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

Domestic equities closed marginally on Monday due to selling in IT stocks and HDFC Bank. Investors await US Fed, BoJ policy outcomes, and US, India CPI data for market clarity.

Domestic equities were lacklustre on Monday but ended marginally due to lack of fresh catalysts. Selling was seen in IT stocks and heavyweight HDFC Bank, which led the markets to close in red after three straight days of gain.

"Investors are now awaiting US Fed and BoJ policy outcome this week along with US and India CPI data. Thus the market is likely to consolidate this week till the clarity emerges," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Here's breaking down the pre-market actions:

State of the markets
(Earlier SGX Nifty) signals a positive start.

Nifty futures on the Gift Nifty traded 55 pts or 0.23% higher at 23,283.

Tech View
The near-term trend of the index remains positive. However, having placed at the crucial hurdle around 23300 levels, the chances of downward correction could be high in the short term. Immediate support is at 23100 levels, Nagaraj Shetti of HDFC Securities said.

India VIX
India VIX, which is a measure of the fear in the markets, fell 2.87% to settle at 16.40 levels.

Global Markets

S&P 500 futures fell 0.1% as of 10:28 a.m. Tokyo time
Nikkei 225 futures rose 0.4%
Japan’s Topix rose 0.3%
Australia’s S&P/ASX 200 fell 1.3%
Hong Kong’s Hang Seng fell 1.1%
The Shanghai Composite fell 0.3%
Euro Stoxx 50 futures rose 0.2%

Global Currencies

The Bloomberg Dollar Spot Index rose 0.1%
The euro was little changed at $1.0764
The Japanese yen was little changed at 157.17 per dollar
The offshore yuan was little changed at 7.2698 per dollar

Oil rises
Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar.

Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05.

Stocks in F&O ban today

1) ZEE

2) Balrampur Chini Mills

3) SAIL

4) India Cements

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 2,572 crore on Monday. DIIs too bought shares worth Rs 2,764 crore.

Rupee
The rupee settled for the day lower by 10 paise at 83.50 against the US dollar on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities.

FII data
The net short of FIIs reduced from Rs 1.92 lakh crore on Friday to Rs 1.43 lakh crore on Monday.

Source: Stocks-Markets-Economic Times