GIFT Nifty up 30 points; here's the trading setup for today's session
"Nifty is anticipated to undergo further consolidation in the upcoming sessions, encountering resistance around the 22,700-22,800 levels should it achieve a robust close above 22,600. Conversely, support is expected around the 22,400-22,300 range," said Arvinder Singh Nanda, Senior Vice President of Master Capital.
Benchmark indices logged a third week of gains, ending the first week of FY25 on a positive note. Going forward, the outlook for the market will be guided by the major global and domestic economic data, including CPI and IIP data, US inflation numbers, jobless claims among others."Nifty is anticipated to undergo further consolidation in the upcoming sessions, encountering resistance around the 22,700-22,800 levels should it achieve a robust close above 22,600. Conversely, support is expected around the 22,400-22,300 range," said Arvinder Singh Nanda, Senior Vice President of Master Capital.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier ) signals a positive start
GIFT Nifty on the NSE IX traded higher by 31 points, or 0.14 per cent, at 22,652.50, signaling that Dalal Street was headed for positive start on Monday.
- Tech View: The recent consolidation in Nifty amid weak global cues indicates time-wise correction and traders should maintain a positive bias until the Nifty holds 22200 level, said analysts.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.05% to settle at 11.34 levels.
up
US stocks finished higher on Friday after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates.
- Dow up 0.8%,
- S&P 500 gains 1.1%,
- Nasdaq rises 1.2%
gain
Asian stocks followed gains on Wall Street after better-than-expected US payrolls data on Friday. Oil fell as Israel said it would pull some troops out from Gaza.
- S&P 500 futures were little changed as of 9:06 a.m. Tokyo time
- Hang Seng futures rose 0.3%
- Japan’s Topix rose 0.7%
- Australia’s S&P/ASX 200 was little changed
- Euro Stoxx 50 futures fell 1.2%
- Nasdaq 100 futures were little changed
Oil slips
Oil prices fell more than $1 a barrel on Monday, with Brent sliding under $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
Dollar firm
The dollar was firm but sluggish in Asian trading on Monday as investors looked ahead to U.S. inflation data after the big payrolls number last week, and as Treasury yields reached for December highs.
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 rose 8 paise to close at 83.31 against the US dollar as the Reserve Bank of India on Friday kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row.
FII data
The net short of FIIs increased from Rs 33,628 crore on Thursday to Rs 35,190 crore on Friday.
Source: Stocks-Markets-Economic Times
