GIFT Nifty signals a muted start for D-Street. Here's the trading setup for today's session
traded volatile for yet another session on Tuesday and ended nearly unchanged. After a flat start, the Nifty gradually inched higher for most of the session but sharp profit-taking in the final hours trimmed all the gains.
«Rotational participation from the heavyweights is maintaining a positive tone amid consolidation, and we expect this prevailing trend to continue. We are targeting 25,100 in the Nifty and suggest focusing on accumulating quality stocks on dips,» 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 flat start.
Nifty futures on the Gift Nifty traded 2 pts lower at 24,928.
Tech View
The overall chart pattern is signaling some more consolidation or minor dip in the next 1-2 sessions before bouncing back from the lows. Immediate support is at 24600 levels. However, a decisive move above 25100 is expected to bring bulls back into action, said Nagaraj Shetti of HDFC Securities.
India VIX
India VIX, which is a measure of the fear in the markets, fell 0.5% to settle at 12.88 levels.
Global Markets
- S&P 500 futures were little changed as of 9:22 a.m. Tokyo time
- Hang Seng futures rose 0.1%
- Japan’s Topix fell 0.8%
- Australia’s S&P/ASX 200 rose 0.5%
- Euro Stoxx 50 futures were little changed
- Nasdaq 100 futures rose 0.5%
Forex news The yen hovered near a 2-1/2-month high on Wednesday ahead of a key Bank of Japan (BOJ) policy decision where the central bank is set to detail plans to taper its huge
