GIFT Nifty up 65 points; here's the trading setup for today's session
"It is anticipated that a bullish momentum will prevail in the index, and the rally could further extend to 23,000 levels. Short-term support levels for the Nifty exist at 22,700 and 22,620 levels, while resistance stands at 22,800 and 22,900 levels," said Asit C, Mehta Investment.
Equity markets started the week on a firm note and gained over half a percent, tracking favorable cues. Analysts said mixed global cues may continue to result in intermediate dips and traders should utilize the same for adding quality name"It is anticipated that a bullish momentum will prevail in the index, and the rally could further extend to 23,000 levels. Short-term support levels for the Nifty exist at 22,700 and 22,620 levels, while resistance stands at 22,800 and 22,900 levels," said Asit C, Mehta Investment.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 65 points, or 0.29 per cent, at 22,841.50, signaling that Dalal Street was headed for positive start on Tuesday.
- Tech View: Nifty has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 2.40% to settle at 11.61 levels.
mixed
US stocks were essentially unchanged at the close of a choppy session on Monday, with a solar eclipse offering distraction ahead of crucial inflation data and the kick-off of first-quarter earnings season.
- Dow off 0.03%,
- S&P down 0.04%,
- Nasdaq up 0.03%
gain
Stocks in Asia climbed Tuesday after US benchmarks saw sluggish trading and Treasuries kicked off the week on the back foot ahead of key inflation data.
- S&P 500 futures were little changed as of 9:21 a.m. Tokyo time
- Hang Seng futures rose 0.3%
- Japan’s Topix rose 0.3%
- Australia’s S&P/ASX 200 rose 0.4%
- Euro Stoxx 50 futures rose 0.7%
Oil rises
Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East.
Dollar tentative
The dollar was tentative on Tuesday as it failed to get a meaningful boost from a rise in U.S. Treasury yields, though that kept pressure on the yen which languished near multi-decade lows and left traders on alert for any signs of intervention.
FII/DII action
Foreign portfolio investors were net sellers at Rs 681 crore on Monday after a day of buying. DIIs, meanwhile, bought shares worth Rs 3,470 crore.
Rupee
The rupee settled on a flat note on Monday at 83.31 against the US dollar, as the support from positive domestic equities was negated by the strength of the American currency in the overseas market.
FII data
The net short of FIIs reduced from Rs 35,190 crore on Friday to Rs 23,636 crore on Monday.
Source: Stocks-Markets-Economic Times
