
GIFT Nifty up 50 points; here's the trading setup for today's session
Nifty slipping below the 19,000 mark.
«Given the global uncertainties, there could be higher volatility in the near term and thus giving long term investors an opportunity to accumulate quality stocks at lower levels. We suggest making higher allocation towards large caps as valuations are comfortable along with steady growth prospects,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.
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 47.5 points, or 0.25 per cent, at 18,960, signaling that Dalal Street was headed for positive start on Friday.
- Tech View: Having moved into the oversold region, there are chances of upside bounce occurring from the lows. A decisive move below 18800 levels could open the next downside of 18500-18600 levels in the near term, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 3.69% to settle at 11.73 levels.
US stocks dip
U.S. stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected.
- Dow down 0.76%,
- S&P dips 1.18%,
- Nasdaq slips 1.76%
Asian stocks rise
Asian equities rose amid cautious optimism that solid post-market US tech earnings are set to spur a rebound on Wall Street. US share futures advanced.
- S&P 500 futures rose 0.4% as of 9:40 a.m. Tokyo time. The S&P 500 index fell 1.4% on Thursday
- Nasdaq 100 futures rose 0.6%
- Japan’s Topix rose 0.5%
- Australia’s S&P/ASX 200 rose 0.3%
Oil