GIFT Nifty down 70 points; here's the trading setup for today's session
Reliance
«This market movement aligns with expectations, and we recommend maintaining a cautious stance until Nifty decisively surpasses the 25,300 level. However, select sectors and themes are still presenting buying opportunities, so traders should focus on stock selection and adopt a balanced approach,» 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 negative start
GIFT Nifty on the NSE IX traded higher by 70 points, or 0.28 per cent, at 25,042, signaling that Dalal Street was headed for negative start on Wednesday.
- Tech View: The short-term trend of Nifty continues to be choppy and the market is now placed within a broader range of 25,200-24,900 levels. A decisive move above 25,200 levels could open the next upside of around 25,500-25,600 levels in the near term. Immediate support is placed at 24,900 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.058% to settle at 13 levels.
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