


GIFT Nifty up 10 points; here's the trading setup for today's session
global markets for cues, while also keeping an eye on the crude oil movement amid Israel-Hamas conflict. While equities staged a smart recovery on Tuesday, sustenance on the higher level is critical for confirmation of trajectory, analysts said.
Further, Dalal Street investors will keenly await quarterly earnings of Tata Consultancy Services, due after market hours. Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 7.5 points, or 0.04 per cent, at 19783.50, signaling that Dalal Street was headed for muted start on Wednesday.
- Tech View: A trend reversal on Tuesday saw Nifty 50 forming a bullish inverted head and shoulder pattern on the daily charts. A decisive move above 19700 levels is likely to bring a sharp up move for the market towards 19950-20050 levels for the short term. Immediate support is placed at 19550 levels.
- India VIX: After a sharp surge on Monday, the ‘fear gauge’ cooled off on Tuesday amid the recovery in the market. The volatility index ended 1.1% down at 11.27 points.
US stocks gain
Wall Street indexes closed higher on Tuesday, to notch their third straight day of gains, after dovish comments from U.S. Federal Reserve officials pushed Treasury yields lower as investors cautiously monitored developments in the Middle East.
- Dow up 0.4%,
- S&P rises 0.52%,
- Nasdaq gains 0.58%
Asian stocks edge higher
Asian stocks edged higher after US equities were buoyed by Wall Street scaling back wagers on Federal Reserve rate hikes. Oil steadied following its biggest rally since April.
- S&P 500 futures were little changed as of 9:31 a.m. Tokyo time. The S&P 500 rose 0.5%
- Nasdaq 100 futures rose