GIFT Nifty up 30 points; here's the trading setup for today's session
economictimes.indiatimes.comUS Fed’s hawkish stance in its policy meeting.
«Uncertain global cues and persistent selling by FIIs are likely to keep markets under pressure in the near term. It would be better to prefer defensive sectors for some time until the market stabilizes,» 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 lower by 30.5 points, or 0.16 per cent, at 19,692.50, signaling that Dalal Street was headed for positive start on Friday.
- Tech View: Nifty is in the process of retracing the rise it has witnessed between 19223–20222. It has now reached the zone of 19720 – 19680 where support in the form of the 20-day moving average and the 50% Fibonacci retracement level is placed. We expect Nifty to hold on to this support and provide a pullback.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.79% to settle at 10.82 levels.
US stocks fall
Wall Street tanked in a broad sell-off on Thursday, as investor risk appetite was dashed by worries that the Federal Reserve's restrictive monetary policy will remain in place for longer than anticipated.
- Dow dips 1.08%,
- S&P down 1.64%,
- Nasdaq falls 1.82%
Asian share decline
Equity markets in Asia fell after US stocks suffered the biggest slump in six months, while the yen steadied ahead of a highly anticipated Bank of Japan policy decision.
- S&P 500 futures were little changed as of 9:14 a.m. Tokyo time. The S&P 500 fell 1.6%
- Nasdaq 100 futures were little changed. The Nasdaq 100 fell 1.8%
- Hang Seng futures fell 0.5%
- Japan’s Topix fell 1%
- Australia’s S&P/ASX 200 fell 1.4%
- Euro Stoxx 50 futures fell
