«Although intermittent volatility cannot be ruled out, we expect the market to see a gradual up move with sectorial rotation, supported by rising hope of the US rate cut and FIIs turning buyers,» said Siddhartha Khemka, Head — Research, Wealth Management, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
Gift Nifty (Earlier SGX Nifty) signals a negative start.
Nifty futures on the Gift Nifty traded 191 pts lower at 25,171.
Tech View
The near-term uptrend status of Nifty remains intact. Present range-bound movement could eventually result in an upside breakout of the hurdle at 25400 levels over the period of time. A decisive move above this hurdle is expected to pull Nifty towards the next upside target of 25800. Immediate support is at 25100 levels, Nagaraj Shetti of HDFC Securities said.
India VIX
India VIX, which is a measure of the fear in the markets, fell 1.55% to settle at 13.84 levels.
US stocks
On Tuesday, U.S. stocks fell as the market entered one of its historically weakest months, with upcoming data expected to impact the Federal Reserve's decisions on interest rate cuts.
The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all experienced their largest daily percentage drops since early August. Most S&P 500 sectors declined, particularly technology, energy, communication services, and materials.
Global Markets