GIFT Nifty falls 100 points; here's the trading setup for today's session
profit booking on Friday amid global selloff after a record-breaking rally in the last few days.
«Investors are also cautious ahead of the Union Budget next week on 23rd July which will provide the next set of directions to the market. Earnings season will also pick up pace which will result in stock specific actions. Apart from Budget, US Core PCE data and PMI data will be key events to monitor,» 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.
Tax reforms in Budget 2024 that can boost capital flows and M&A transactions in India
What Budget 2024 can do to get foreign investors to bet on India
Will Budget 2024 allay tax fears of foreign investors in India?
Towards Jan Samriddhi: How Union Budget 2024 can advance women-centric financial inclusion
More News
Nifty futures on the Gift Nifty traded 107 pts lower at 24,246.
Tech View
The short-term trend of Nifty seems to have reversed from all-time highs. The formation of candle patterns as per daily and weekly charts indicate possibility of more weakness in the market ahead. The next lower supports to be watched are around 24,200 and 24,000 levels. Immediate resistance is at 24,850 levels, said Nagaraj Shetti of HDFC Securities.
India VIX
India VIX, which is a measure of the fear in the markets, rose 2.17% to settle at 14.82 levels.
Global Markets
- S&P 500 futures rose 0.3% as of 9:02 a.m. Tokyo time
- Hang Seng futures were little
