Pre-market action: Here's the trade setup for today's session
Equity markets traded firmly for the most part of Friday and closed with gains. The exchanges will remain open on Saturday for a special trading session to prepare for disaster management.
«Overall, we expect markets to witness a gradual recovery. However, concerns regarding consistent FII selling, India VIX still above 20 levels, ongoing general election polling and the outcome could keep volatility higher,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The short-term trend of Nifty is positive and the next upside levels to be watched are around 22700-22800 levels in the next few sessions. Immediate support is at 22320, said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell nearly 1% to settle at 19.80 levels.
US stocks gain
The Dow Jones industrial average closed above the 40,000 mark for the first time on Friday, with other major indexes also scoring weekly gains, as data supported expectations for interest rate cuts by the Federal Reserve this year.
Oil settles higher
Oil prices settled higher on Friday, with global benchmark Brent recording its first weekly gain in three weeks, as economic indicators from the world's top two oil consumers — China and the United States — bolstered hopes for higher demand.
Dollar retreats
The dollar retreated against major currencies on Friday as market speculation continues to
