Pre-market action: Here's the trade setup for today's session
«We expect markets to remain subdued on the back of several global events, consistent FII selling and tepid earnings by domestic companies so far. This week will be crucial as lot of index heavy weight including will announce results and could lead to stock specific action,» said Siddhartha Khemka, Head — Research, Wealth Management, Motilal Oswal
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The short-term trend of Nifty continues to be down and one may expect more weakness in the short term. The next crucial lower support to be watched is around 23,500, which is the 200-day EMA. Any bounce back from here could find strong resistance around the 24,200 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose nearly 5% to settle at 16.69 levels.
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