
GIFT Nifty down 20 points; here's the trading setup for today's session
«Overall, given the resilient domestic economy and strong earnings outlook, the positive trend remains intact. Lot of stock-specific action is likely to be seen as we progress into the results season,» 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 negative start
GIFT Nifty on the NSE IX traded higher by 17.5 points, or 0.09 per cent, at 19794, signaling that Dalal Street was headed for negative start on Wednesday.
- Tech View: The short term trend of Nifty continues to be positive with range bound action. Nifty is expected to face patchy road ahead on the upside, as it could encounter multiple resistances like 19850 (previous swing high), 19950 (up trend line hurdle) and 20115 (previous opening down gap) in the near term. Immediate support is placed around 19700 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 3.39% to settle at 10.70 levels.
US stocks mixed
The Nasdaq ended lower while the Dow and S&P 500 were nearly flat on Tuesday as Treasury yields rose and shares of chipmakers fell after the Biden administration said it planned to halt shipments of advanced artificial intelligence chips to China.
Oil jumps
Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict.
Asian shares slip
Asian stocks were muted after US equities struggled and bonds slumped following data reinforcing the case for the Federal Reserve to keep interest rates higher for