GIFT Nifty falls 190 points; here's the trading setup for today's session
«The Nifty saw a relief rally today, but volatility cannot be ruled out. All eyes will be on RBI policy outcome on Thursday where the committee is expected to maintain the interest rate. Hence, interest-sensitive sectors and stocks would be in focus,» 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.
Nifty futures on the Gift Nifty traded 191 pts lower at 24,199.
Tech View
The short-term trend of Nifty seems to have reversed on the upside. Follow-through upmove is required from here to consider this as a short-term bottom reversal pattern. A decisive move above 24400 levels could pull Nifty towards another resistance of 24700 levels quickly. Immediate support is at 24050 levels, said Nagaraj Shetti of HDFC Securities.
India VIX
India VIX, which is a measure of the fear in the markets, fell 13.73% to settle at 16.17 levels.
Global Markets
- S&P 500 futures fell 0.4% as of 9:07 a.m. Tokyo time
- Japan’s Topix fell 1.3%
- Australia’s S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures rose 2.2%
Forex News
- The euro was little changed at $1.0927
- The Japanese yen rose 0.3% to 146.18 per dollar
- The offshore yuan rose 0.1% to 7.1642 per dollar
Oil rises
Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week.
Brent crude futures rose 23 cents, or 0.3%, at
