GIFT Nifty up 20 points; here's the trading setup for today's session

Here's breaking down the actions:

STATE OF THE MARKETS
(Earlier ) signals a positive start
GIFT Nifty on the NSE IX traded higher by 19.5 points, or 0.09 per cent, at 22,458.50, signaling that Dalal Street was headed for positive start on Wednesday.

• Tech View: Nifty has formed a Doji candle on its daily chart which indicates indecisiveness prevailing in the marketplace at the current juncture. Support for Nifty is now seen at 22,250-300 and 22,000 levels. On the higher side, immediate resistance for Nifty is at 22,500-525 levels and the next resistance is at 22,700 mark.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 2.55% to settle at 13.64 levels.

gain
U.S. stocks ended sharply higher on Tuesday, with the S&P 500 registering a record high close as shares surged and consumer price data failed to dampen investors' hopes of interest rate cuts in the coming months.

• Dow up 0.6%,
• S&P 500 up 1.1%,
• Nasdaq up 1.5%

up
Stocks in Asia opened higher as traders held on to Federal Reserve rate cut bets for this year despite hotter-than-expected inflation data.

• S&P 500 futures were little changed as of 9:01 a.m. Tokyo time
• Hang Seng futures fell 0.3%
• Japan’s Topix rose 0.8%
• Australia’s S&P/ASX 200 rose 0.2%
• Euro Stoxx 50 futures rose 1.1%
• Nasdaq 100 futures were little changed

Dollar steadies
The U.S. dollar held steady against a handful of rival currencies on Wednesday, as traders weighed what impact hotter-than-expected inflation data could have on chances of an interest rate cut at the Federal Reserve's June meeting.

Oil rises
Oil prices rose on Wednesday on expectations of strong global demand, including in the world's top consumer the United States, and as even somewhat sticky U.S. inflation did not dent expectations the Fed might start cutting rates soon.

Stocks in F&O ban today

1) ZEE

2) ABFRL

3)

4) MGL

5)

6)

7)

8)

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 buyers at Rs 73 crore for the fifth straight day on Tuesday. DIIs too bought shares worth Rs 2,358 crore.

Rupee
The rupee consolidated in a narrow range and settled for the day 5 paise lower at 82.80 against the US dollar on Tuesday, as market participants remained on the sidelines ahead of the release of key macro data.

FII data
The net short of FIIs reduced from Rs 34,975 crore on Monday to Rs 30,301 crore on Tuesday.