GIFT Nifty up 25 points; here's the trading setup for today's session
Analysts expect markets to remain range-bound for next week, as they will take further cues from a surge in crude oil prices, the Israel conflict, banks' quarterly results.
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 25 points, or 0.13 per cent, at 19725.50, signaling that Dalal Street was headed for positive start on Monday.
- Tech View: The short term trend of Nifty continues to be positive. A decisive move above the hurdle of 19800-19850 levels is likely to bring another round of sharp upside momentum for the near term. Immediate support is placed at 19630, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 0.09% to settle at 10.62 levels.
US stocks mixed
The S&P 500 and the Nasdaq closed lower on Friday as deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.
Asian shares dip
Crude oil hovered above $90 a barrel while equities were weak and the safe-haven dollar was firm on Monday as investors nervously watched for whether escalating violence in Gaza would cause the conflict to spread beyond Israel and Hamas.
Oil down
Oil prices fell on Monday, partly reversing Friday's rally as investors wait to see if the Israel-Hamas conflict draws in other countries, which could drive up prices and deal a fresh blow to the global economy.
Dollar on front foot
The dollar was on the front foot on Monday in cautious trade as tensions in the Middle East escalated, while investors awaited a speech by Federal Reserve Chair
