Pre-market action: Here's the trade setup for today's session
Want to take exposure to a sector which grows much faster than GDP
«Given weak global cues and mixed set of earnings released so far, the market is likely to consolidate and may drop a little further till the next set of fresh positive triggers,» 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 87 points, or 0.41 per cent, at 21,277, signaling that Dalal Street was headed for positive start on Wednesday.
- Tech View: The next important support zone to be watched is around 20950-20850 levels. Immediate resistance is at 21400 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 7.6% to settle at 14.85 levels.
S&P 500 climbs
The S&P 500 climbed to a record high close on Tuesday as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.
- S&P 500 rises 0.29%,
- Nasdaq gains 0.43%,
- Dow down 0.25%
Asian shares mixed
Stocks in Asia look set for a mixed day with traders hoping for another positive session in China while Japan markets opened lower.
- S&P 500 futures rose 0.2% as of 9:12 a.m. Tokyo time
- Hang Seng futures rose 2.1%
- Japan’s Topix fell 0.2%
- Australia’s S&P/ASX 200 was little changed
- Euro Stoxx 50 futures fell 0.3%
- Nasdaq 100 futures rose 0.2%
Dollar gains The dollar hovered near a six-week high against major peers on Wednesday as investors cemented expectations that the Federal Reserve would be in no rush to cut interest rates in the face of a resilient U.S. economy.
FII/DII
