GIFT Nifty down 90 points; here's the trading setup for today's session
"Nifty has been consolidating in a narrow range at higher levels for the last few sessions, while broader markets have bounced back strongly, especially after a sharp recent correction. Overall, we maintain our positive bias on the market, and any dip can be viewed as a buying opportunity," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Equity markets recovered on Thursday even though in a volatile trade, led by buying in private banks and IT stocks. In today's trade, markets will react to the 's policy outcome."Nifty has been consolidating in a narrow range at higher levels for the last few sessions, while broader markets have bounced back strongly, especially after a sharp recent correction. Overall, we maintain our positive bias on the market, and any dip can be viewed as a buying opportunity," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
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 90.50 points, or 0.40 per cent, at 22,556.50, signaling that Dalal Street was headed for negative start on Friday.
- Tech View: The Nifty is heading towards the upper end of the rising channel placed at 22700. On the downside the zone of 22350–22300 shall act as a crucial support from a short-term perspective. Minor degree pullbacks towards support zones should be used as a buying opportunity, analysts said.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 1.3% to settle at 11.22 levels.
US stocks down
The three major U.S. stock indexes fell more than 1% each and the S&P 500 had its biggest daily percentage drop since Feb. 13 on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday's U.S. monthly jobs report.
- Dow down 1.4%;
- S&P 500 dips 1.2%,
- Nasdaq falls 1.4%
under pressure
Shares in Asia fell Friday tracking US stocks, as interest rate uncertainty and geopolitical tensions weighed on sentiment.
- S&P 500 futures rose 0.1% as of 9:16 a.m. Tokyo time
- Hang Seng futures were unchanged
- Japan’s Topix fell 1.1%
- Australia’s S&P/ASX 200 fell 0.5%
- Euro Stoxx 50 futures were little changed
Oil gains
Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve.
Dollar steady
The U.S. dollar held steady against peer currencies on Friday after rebounding from a two-week low, as traders braced for a key jobs report due later in the day and grew cautious over tensions in the Middle East.
FII/DII action
Foreign portfolio investors were net sellers at Rs 1,136 crore for the fourth straight day on Thursday. DIIs, meanwhile, sold shares worth Rs 893 crore.
Rupee
The rupee on Thursday recovered 14 paise to close at 83.39 against the US dollar, tracking a firm trend in domestic markets and a weak greenback against major crosses overseas.
FII data
The net short of FIIs increased from Rs 31,757 crore on Wednesday to Rs 33,628 crore on Thursday.
Source: Stocks-Markets-Economic Times
