GIFT Nifty signals a positive start for D-Street. Here's the trading setup for today's session
Fed Chair Powell's speech in the Jackson Hole Symposium on Friday will be a key event to watch out for.
«Hopes are running high for rate cuts in the September meeting followed by more rate cuts in subsequent meetings. The market thus is likely to consolidate this week,» 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 72 pts higher at 24,888.
Tech View
The short term trend of Nifty continues to be positive with range-bound action. The market is now set to challenge another opening down gap resistance of 2nd August around 24960. Hence, one may expect the index to move towards 24960 and 25100 levels in the next one week. Immediate support is placed at 24650 levels, said Nagaraj Shetti of HDFC Securities.
India VIX
India VIX, which is a measure of the fear in the markets, fell 3.53% to settle at 13.33 levels.
Global Markets
- S&P 500 futures were little changed as of 9:32 a.m. Tokyo time
- Hang Seng futures rose 0.8%
- Japan’s Topix rose 0.3%
- Australia’s S&P/ASX 200 rose 0.2%
- Euro Stoxx 50 futures rose 0.2%
Forex News
- The euro was unchanged at $1.1150
- The Japanese yen fell 0.1% to 145.38 per dollar
- The offshore yuan was little changed at 7.1298 per dollar
Oil falls
A sharp sell-off in crude oil paused on Thursday after expectations of a rate cut by the Federal Reserve offset a bunch of weak economic data from the world's two largest
