Pre-market action: Here's the trade setup for today's session
Equity markets opened on a weak note and closed flat with negative bias on Thursday. Weak global cues along with moderate first quarter earnings so far have dampened the sentiments.
«Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data that will be released late today. Thus, markets would take cues from their peers,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The lackluster movement with weak bias is expected to continue for the next 1-2 sessions, before witnessing a sharp upside bounce from the lows. Important lower supports to be watched around 24100-24000 levels and this could be a buy on dips opportunity. Immediate resistance is placed at 24500 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 7.2% to settle at 12.62 levels.
Stocks in F&O ban today
NIL
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 2,605 crore on Thursday. DIIs bought shares worth Rs 2431 crore.
Rupee
The rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar on Thursday, dragged down by month-end dollar demand and foreign fund outflows.
FII data
The net long
