GIFT Nifty rises 90 points; here's the trading setup for today's session
Equity markets rallied over 3% after exit polls predicted NDA's third consecutive win, with experts expecting new highs and recommending focus on manufacturing, capex, infrastructure, and financials for long-term investment.
cheered the , which predicted to win for the third consecutive time, and rallied over 3%, driven by broad-based buying."We expect the to reach new highs given the clear majority for the ruling party in exit polls, good , and solid . One can focus on , capex, infrastructure and as themes for long term ," said Siddhartha Khemka, Head - Retail Research, .
Here's breaking down the pre-market actions:
State of the markets
(Earlier SGX Nifty) signals a positive start.
on the Gift Nifty traded 88 pts or 0.38% higher at 23,555.
Tech View
The bulls are in full control of the markets at current juncture and are using every minor pull back to create long positions. Support for the Nifty is now seen at 23,200 and 22,950-23,000 levels. On the higher side, immediate resistance is at 23,350 levels and the next resistance is at 23,500 mark, said Tejas Shah of JM Financial & BlinkX.
India VIX: , which is a measure of the fear in the markets, fell 14.77% to settle at 20.94 levels.
Asian Markets
- S&P 500 futures were little changed as of 9:07 a.m. Tokyo time
- Hang Seng futures fell 0.8%
- Japan’s Topix was little changed
- Australia’s S&P/ASX 200 was little changed
- Euro Stoxx 50 futures rose 0.6%
US markets
Monday saw U.S. stocks closing with a mixed performance, reflecting concerns over a slowdown in the U.S. economy. The S&P 500 inched up by 5.89 points, representing a 0.1% increase, closing at 5,283.40, despite a majority of stocks within the index experiencing declines. Conversely, the Dow Jones Industrial Average fell by 115.29 points, marking a 0.3% decrease, to 38,571.03, while the Nasdaq composite rose by 93.65 points, a 0.6% increase, reaching 16,828.67.
Oil declines
In the early hours of Tuesday, oil prices saw a slight decline, continuing the trend from the previous session where they reached their lowest point in four months. This drop came amidst concerns among investors about a potential increase in supply later in the year. Brent crude futures experienced a decrease of 20 cents, marking a 0.3% decrease to $78.16 per barrel. Notably, Brent closed below the $80 mark for the first time since February 7, following a drop of over 3% on Monday.
Stocks in F&O ban today
ZEE
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 6,851 crore on Monday. DIIs too bought shares worth Rs 1,914 crore.
Rupee
The rupee jumped to over two-month high closing level and settled with a gain of 28 paise at 83.14 against the US dollar on Monday, tracking over 3 per cent surge in domestic equity benchmarks.
FII data
The net short of FIIs reduced from Rs 3.18 lakh crore on Friday to Rs 1.96 lakh crore on Monday.
Poll Trackers
Source: Stocks-Markets-Economic Times
