GIFT Nifty up 45 points; here's the trading setup for today's session
economictimes.indiatimes.com
«Overall, we expect the focus to shift from mid and small caps to large caps in the near term, as investors may turn cautious on the broader market,» 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 43.5 points, or 0.22 per cent, at 20,073.50, signaling that Dalal Street was headed for positive start on Wednesday.
- Tech View: The short-term outlook is positive and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19865 – 19810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.32% to settle at 11.69 levels.
US stocks slip
Wall Street stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week.
- S&P 500 dips 0.57%,
- Nasdaq down 1.04%,
- Dow falls 0.05%
Asian shares mixed
Asian equities were mixed before US inflation data for August that may give a better guide on the future path for Federal Reserve interest rates. Oil traded near a 10-month high amid strains in global supplies.
- S&P 500 futures were little changed as of 9:11 a.m. Tokyo time. The S&P 500 fell 0.6%
- Nasdaq 100 futures were little changed. The Nasdaq 100 fell 1.1%
- Japan’s Topix index rose 0.2%
- Australia’s S&P/ASX 200 Index fell 0.3%
- Hong Kong’s Hang Seng futures rose 0.3%
Oil prices up
Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations
