GIFT Nifty down 10 points; here's the trading setup for today's session

Here's breaking down the actions:

STATE OF THE MARKETS
(Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 12 points, or 0.05 per cent, at 22,376, signaling that Dalal Street was headed for muted start on Thursday.

• : The short-term trend remains weak, but the market is showing signs of higher bottom formation around 22200 levels. Confirmation of reversal from here could open short-term upside bounce in the market. Immediate support is at 22200 levels and the next overhead resistance is at 22500 levels, Nagaraj Shetti of said.
• : India VIX, which is a measure of the fear in the markets, rose 0.4% to settle at 17.08 levels.

Dow gains
On Wednesday, the Dow Jones Industrial Average concluded higher, extending its winning streak to six consecutive sessions. It marked a significant milestone by closing above 39,000 points for the first time in five weeks. Investor confidence remained buoyed as they continued to bank on accommodating U.S. monetary policies.

• S&P 500 flat,
• Nasdaq off 0.18%,
• Dow up 0.44%

mixed
Asian bonds fell early Thursday, echoing selling pressure in Treasuries in the prior that supported the dollar. Equities in the region opened mixed after a flat day on Wall Street.

• S&P 500 futures were little changed as of 9:15 a.m. Tokyo time
• Hang Seng futures rose 0.3%
• Japan’s Topix rose 0.4%
• Australia’s S&P/ASX 200 fell 0.4%
• Euro Stoxx 50 futures rose 0.4%

Oil rises
Oil prices rose in early trade on Thursday as shrinking U.S. crude inventories signalled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year. Brent crude futures for July rose 23 cents to $83.81 a barrel by 0033 GMT. U.S. West Texas Intermediate crude for June was up 29 cents to $79.28 per barrel.

FII/DII action
Foreign portfolio investors were net sellers at Rs 6,669 crore on Wednesday. Meanwhile, DIIs bought shares worth Rs 5,928 crore.


The rupee settled for the day on a flat note at 83.51 (provisional) against the US dollar on Wednesday, as the support from easing crude oil prices was negated by strong dollar demand.

Q4 results
, , , Indian Overseas Bank among others will announce their fourth quarter earnings on Thursday.