GIFT Nifty down 40 points; here's the trading setup for today's session
"Going forward, the pace of decline would remain gradual citing the resilience of select heavyweights across sectors. Traders should continue with a stock-specific approach and maintain positions on both sides," said Ajit Mishra, SVP - Technical Research, Religare Broking.
Equity ended the last week in the negative on the back of selloff in the broader market over valuation concerns. In the current week, investors would keep a close watch on the US Fed outcome, scheduled on March 20."Going forward, the pace of decline would remain gradual citing the resilience of select heavyweights across sectors. Traders should continue with a stock-specific approach and maintain positions on both sides," said Ajit Mishra, SVP - Technical Research, Religare Broking.
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 44 points, or 0.20 per cent, at 22,052.50, signaling that Dalal Street was headed for negative start on Monday.
- Tech View: Technically, the short term and the near-term trend of Nifty appears weak and a decisive move below 21900 could open sharp weakness down to the next lower support of 21500 levels in the near term, according to Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.5% to settle at 13.69 levels.
down
U.S. stocks fell on Friday, led by technology-related megacaps that have propelled this year's rally, while investors weighed the interest rate outlook ahead of next week's Federal Reserve meeting.
- Dow down 0.5%,
- S&P 500 dips 0.7%,
- Nasdaq falls 1%
mixed
Asian shares idled and the dollar held firm on Monday as investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and perhaps a slower glide path for U.S. rate cuts.
Oil rises
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14.
FII/DII action
Foreign portfolio investors were net buyers at Rs 848 crore on Friday. Domestic institutional investors sold shares worth Rs 682 crore.
Rupee
The rupee declined 2 paise to close at 82.86 against the US dollar on Friday, weighed down by unabated foreign fund outflows and a negative trend in domestic equities.
FII data
The net short of FIIs reduced from Rs 50,991 crore on Thursday to Rs 57,390 crore on Friday.
Source: Stocks-Markets-Economic Times
