GIFT Nifty down 10 points; here's the trading setup for today's session
US Fed meeting, although rotational buying in large-cap stocks is maintaining a positive tone," said Ajit Mishra – SVP, Research, Religare Broking.
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 10 points, or 0.04 per cent, at 25,452.50, signaling that Dalal Street was headed for muted start on Wednesday.
- Tech View: Nifty formed a small sideways doji candle resulting in three days of narrow range moves. Nifty is in the process of consolidating ahead of the big event. A breakout of the 25292-25442 band could result in a sharper move in that direction, said Deepak Jasani of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.04% to settle at 12.59 levels.
US stocks end flat
US stocks ended the day virtually flat on Tuesday, surrendering earlier gains that had pushed the S&P 500 and Dow Jones Industrial Average to record highs. Investors remained cautious ahead of the Federal Reserve's first rate cut in four and a half years. Earlier in the session, the S&P 500 briefly reached 5,670.81, buoyed by new economic data that helped alleviate concerns about a severe slowdown in the U.S. economy.
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