GIFT Nifty up 5 points; here's what changed for market while you were sleeping
«In the near term, we expect the market to trade in a broader range with buying seen at lower levels. Stock specific action is likely to dominate,» Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.
Option data suggests a broader trading range in between 19000 to 19600 zones while an immediate trading range in between 19200 to 19500 zones.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded 3 points, or 0.02 per cent, higher at 19,391.50, signaling that Dalal Street was headed for flat start on Tuesday.
- Tech View: Although the index is placed at immediate supports, there is a lack of strength observed in the upside bounces. Hence, such repeated testing of the supports without showing any significant upside bounces could eventually result in a decisive downside breakout of the said supports. Further upside from here could encounter strong hurdles around 19500 levels.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 1.5% to settle at 11.96 levels.
US stocks mixed
The Nasdaq ended more than 1% higher and the S&P 500 also rose on Monday, with shares of Nvidia jumping as investors were optimistic ahead of its earnings this week, and other technology-related stocks gaining.
- Dow down 0.1%,
- S&P 500 up 0.7%,
- Nasdaq rises 1.6%
Asian shares up
Asian equities opened higher Tuesday following a rally in big tech that spurred a rebound on Wall Street, though elevated Treasury yields kept risk sentiment in check.
- S&P 500 futures fell 0.2% as of 9:11 a.m. Tokyo time. The S&P 500 rose 0.7%
- Nasdaq 100 futures fell 0.2%. The Nasdaq 100 rose 1.7%
- Japan’s Topix index rose 0.7%
- Australia’s S&P/ASX
