IT companies will be in focus as bellwether TCS will report its first quarter earnings.
«We expect the market to consolidate in the higher zone and any dip is a buying opportunity for long-term investors. Corporate earnings will start tomorrow with TCS first to announce numbers. Thus, the IT sector is expected to remain 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 muted start.
Nifty futures on the Gift Nifty traded 25 pts higher at 24,387.
Tech View
The near-term uptrend status of the market remains intact. But the market seems to have started signs of profit booking around 24400-24500 levels. However, a move above 24465 could negate this bearish setup. Immediate support is at 24150 levels, Nagaraj Shetti of HDFC Securities said.
India VIX
India VIX, which is a measure of the fear in the markets, rose 1.07% to settle at 14.43 levels.
Global Markets
Dollar falls
On Thursday, the dollar saw a slight decline with relatively muted activity as investors awaited a U.S. inflation report later in the day. Meanwhile, the British pound strengthened, reaching its highest level in a month at $1.28545 during early trading in Asia.
This increase followed a 0.48% rise from the previous session, prompted by