GIFT Nifty up 50 points; here's the trading setup for today's session
Foreign portfolio investors turn net buyers at Rs 1,421 crore on Tuesday after a day of selling. DIIs too bought shares worth Rs 7,449 crore.
Equity remained under pressure on Tuesday to close with the losses. After consolidating in a narrow range for the last few days, analysts said Nifty has fallen below its key support levels, indicating that weakness could continue over the next few days."We expect the market to remain in consolidation mode as cautiousness persists with the US Fed outcome looming. While the Fed is likely to maintain its stance and keep the rate unchanged, its commentary will hold importance as it would provide insights into the Central bank’s future rate action," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier ) signals a positive start
GIFT Nifty on the NSE IX traded higher by 53 points, or 0.24 per cent, at 21,915, signaling that Dalal Street was headed for positive start on Wednesday.
- Tech View: The overall chart pattern of Nifty is weak and one may expect further decline in the near term. The next lower levels to be watched are around 21500 in the next one week. Any rise up to 22000 could be a sell-on-rise opportunity, Nagaraj Shetti of HDFC Securities said.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.6% to settle at 14.11 levels.
gain
Wall Street's three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve's policy meeting conclusion on Wednesday for clues on interest rate policy.
- Dow up 0.83%,
- S&P rises 0.56%,
- Nasdaq gains 0.39%
up
Stocks in Asia rose after US equities touched fresh highs and bonds also rallied as traders brace for the latest monetary policy decision from the Federal Reserve.
- S&P 500 futures were little changed as of 9:07 a.m. Tokyo time
- Hang Seng futures rose 0.5%
- Australia’s S&P/ASX 200 rose 0.2%
- Euro Stoxx 50 futures rose 0.4%
Yen slips
The yen languished near a four-month low against the U.S. dollar and a 16-year trough against the euro on Wednesday, a day after the Bank of Japan's widely anticipated decision to end its negative interest rate policy.
Oil dips
Oil prices edged lower in early Asian trading on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in each of the past two sessions.
FII/DII action
Foreign portfolio investors turn net buyers at Rs 1,421 crore on Tuesday after a day of selling. DIIs too bought shares worth Rs 7,449 crore.
Rupee
The rupee declined 13 paise to 83.03 against the US dollar on Tuesday, weighed down by a heavy selloff in domestic equities and a surging greenback against major crosses overseas.
FII data
The net short of FIIs increased from Rs 61,315 crore on Monday to Rs 85,359 crore on Tuesday.
Source: Stocks-Markets-Economic Times