GIFT Nifty down 120 points; here's the trading setup for today's session

Here's breaking down the actions:

STATE OF THE MARKETS
(Earlier ) signals a negative start
GIFT Nifty on the NSE IX traded lower by 122.5 points, or 0.55 per cent, at 22,140.50, signaling that Dalal Street was headed for negative start on Friday.

• Tech View: The positive chart pattern like higher tops and bottoms is still intact, as the Nifty manages to make new higher swing low of 21905 levels so far on Wednesday. As long as the last higher bottom of 21860 is protected, the chances of significant downward reversal could be doubtful, Nagaraj Shetti of HDFC Securities said.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 5.6% to settle at 13.62 levels.

dip
U.S. stocks dropped on Thursday, with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates.

decline
Equities in Asia opened Friday lower after declines on Wall Street as new data weakened the case for imminent Federal Reserve interest rate cuts.

• S&P 500 futures were little changed as of 9:12 a.m. Tokyo time
• Hang Seng futures fell 1%
• Japan’s Topix rose 0.2%
• Australia’s S&P/ASX 200 fell 1.5%
• Euro Stoxx 50 futures fell 0.2%

Oil falls
Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.

Stocks in F&O ban today

1) ZEE

2) ABFRL

3) Manappuram

4) RBL Bank

5) SAIL

6) Tata Chemicals

7) BHEL

8) Nalco

9) PEL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit

FII/DII action
Foreign portfolio investors were net sellers at Rs 1,356 crore for second straight day. Domestic institutional investors bought shares worth Rs 139 crore.

Rupee
The rupee fell 1 paisa to settle at 82.82 (provisional) against the US dollar on Thursday amid a strong greenback against major rivals overseas and rising crude oil prices

FII data
The net short of FIIs reduced from Rs 43,820 crore on Wednesday to Rs 50,991 crore on Thursday.