GIFT Nifty down 50 points; here's the trading setup for today's session

Equity markets show negative trends amid global data and derivative expiry. Analysts predict consolidation. Nifty faces resistance at 22,075, support at 22,000. India VIX rises. Asian stocks advance. US market slips.

traded in negative territory throughout Tuesday's session. Analysts said the shortened trading week, derivatives monthly expiry along with to be released this week has kept the investors on the side-lines.

"Overall, we expect the market to consolidate in a broader range, however, buying in a broader market before the financial year end cannot be ruled out," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

(Earlier SGX Nifty) signals a negative start
on the Gift Nifty traded at 22,049 on Wednesday, down 41 points or 0.19%, signalling a negative start for Dalal Street.

Tech View: Support for the Nifty is now seen at 22,000 and 21,800-850 levels. On the higher side, immediate resistance for Nifty is at 22,075 levels and the next resistance is at 22,200-250 levels, said Tejas Shah, Technical Research, JM Financial & BlinkX.

India VIX: India VIX, which is a measure of the fear in the markets, rose 4.91% to settle at 12.82 levels.

tick higher
Stocks in Asia advanced Wednesday after wiped out gains in the final half hour of trading, with investors tweaking portfolios after a rally that’s already topped $4 trillion this year. Shares climbed at the open in Japan, while Australian and South Korean stocks were little changed. Futures pointed to a decline in Hong Kong.

S&P 500 futures rose 0.2%
Hang Seng futures fell 0.6%
Japan’s Topix rose 0.4%
Australia’s S&P/ASX 200 rose 0.1%
Euro Stoxx 50 futures rose 0.5%

US equities slip
U.S. stocks slipped on Tuesday, giving up modest gains late in the session to send the Dow and S&P 500 to their third straight decline, as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path.

Dow Jones Industrial Average fell 0.08%
S&P 500 lost 0.28%
Nasdaq Composite slid 0.42%

Dollar climbs
The dollar steadied on Wednesday in the wake of more strong U.S. economic data, nudging the Japanese yen closer to a test of levels that drew official market intervention back in 2022.

The yen traded at 151.52 per dollar early in the Asia session, within a whisker of 151.94 where Japanese authorities stepped in during October 2022 to buy the currency.

Euro was little changed at $1.0832
Japanese yen was little changed at 151.51 per dollar
Offshore yuan was little changed at 7.2468 per dollar
Australian dollar was little changed at $0.6536

Stocks in F&O ban today
SAIL is the only stock in F&O ban on Wednesday. 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 turn marginal net buyers at Rs 10 crore on Tuesday. DIIs, meanwhile, bought shares worth Rs 5,024 crore.

Rupee rebounds
The rupee recovered from all-time low level and jumped 32 paise to close at 83.29 against the US dollar on Tuesday on decline in the US dollar and positive Asian currencies.

FII data
The net short of FIIs increased from Rs 72,379 crore on Friday to Rs 75,404 crore on Tuesday.

Source: Stocks-Markets-Economic Times