GIFT Nifty up 60 points; here's the trading setup for today's session

Equity indices closed positively after a volatile week influenced by US Fed. Nifty futures signal a positive start. India VIX fell, Asian and US stocks were mixed. Dow Jones, S&P 500, Nasdaq closed lower.

Equity indices witnessed a roller-coaster drive last week before closing in the positive territory, buoyed by a positive commentary from the US Fed. In the truncated trading week, volumes may be lower with limited market cues.

"However, volatility remains a possibility as we approach the March F&O expiry and the financial year-end," said Santosh Meena, Head of Research, Swastika Investmart.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a positive start

Nifty futures on the Gift traded at 22,127, up 58 points or 26%, signalling a positive start for Dalal Sreet.

Tech View: Nifty is expected to be in the range of 21,750-22,350 levels. If the index decisively closes below 21,800, then 21,650 may be the next support, while the immediate resistance is likely to be 22200, said analysts.
India VIX: India VIX, which is a measure of the fear in the markets, fell 2.3% to settle at 12.22 levels.

Asian stocks mixed
Stocks in Asia were mixed after US equities pulled back from a rally that drove the S&P 500 Index to multiple records, spurring speculation the market has gone too far, too fast. Japanese equities swung between gains and losses, while shares in Australia declined.

Japan’s Topix index fell 0.3%
Australia’s S&P/ASX 200 Index fell 0.2%
Hong Kong’s Hang Seng futures were little changed

Wall Street ends lower

lost ground at the start of a holiday-shortened week on Monday as investors positioned themselves ahead of inflation data. All three major US stock indexes ended the session in the red, with the blue-chip Dow suffering the largest percentage loss.

Dow Jones Industrial Average fell 0.41%
S&P 500 lost 0.31%
Nasdaq Composite lost 0.27%

Dollar dips

The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency.

Against the greenback, the New Zealand dollar rebounded from a four-month low and last bought $0.5999, and likewise for sterling which firmed to $1.2636, away from last week's one-month trough of $1.25755.

Euro was little changed at $1.0838
Japanese yen was little changed at 151.36 per dollar
Offshore yuan was little changed at 7.2511 per dollar
Australian dollar was little changed at $0.6539

Stocks in F&O ban today

1) ZEE
2)
3)
4)

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 for third straight day at Rs 3,309 crore on Friday. DIIs, meanwhile, bought shares worth Rs 3,764 crore.

Rupee at record low

The Indian rupee fell to a record low at 83.42 on Friday, pressured by a drop in the offshore Chinese yuan and strong local dollar demand close to the end of the session.

FII data

The net short of FIIs reduced from Rs 89,349 crore on Thursday to Rs 72,379 crore on Friday.

Source: Stocks-Markets-Economic Times