GIFT Nifty down 5 points; here's the trading setup for today's session
Equity markets witnessed a gradual decline after opening higher on Monday amid high volatility. Analysts said the surge in India VIX by over 70% in the last eight trading sessions from around 10 to its 52-week high near 17 level indicates increasing nervousness among investors due to the ongoing global uncertainties and Lok Sabha election outcome next month.
«Hence, markets are likely to remain in a broader range with stock-specific action in the near term,» 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 5 points, or 0.02 per cent, at 22,585, signaling that Dalal Street was headed for muted start on Tuesday.
- Tech View: On the higher side, the immediate resistance zone for Nifty is at 22,600-625 levels and the next resistance is at 22,800 Mark. Overall, Nifty is likely to remain volatile within 22,200–22,800 range in the near term with a negative bias, said Tejas Shah, Technical Research, JM Financial & BlinkX.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 13.6% to settle at 16.60 levels.
US stocks gain
US stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year.
- Dow up 0.46%,
- S&P rises 1.03%,
- Nasdaq gains 1.19%
Asian shares rise
Asian stocks rose in early
