GIFT Nifty up 20 points; here's the trading setup for today's session
Market rallied for a second straight day on Wednesday after strong quarterly business updates from several corporates and also easing inflation concerns.
With the start of earnings season, analysts expect stock-specific action as well as sectorial rotation in the market. The IT sector would be in focus with TCS announcing its results post-market Wednesday, while Infosys and HCL Tech earnings are due later today.
«Going forward, we expect the market momentum to continue on the back of positive global cues, easing of US bond yields, and strong domestic economic position,” 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 higher by 16.5 points, or 0.08 per cent, at 19846.50, signaling that Dalal Street was headed for positive start on Thursday.
- Tech View: The short term trend of Nifty continues to be positive. A decisive move above 19800 levels is likely to pull Nifty towards the next upside levels of 20,000-20,200 in the near term. Important support is placed at 19650 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.53% to settle at 10.98 levels.
US stocks gain
Wall Street's major indexes closed higher after Wednesday's choppy session with the release of minutes from the U.S. Federal Reserve's last meeting showing caution among policy makers that helped fuel investor hopes that rates would stay steady.
- Dow rises 0.19%,
- S&P up 0.43%,
- Nasdaq gains 0.71%
Asian shares up
Asian shares opened higher after US stocks rose for a fourth day as traders shrugged
