GIFT Nifty down 60 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 58.5 points, or 0.26 per cent, at 22,037, signaling that Dalal Street was headed for negative start on Thursday.

• Tech View: The bullish pattern like higher tops and bottoms continued on the daily chart and present weakness could be in line with the new higher bottom formation. But a decisive move below 21860 levels (last higher bottom of 29th Feb) could negate this bullish setup and that could eventually form a bearish pattern like lower tops and bottoms, Nagaraj Shetti of HDFC Securities said.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 5.8% to settle at 14.43 levels.

Wall Street down
The S&P 500 and Nasdaq edged lower on Wednesday as investors took profits in chipmaker stocks, while they braced for producer price data and further clues on the inflation trend ahead of next week's Federal Reserve meeting.

• Dow up 0.1%,
• S&P 500 dips 0.2%,
• Nasdaq down 0.5%

muted
Asian equities traded within tight ranges after a drop for technology stocks led to small declines in US shares.

• S&P 500 futures were little changed as of 9:13 a.m. Tokyo time
• Hang Seng futures rose 0.2%
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures rose 0.3%

Currency market subdued
The currency market was sedate on Thursday, with the U.S. dollar consolidating against major peers as market players awaited more data out of the world's largest economy for clues on the direction of Federal Reserve policy.


Stocks in F&O ban today

1) ZEE

2) ABFRL

3) Manappuram

4) RBL Bank

5) SAIL

6) Tata Chemicals

7) Hindustan Copper

8) Nalco

9) PEL

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 turn net sellers at Rs 4,595 crore after five days of buying. Domestic institutional investors bought shares worth Rs 9,093 crore.

Rupee
The rupee declined 1 paisa to settle at 82.81 against the US dollar on Wednesday, tracking a broad-based selloff in domestic markets and foreign capital outflows.

FII data
The net short of FIIs reduced from Rs 30,301 crore on Tuesday to Rs 43,820 crore on Wednesday.