GIFT Nifty down over 150 points amid AI chip sell-off
GIFT Nifty, which hints at how the Indian stock market might open, dropped more than 150 points on Friday. This was part of a bigger global sell-off, especially in AI and chip stocks.
Asian markets weren't spared either: Japan's Nikkei fell 4.5%, South Korea's Kospi slid 6.8%, and other markets like Taiwan, Hong Kong, and China also saw red.
Rupak De: 23,800 is Nifty support
Wall Street's mixed signals didn't help calm nerves; even with solid earnings from Qualcomm and Micron, tech stocks still dropped.
Big Asian names like Samsung and SoftBank saw steep losses too.
Still, some analysts think this could just be a short-term dip for Nifty, Rupak De, Senior Technical Analyst at LKP Securities, says, if key support holds at 23,800, there's potential to bounce back toward 24,500 soon.