GIFT Nifty down 25 points; here's the trading setup for today's session
«Going ahead, the weakness in the market is likely to extend till the worry over the elevated oil prices and higher interest rates remains, posing a risk to the earnings growth trajectory,” 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 25.5 points, or 0.13 per cent, at 19631.5, signaling that Dalal Street was headed for negative start on Friday.
- Tech View: On the way down Nifty can slip further towards 19500 – 19440 which is the 78.6% Fibonacci retracement level of the rise from 19224 – 20222. In terms of levels, 19500 – 19440 is the crucial support zone while 19625 – 19650 shall act as an immediate hurdle zone
- India VIX: India VIX, which is a measure of the fear in the markets, rose 10.68% to settle at 12.82 levels.
US stocks up
Wall Street's main indexes ended higher on Thursday as investors assessed the latest batch of economic data and as a surge in Treasury yields stalled ahead of a key inflation report.
- Dow up 0.35%,
- S&P rises 0.59%,
- Nasdaq gains 0.83%
Asian shares mixed
Stocks in Asia looked set to post the biggest quarterly decline in a year, while oil’s rally faltered and Treasury yields fell.
- S&P 500 futures fell 0.1% as of 9:24 a.m. Tokyo time. The S&P 500 rose 0.6%
- Nasdaq 100 futures fell 0.1%. The Nasdaq 100 rose 0.8%
- Japan’s Topix fell 0.3%
- Australia’s S&P/ASX 200 rose 0.3%
- Euro Stoxx 50 futures rose 0.6%
Oil falls
Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive
