts uncharted peaks, Muhurat trading moves clock

Bull breaks chains: Nifty hunts uncharted peaks 

The equity market is entering the shortened trading week on a bullish note. On Friday (October 17), the benchmark Nifty 50 closed at 25,710 — its highest level in a year. After decisively breaking through the 25,700 resistance mark, the uptrend appears set to continue, underpinned by renewed foreign inflows. “The index now trades within a broader resistance band of 25,800-26,300, and a decisive close above this range could trigger the next leg of the rally towards 26,500-27,000, potentially reaching fresh 

lifetime highs in the coming week. On the downside, strong support lies around 25,600-25,450, aligned with the ascending trendline and short-term moving averages. The Relative Strength Index currently stands at 69.34, indicating mildly overbought conditions; however, as long as the index holds above 25,450, the overall structure remains positive,” said Ponmudi R, chief executive officer of Enrich Money. The Nifty last closed at a high of 26,216 on September 26, 2024. 

FPI 2.0: From red tape to rocket lane 

Following a series of steps to simplify foreign portfolio investor (FPI) registrations, the Securities and Exchange Board of India (Sebi) and the National Securities Depository are revamping the FPI portal. The new platform, expected to launch soon, will offer real-time tracking of applications and integrated guidance tools to streamline the registration process. These upgrades, along with Sebi’s recent initiatives, aim to shorten the registration timeline. Among these measures is SWAGAT-FI (Single Window Automatic and Generalised Access for Trusted Foreign Investors), a framework for government-owned or -related funds, pension funds, and sovereign wealth funds. Sebi has also encouraged the wider adoption of the India Digital Signature among FPIs, simplifying the authorisation of legal documents. 

Muhurat moves clock: Same spirit, new hour 

Muhurat trading for Samvat 2082 is scheduled for Tuesday, with this year’s session set from 1.45 pm to 2.45 pm — a historic shift from the traditional evening slot. This marks the first time since 1957 that Muhurat trading has moved to the afternoon. The session remains a one-hour special trading window where investors place token bets to symbolise the start of the Hindu new financial year. The timing adjustment is intended to improve global market access and operational efficiency and allow traders to observe evening Diwali rituals. Previously, trading ended around 8 pm. “A vast majority of the broking community has welcomed this change,” said Uttam Bagri, managing director, BCB Brokerage. Last year, Muhurat trading recorded gains for the seventh consecutive year.