GIFT Nifty signals a positive start for D-Street. Here's the trading setup for today's session

Domestic markets showed gains driven by positive sentiment on expectations of a discretionary spending rebound. Investors focus on upcoming US job data and Fed Chair's speech for interest rate insights. Nifty futures trade higher with a positive trend intact. Oil prices remain steady near highs, supported by rising fuel demand outlook. FII and DII actions impact rupee's performance.

Domestic markets started the week on a positive note despite a flat start clocked gains, continuing their from the previous week.

"We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming and the Fed Chair's speech for further indication on interest rates," said Vinod Nair, Head of Research, .

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

(Earlier SGX Nifty) signals a positive start.

Nifty futures on the Gift Nifty traded 40 pts higher at 24,245.

Tech View
Positive chart pattern like higher tops and bottoms is intact. The underlying trend of Nifty remains positive. The market is racing towards the next upside target of 24400 levels in the near term. Immediate support is placed at 23980 levels, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, rose 0.2% to settle at 13.83 levels.

Markets Wrap

S&P 500 futures were little changed as of 8:55 a.m. Tokyo time
Hang Seng futures were unchanged
S&P/ASX 200 futures fell 0.2%

Forex News
The dollar was supported by rising U.S. yields and the blowtorch was on low-yielding currencies on Tuesday such as China's yuan and Japan's yen, which was pinned to its lowest since 1986.

Benchmark 10-year Treasury yields rose nearly 14 basis points to 4.479% overnight, with analysts attributing the move to expectations of Donald Trump winning the U.S. presidency and raising tariffs and government borrowing.

Oil flat
Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth.

Brent crude futures rose 20 cents to $86.80 per barrel as of 0142 GMT after gaining 1.9% in the previous session to the highest close since April 30.

FII/DII action
Foreign portfolio investors turned net sellers at Rs 426 crore on Monday. DIIs, meanwhile, bought shares worth Rs 3,917 crore.

Rupee
The rupee fell 10 paise to settle at 83.44 against the US dollar on Monday, tracking rising crude oil prices in international markets.

FII data
The net long of FIIs increased from Rs 3.46 lakh crore on Friday to Rs 3.5 lakh crore on Monday.

Source: Stocks-Markets-Economic Times