GIFT Nifty drops 50 points; here's the trading setup for today's session

Here's breaking down the pre-market actions:

State of the markets
(Earlier ) signals a negative start

Nifty futures on the Gift traded 62 pts lower at 23,267.

Tech View
Having reached the overhead resistance of around 23300-23400 levels, there is a possibility of minor dip in the from the highs in the short term and that could be a buying opportunity. Immediate support is at 22900 levels, Nagaraj Shetti of HDFC Securities said.

India VIX
India VIX, which is a measure of the fear in the markets, rose 0.49% to settle at 16.88 levels.

Global Markets

• S&P 500 futures were little changed as of 9:02 a.m. Tokyo time
• Japan’s Topix rose 0.5%

Oil drops
Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.

Brent crude futures and U.S. West Texas Intermediate crude futures slipped 4 cents to $79.58 and $75.49 a barrel, respectively, by 0036 GMT.

Stocks in F&O ban today

• ZEE
• Balrampur Chini Mills
• SAIL

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 4,391 crore on Friday. DIIs sold shares worth Rs 1,289 crore.

Rupee
The rupee rose 13 paise to 83.40 against the US dollar on Friday, in line with a firm trend in domestic equity markets after the Reserve Bank of India (RBI) kept the key policy rate unchanged

FII data
The net short of FIIs increased from Rs 2.87 lakh crore on Thursday to Rs 1.92 lakh crore on Friday.