GIFT Nifty up 15 points; here's the trading setup for today's session
economictimes.indiatimes.comNifty closed higher for the fifth straight day despite weak global cues on recovery in the second half due to short covering on the weekly expiry day.
«Nifty has shown good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However, we expect outperformance in the broader market to continue with interest in niche sectors,» 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 positive start
GIFT Nifty on the NSE IX traded 15 points, or 0.08 per cent, higher at 19,782.50, signaling that Dalal Street was headed for positive start on Friday.
- Tech View: The overall chart pattern is indicating a larger upside breakout of broader consolidation/triangle pattern of the last 5 weeks and this is opening a potential upside target for Nifty around 20,000-20200 levels over the next couple of weeks, according to analysts.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.83% to settle at 10.87 levels.
US stocks mixed
The S&P 500 and Nasdaq fell on Thursday, with the biggest drag from Apple and a sell-off in chip stocks over concerns about China's iPhone curbs, while a fall in weekly U.S. jobless claims fed worries about interest rates and sticky inflation.
- Dow up 0.17%,
- S&P dips 0.32%,
- Nasdaq down 0.89%
Asian shares down
Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against major currencies. Treasury yields also declined.
- S&P 500 futures were little changed as of 9:52 a.m. Tokyo time. The S&P 500 fell 0.3%
- Nasdaq 100 futures fell 0.1%. The Nasdaq 100 fell 0.7%
- Hang Seng
