Pre-market action: Here's the trade setup for today's session
«Markets are likely to react to the preliminary release of November month manufacturing and services PMI of US, Europe and India today. In the near term, we expect the market to remain volatile on account of global geo-political concerns, relentless FII selling and uncertainty around the outcome of state assembly elections in Maharashtra and Jharkhand,» said Siddhartha Khemka, Head — Research, Wealth Management, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: «On the daily charts, we can observe that the Nifty witnessed follow-through selling pressure from the previous trading session. It has breached the low of 23,350 and is now heading towards 23,180. On the upside 23,500 which is the 20-day moving average shall act as an immediate hurdle zone from short-term perspective,» said Jatin Gedia of Sharekhan.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 2.09% to settle at 15.99 levels.
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