GIFT Nifty up 115 points; here's the trading setup for today's session
Foreign portfolio investors turn net buyers at Rs 2,778 crore on Wednesday after two days of selling. DIIs, meanwhile, bought shares worth Rs 163 crore.
Equity indices continued their bullish momentum on Wednesday and even broader markets remained active, witnessing remarkable movements in individual stocks."A price-based correction could trigger broad market profit-taking, whereas a time-wise correction might maintain the benchmark index within a range while individual stocks continue to outperform. Amidst this uncertainty, it's advisable to avoid aggressive bets and instead continue with disciplined stock-specific trades, ensuring proper exit strategies are in place," said Rajesh Bhosale, Technical Analyst, Angel One.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 38 points, or 0.17 per cent, at 22,677, signaling that Dalal Street was headed for muted start on Friday.
- Tech View: The resistance zone is placed at 22,700-22,750, while support is at 22,600. A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.1% to settle at 11.11 levels.
gain
US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.
- Dow ~flat,
- S&P up 0.74%,
- Nasdaq gains 1.68%
advance
Equities in Asia advanced on Friday after a rally in the world’s largest technology companies drove a rebound in US stocks.
- S&P 500 futures were little changed as of 9:11 a.m. Tokyo time
- Hang Seng futures fell 0.6%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200 fell 0.5%
- Euro Stoxx 50 futures fell 0.7%
Oil rises
Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region.
Yen crumbles
The yen struggled to break away from a 34-year low on Friday and was headed for a weekly decline, while the dollar hovered near a five-month high alongside U.S. Treasury yields as traders heavily scaled back bets for a slew of U.S. rate cuts this year.
Stocks in F&O ban today
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5) Vodafone Idea
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8) 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 turn net buyers at Rs 2,778 crore on Wednesday after two days of selling. DIIs, meanwhile, bought shares worth Rs 163 crore.
Rupee
The rupee closed flat at 83.31 against the US dollar on Wednesday, as support from a rally in domestic equities was negated by elevated crude prices in the international market and firm US bond yields
FII data
The net long of FIIs increased from Rs 4,023 crore on Tuesday to Rs 51,282 crore on Wednesday.
Q4 results
IT services company TCS will kickstart the fourth quarter earnings season from Friday.
Source: Stocks-Markets-Economic Times
