GIFT Nifty rises 120 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 positive start
GIFT Nifty on the NSE IX traded higher by 124 points, or 0.56 per cent, at 22,383.50, signaling that Dalal Street was headed for positive start on Thursday.

• : A sustainable move above the immediate resistance of 22300 levels is likely to open the doors for the higher target of 22600 levels in the near term. Immediate support is 22070 levels, said Nagaraj Shetti, Senior Technical Research Analyst, .
• India VIX: India VIX, which is a measure of the fear in the markets, rose 0.4% to settle at 20.27 levels.

gain
Wall Street's three major indexes notched record closes on Wednesday with the benchmark S&P 500 and the Nasdaq both advancing more than 1%, after a smaller-than-expected rise in consumer inflation bolstered investors' hopes for interest rate cuts by the Federal Reserve.

• Dow rises 0.88%,
• S&P gains 1.17%,
• Nasdaq up 1.40%

up
Asian equities tracked gains on Wall Street as the latest US inflation data reinforced bets for Federal Reserve interest-rate cuts.

• S&P 500 futures rose 0.1% as of 9:11 a.m. Tokyo time
• Hang Seng futures were unchanged
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 rose 1%
• Euro Stoxx 50 futures rose 0.4%

Dollar slips
The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy.

Oil rises
Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, strengthening the argument for an interest rate cut which could result in even stronger demand.

Stocks in F&O ban today

1)

2)

3)

4) Balrampur Chini Mills

5) GMR Infra

6) SAIL

7) Hindustan Copper

8) PEL

9) PNB

10) Granules

11) India Cements

12) LIC Housing Finance

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 2,832 crore on Wednesday. DIIs, meanwhile, bought shares worth Rs 3,788 crore.


The rupee rose 5 paise to settle at 83.46 against the US dollar on Wednesday as weakness in the greenback against major crosses overseas supported the local unit.

FII data
The net short of FIIs increased from Rs 2.13 lakh crore on Tuesday to Rs 2.45 lakh crore on Wednesday.


M&M, HAL, GAIL, Info Edge, Vodafone Idea, Biocon among others will announce their fourth quarter earnings on Thursday.