Pre-market action: Here's the trade setup for today's session
markets continued their upward trajectory as Nifty made new highs for the second consecutive day and gradually inching upwards to 24,000 mark.
«Overall optimism surrounding the Union Budget, increasing FII inflows, and robust domestic economic data contributed towards the positive movement in the market. We expect the ongoing uptrend to continue further,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The present upside momentum could find resistance at the highs of around 24000-24100 levels (1.786% Fibonacci extension of crucial bottom/top/bottom of 2020-2022) and one may expect next round of consolidation or minor weakness to emerge from the highs. Immediate support is at 23650 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 1.87% to settle at 14.04 levels.
Stocks in F&O ban today
1) SAIL
2) PNB
3) GNFC
4) Indus Tower
5) India Cements
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit
FII/DII action
Foreign portfolio investors turned net sellers at Rs 3,535 crore on Wednesday. DIIs, meanwhile, bought shares worth Rs 5,103 crore.
Rupee
The rupee gained 4 paise against the US dollar on Tuesday, tracking a firm trend in domestic equities amid stable global crude oil prices.
FII data
The net long of FIIs increased from Rs 1.4 lakh crore on Tuesday
