GIFT Nifty signals a negative start for D-Street. Here's the trading setup for today's session
«While the overall sentiment remains positive without signs of weakness, the market appears overbought by various measures. Therefore, we advise against aggressive long positions,» said Rajesh Bhosale, Equity Technical Analyst, Angel One.
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 over 60 pts lower at 24,409.
Tech View
The short term trend of Nifty remains negative with high volatility. Emergence of sharp buying and the formation of a positive candle pattern on Tuesday is signaling the occurrence of bullish reversal pattern in the coming sessions
India VIX
India VIX, which is a measure of the fear in the markets, fell 17.43% to settle at 12.75 levels.
Global Markets
- S&P 500 futures fell 0.4% as of 9:07 a.m. Tokyo time
- Japan’s Topix fell 0.4%
- Australia’s S&P/ASX 200 fell 0.2%
- Euro Stoxx 50 futures rose 0.3%
Dollar firms as commodities slide
Commodity currencies touched multi-week lows on Wednesday tracking weakness in Chinese demand, while the yen has surged as short-sellers bail out ahead of a central bank meeting.
Purchasing managers' index figures will be particularly watched in Europe later in the session to see whether they support bets on two European rate cuts by the end of January.
Oil rises
Falling U.S. crude inventories caused oil prices to rebound on Wednesday after several days of decline, while expectations for a nearing ceasefire deal in the Middle East kept prices from
