GIFT Nifty up 25 points; here's the trading setup for today's session
«Although the market has been on a steady upward trend, momentum has been somewhat lacking, largely due to the underperformance of major banking stocks, which carry substantial weight in the benchmark. And, if we see improved participation from the banking sector, Nifty could break past the 25,500 mark and move toward a new milestone of 26,000,» said Ajit Mishra – SVP, Research, Religare Broking.
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 23 points, or 0.08 per cent, at 25,415, signaling that Dalal Street was headed for positive start on Monday.
- Tech View: the index could advance towards 25,500 levels in the short term. If the index sustains above 25,500, Nifty could head towards the 26,000-26,250 levels, which is the target of the rounding bottom pattern, Hrishikesh Yedve, Asit C. Mehta Investment Interrmediates, said.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 2.86% to settle at 13.39 levels.
US stocks gain
Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.
- S&P 500 +1.01%,
- Nasdaq +1.13%,
- Dow +0.55%
Asian shares mixed
Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that
