GIFT Nifty signals a positive start for D-Street. Here's the trading setup for today's session
Domestic markets faced selling pressure for a second straight day on Thursday. However, a recovery in the last hour helped the indices to close flat.
«Overall strength is seen in the market as every dip is being bought, supported by strong domestic flows aided by FIIs buying in the last few days,» 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 positive start.
Nifty futures on the Gift Nifty traded 70 pts higher at 24,471.
Tech View
The underlying trend of Nifty remains choppy with positive bias. A sustainable move above 24500 levels is expected to open the next upside targets of 24900 levels in the near term. Immediate support is at 24150, Nagaraj Shetti of HDFC Securities said.
India VIX
India VIX, which is a measure of the fear in the markets, fell 3.03% to settle at 14 levels.
Global Markets
- S&P 500 futures were little changed as of 9:22 a.m. Tokyo time
- Hang Seng futures rose 0.7%
- Japan’s Topix fell 0.8%
- Australia’s S&P/ASX 200 rose 0.7%
- Euro Stoxx 50 futures rose 0.4%
Forex News
- The euro was little changed at $1.0869
- The Japanese yen was little changed at 158.73 per dollar
- The offshore yuan was little changed at 7.2669 per dollar
Oil rises
Early in Asian trading on Friday, oil prices increased as strong summer demand and reduced inflationary pressures in the United States, the world's largest oil market, boosted investor optimism.
Brent crude futures climbed 37 cents to