GIFT Nifty down 25 points; here's the trading setup for today's session
auto stocks will remain in focus with monthly sales numbers. Further, a RBI policy meeting is scheduled this week, which will likely shape the market direction.
«Overall we expect the market to trade in a broader range as the higher oil price has rekindled the worry over inflation and might result in a prolonged high interest rate environment,” said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.
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 26 points, or 0.13 per cent, at 19587.5, signaling that Dalal Street was headed for negative start on Tuesday.
- Tech View: Nifty needs to close above 19,750 to witness a decent rally over the short term. A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700. On the flip side, a fall below 19,470 might trigger the resumption of the downtrend.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 10.68% to settle at 11.45 levels.
US stocks mixed
The S&P 500 ended nearly flat on Monday with utilities falling sharply and investors weighing the likelihood the Federal Reserve will need to hold interest rates higher for longer.
Asian shares down
Sovereign bonds and shares declined in Asia after hawkish signaling from the Federal Reserve intensified a selloff in Treasuries and fueled a volatile session for the S&P 500.
- S&P 500 futures were little changed as of 9:08 a.m. Tokyo time. The S&P 500 was little changed
- Nasdaq 100 futures fell 0.1%. The Nasdaq 100 rose 0.8%
- Japan’s Topix index fell 1.1%
- Australia’s S&P/ASX 200 Index fell 1.7%
- Hong Kong’s Hang Seng futures were unchanged
Oil
