GIFT Nifty down 40 points; here's the trading setup for today's session

Here's breaking down the actions:

STATE OF THE MARKETS
(Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 44 points, or 0.20 per cent, at 22,052.50, signaling that Dalal Street was headed for negative start on Monday.

• Tech View: Technically, the short term and the near-term trend of Nifty appears weak and a decisive move below 21900 could open sharp weakness down to the next lower support of 21500 levels in the near term, according to Nagaraj Shetti of HDFC Securities.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 0.5% to settle at 13.69 levels.

down
U.S. stocks fell on Friday, led by technology-related megacaps that have propelled this year's rally, while investors weighed the interest rate outlook ahead of next week's Federal Reserve meeting.

• Dow down 0.5%,
• S&P 500 dips 0.7%,
• Nasdaq falls 1%

mixed
Asian shares idled and the dollar held firm on Monday as investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and perhaps a slower glide path for U.S. rate cuts.

Oil rises
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14.

FII/DII action
Foreign portfolio investors were net buyers at Rs 848 crore on Friday. Domestic institutional investors sold shares worth Rs 682 crore.

Rupee
The rupee declined 2 paise to close at 82.86 against the US dollar on Friday, weighed down by unabated foreign fund outflows and a negative trend in domestic equities.

FII data
The net short of FIIs reduced from Rs 50,991 crore on Thursday to Rs 57,390 crore on Friday.