GIFT Nifty up 65 points; here's the trading setup for today's session
«It is anticipated that a bullish momentum will prevail in the index, and the rally could further extend to 23,000 levels. Short-term support levels for the Nifty exist at 22,700 and 22,620 levels, while resistance stands at 22,800 and 22,900 levels,» said Asit C, Mehta Investment.
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 65 points, or 0.29 per cent, at 22,841.50, signaling that Dalal Street was headed for positive start on Tuesday.
- Tech View: Nifty has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 2.40% to settle at 11.61 levels.
US stocks mixed
US stocks were essentially unchanged at the close of a choppy session on Monday, with a solar eclipse offering distraction ahead of crucial inflation data and the kick-off of first-quarter earnings season.
- Dow off 0.03%,
- S&P down 0.04%,
- Nasdaq up 0.03%
Asian shares gain
Stocks in Asia climbed Tuesday after US benchmarks saw sluggish trading and Treasuries kicked off the week on the back foot ahead of key inflation data.
- S&P 500 futures were little changed as of 9:21 a.m. Tokyo time
- Hang Seng futures rose 0.3%
- Japan’s Topix rose 0.3%
- Australia’s
