GIFT Nifty down 10 points; here's the trading setup for today's session
traded sideways throughout the session to close with a loss of 17 points at 22951 levels on Friday.
«We expect the market to witness a gradual up-move and see some volatility next week as both election and earning season are nearing the end,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 14.5 points, or 0.06 per cent, at 23,025, signaling that Dalal Street was headed for muted start on Monday.
- Tech View: On the upside, Nifty has achieved our initial target of 23,000 and hence we raise it to 23,150 where the upper end of the rising channel is placed. One should place a trailing stop loss of 22,800 for long positions, said Jatin Gedia of Sharekhan
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.54% to settle at 21.71 levels.
US stocks up
U.S. stocks staged a rebound on Friday, recovering from steep losses the previous day, fueled by positive news regarding an improving consumer outlook on inflation. This surge propelled the Nasdaq to its fifth consecutive week of gains and a record closing high.
Asian stocks climb
Asian stocks tracked gains in US peers as an easing in US consumer inflation expectations bolstered the case for the Federal Reserve to cut rates this year.
- S&P 500 futures were little changed as of 9:19 a.m. Tokyo time
- Hang Seng futures rose 0.4%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200