Page 259 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24

other than Indian rupees. Nifty futures in US dollars now trade on NSE IX instead of the

Singapore Exchange.
GIFT Nifty is part of the NSE International exchange, situated in IFSC, Gift City, Gujarat,

India. Formerly known as SGX Nifty, it took over open positions from SGX on July 3, 2023.
NSE IX, NSE's GIFT City subsidiary, deals in non-rupee securities as per IFSCA rules. Nifty

futures in US dollars moved from the Singapore Exchange to NSE IX, following IFSCA
regulations.

A $7.5 billion worth of transactions, once in Singapore, shifted to India, resolving a five-year

dispute between the Singapore Exchange and NSE. This move reinforces GIFT City's role as
India's global financial hub. GIFT City offers four derivative contracts for trading namely:

GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT. GIFT

Nifty is available for about nineteen hours, aligning with US, European, and Asian trading
hours, starting at 6:30 am till 3:40 pm and second session starts at 4:35 p.m. till 2:30 am till

next day.
Research Framework

Problem Statement
Analyzing the relationship between Gift Nifty futures and the Nifty 50 spot index through the

RSI indicator that could offer insights into predicting market prices and enhancing trading

results.
Research Objective

The ultimate aim here is to give everyday traders useful insights from the RSI, hopefully
boosting their ability to navigate the market more successfully. The problem we're addressing

is how everyday traders struggle to predict where the market is heading. Despite their best
efforts, they often find it tough to anticipate price changes, leading to not-so-great trading

results. This challenge highlights the importance of looking deeply into how Gift Nifty

futures and the Nifty 50 spot index are connected. By using the Relative Strength Index
(RSI), a tool commonly used for technical analysis, our research aims to uncover possible

trends or signals that could help regular traders make smarter predictions about where market

prices might go.
Research Design

The research consists of deriving the relation between the Gift Nifty and Nifty 50. Here the
research design of correlational research and time series research design. Here the

independent variable will be the Gift Nifty and Nifty 50. The data taken to compare the two
indices is the last 13 months from January 2023 till January 2024.

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