GIFT Nifty down 145 points; here's the trading setup for today's session
"After the strong move seen in the previous session, we expect the market to consolidate over the next few days keeping various key events in mind," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Equity markets retreated from record-high levels and remained in negative territory to close flat on Tuesday. Going forward this week, global markets are expected to remain volatile ahead of key economic data scheduled."After the strong move seen in the previous session, we expect the to consolidate over the next few days keeping various key events in mind," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 147 points, or 0.65 per cent, at 22,461, signaling that Dalal Street was headed for negative start on Wednesday.
- Tech View: A decisive move above the hurdle of 22500-22600 levels could open more upside for Nifty in the near term. Immediate support is at 22350 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 3.56% to settle at 11.65 levels.
down
US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates, while Tesla shares dropped after the electric car maker posted fewer quarterly deliveries for the first time in nearly four years.
- Dow down 1.00%,
- S&P 500 dips 0.72%,
- Nasdaq falls 0.95%
dip
Stocks in Asia fall Wednesday after solid economic readings and higher commodities prices spurred speculation that major central banks will keep interest rates higher for longer.
- S&P 500 futures were little changed as of 9:05 a.m. Tokyo time
- Hang Seng futures were little changed
- Japan’s Topix fell 1%
- Australia’s S&P/ASX 200 fell 0.7%
- Euro Stoxx 50 futures fell 0.9%
Oil gains
Oil prices extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies. Brent futures for June delivery rose 20 cents, or 0.22%, to $89.12 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for May climbed 17 cents, or about 0.2%, to $85.32 a barrel, at 0015 GMT.
Dollar firms
The dollar was on the front foot on Wednesday, pinning the yen near its lowest its decades though the heightened threat of currency intervention by Tokyo capped further declines in the Japanese currency.
Stocks in F&O ban today
1)
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 1,622 crore for second straight day. DIIs, meanwhile, bought shares worth Rs 1,953 crore.
Rupee
The rupee on Tuesday consolidated in a narrow range and settled 3 paise lower at 83.42 against the US dollar, weighed down by a strong dollar and elevated crude oil prices.
FII data
The net short of FIIs increased from Rs 21,587 crore on Monday to Rs 15,427 crore on Tuesday.
Source: Stocks-Markets-Economic Times
