Equity markets traded in a narrow range to close with minor gains on Thursday. Analysts said the release of pre-quarterly business updates is giving confidence in healthy Q1 earnings.
«We expect this ongoing momentum to continue and the Nifty to consolidate in a broader range. Investors would watch for the US Non-farm payroll and Unemployment Rate,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.
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 50 pts lower at 24,368.
Tech View
Having placed at the hurdle of around 24400 levels (1.618% Fibonacci Extension), there is a possibility of this consolidation/minor dip extending for the coming sessions. Immediate support is at 10 day-EMA at 23,990, said Nagaraj Shetti of HDFC Securities.
India VIX
India VIX, which is a measure of the fear in the markets, fell 2.65% to settle at 12.86 levels.
Global Markets
US equities
Stocks in F&O ban today
1) India Cements
2) Hindustan Copper
3) ABFRL
4) Bandhan Bank
5) PEL
Securities in the ban period under the F&O segment