GIFT Nifty up 70 points; here's the trading setup for today's session
"The US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
traded in a narrow range with a negative bias on Wednesday as caution prevailed ahead of the RBI policy meeting and key macro data."The US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
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 69.5 points, or 0.31 per cent, at 22,594, signaling that Dalal Street was headed for positive start on Thursday.
- Tech View: The smaller degree positive pattern like higher tops and bottoms is intact as per daily chart and present weakness could be in line with the new higher bottom of the sequence. Hence, any weakness from here could be a buy on dips opportunity, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.4% to settle at 11.37 levels.
mixed
The S&P 500 and Nasdaq closed higher on Wednesday after data showing the U.S. services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight.
- Dow down 0.1%,
- S&P 500 up 0.1%,
- Nasdaq gains 0.2%
rise
Equities in Asia were primed for gains Thursday after Jerome Powell reaffirmed his view the Federal Reserve will likely cut rates this year.
- S&P 500 futures were little changed as of 8:20 a.m. Tokyo time
- Hang Seng futures rose 0.7%
- Australia’s S&P/ASX 200 rose 0.5%
Oil rises
Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer.
Dollar takes a breather
The dollar was pinned beneath recent peaks on Thursday with traders taking remarks from Federal Reserve Chair Jerome Powell as reassuring on the likelihood of interest rate cuts this year while waiting for the latest U.S. labour market readout.
Stocks in F&O ban today
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3) 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 sellers at Rs 2,213 crore for third straight day on Wednesday. DIIs, meanwhile, bought shares worth Rs 1,102 crore.
Rupee
The rupee fell 11 paise to close at 83.53 against the US dollar on Wednesday, as persistent foreign capital outflows and risk-averse sentiment among investors weighed on the local unit.
FII data
The net short of FIIs increased from Rs 15,427 crore on Tuesday to Rs 31,757 crore on Wednesday.
Source: Stocks-Markets-Economic Times
