
Pre-market action: Here's the trade setup for today's session
«The recovery noticed from today's low will be evident only post the monthly expiry on Thursday. At the same time, the ongoing Q1 results, which till date is muted, will decide the near-term trend,» said Vinod Nair, Head of Research, Geojit Financial Services
«While the overall sentiment remains positive without signs of weakness, the market appears overbought by various measures. Therefore, we advise against aggressive long positions,» said Rajesh Bhosale, Equity Technical Analyst, Angel One.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The immediate support of 10day EMA has been broken on the downside and Nifty is currently placed near another support of 20day EMA around 24270 levels. These moving averages have been upheld in the last 5-6 weeks and the market's inability to sustain above these supports could eventually open sharp weakness ahead, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 7.7% to settle at 11.76 levels.
Stocks in F&O ban today
1) Vodafone Idea
2) 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 5,130 crore on Wednesday. DIIs bought shares worth Rs 3137 crore.
Rupee
The Indian rupee fell to an all-time low on Wednesday to 83.72 as likely outflows from local equities weighed on the currency.
FII data
The net