GIFT Nifty up 70 points; here's the trading setup for today's session
Equity markets traded in a narrow range with a negative bias on Wednesday as caution prevailed ahead of the RBI policy meeting and key macro data.
«The US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold,» 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 69.5 points, or 0.31 per cent, at 22,594, signaling that Dalal Street was headed for positive start on Thursday.
- Tech View: The smaller degree positive pattern like higher tops and bottoms is intact as per daily chart and present weakness could be in line with the new higher bottom of the sequence. Hence, any weakness from here could be a buy on dips opportunity, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.4% to settle at 11.37 levels.
US stocks mixed
The S&P 500 and Nasdaq closed higher on Wednesday after data showing the U.S. services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight.
- Dow down 0.1%,
- S&P 500 up 0.1%,
- Nasdaq gains 0.2%
Asian shares rise
Equities in Asia were primed for gains Thursday after Jerome Powell reaffirmed his view the Federal Reserve will likely cut rates this year.
- S&P 500 futures were
