Gift Nifty down 2 points; here's the trading setup for today's session

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

signals flat start
Nifty futures on the Gift Nifty traded at 22,889, down 2 points or 0.01%, signalling a lacklustre start for Dalal Street.

• Tech View: The short-term trend of Nifty is choppy with range-bound action. Any upside from here could encounter strong resistance around 22800 levels. Immediate support is at 22550 levels and a slide below the support could trigger some more weakness ahead, Nagaraj Shetti of HDFC Securities said.

• India VIX: India VIX, which is a measure of the fear in the markets, rose 4.47% to settle at 13.44 levels.

advance
Equities in Asia climbed and the yen rallied, ahead of crucial US jobs data due later Friday.
Shares in Australia and South Korea rose alongside Hong Kong futures, while markets in Japan and mainland China are closed for holidays.

• Hang Seng futures rose 2%
• Nikkei 225 futures (OSE) fell 0.6%
• Australia’s S&P/ASX 200 rose 0.4%

US equities gain
U.S. stocks rallied on Thursday as investors weighed the Federal Reserve's more dovish-than-expected interest rate guidance on Wednesday against a plethora of mixed earnings and economic data. All three indexes ended in positive territory.

• Dow Jones Industrial Average rose 0.85%
• S&P 500 gained 0.91%
• Nasdaq Composite added 1.51%

Dollar waits on US jobs data
The yen was headed for its best week in more than a year on Friday, helped by Tokyo's suspected intervention this week to pull the Japanese currency away from 34-year lows, which also left the dollar broadly on the back foot. Elsewhere, the dollar lost ground against most of its peers and was headed for its worst week in nearly two months, in part due to the sharp rise in the yen this week.

Against a basket of currencies, the dollar, which has struggled to regain its footing in the wake of the less-hawkish-than-feared Fed comments, was little changed at 105.32. The was on track to lose 0.7% for the week, its worst performance since March.

Oil heads for weekly drop
Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war.

Brent crude futures for July rose 16 cents to $83.83 a barrel. U.S. West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.

Stocks in F&O ban today
1) Vodafone Idea
2) Biocon
3) ABFRL

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
After two days of buying, foreign portfolio investors were net sellers at Rs 964 crore on Thursday. Meanwhile, DIIs bought shares worth Rs 1,352 crore.

Rupee
The rupee stayed range-bound and closed 3 paise lower at 83.46 (provisional) against the US dollar on Thursday amid a strong American currency and rising crude oil prices in global markets.

FII data
The net long of FIIs increased from Rs 16,426 crore on Tuesday to Rs 25,615 crore on Thursday.

Q4 results today
Titan, Adani Green, Britannia, MRF, Tata Tech, Godrej Properties among others will announce their fourth quarter earnings on Wednesday.