Pre-market action: Here's the trade setup for today's session

economictimes.indiatimes.com:

inflation data and US FOMC meeting minutes to be released on Wednesday.

«With the start of the result season, stock-specific action is likely to continue in the market. Agri and rural-related stocks are expected to be in focus after Skymet forecast a normal monsoon for India in 2024,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

• Tech View: Nifty is currently placed near the crucial overhead resistance of the ascending resistance line and also important Fibonacci extension around 22750-22800 levels. The immediate support is at 22500 levels and a decisive break below this support could trigger short term downward correction in the market, said Nagaraj Shetti of HDFC Securities.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 2.1% to settle at 11.36 levels.

FII/DII action
Foreign portfolio investors were net sellers for the second straight day at Rs 593 crore on Tuesday. DIIs, meanwhile, bought shares worth Rs 2,257 crore.

Rupee
The rupee declined 0.1% on Tuesday at 83.19 against the US dollar on the back flat closing in equity markets.

FII data
The net short of FIIs turned from Rs 23,636 crore on Monday to net long of Rs 4,023 crore on Tuesday.