Pre-market action: Here's the trade setup for today's session
«We expect the consolidation to continue in the next session, though the overall sentiment should stay positive. Traders are advised to focus on a stock-specific approach and use these intermediate pauses to accumulate quality stocks,» said Ajit Mishra – SVP, Research, Religare Broking.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: On the downside, support is placed at 24,350, while on the upside, it could move toward 24,700, where it may encounter initial selling pressure. A decisive move above 24,700 could trigger a continuation of its upward momentum. Conversely, a fall below 24,350 could weaken market sentiment.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.54% to settle at 14.45 levels.
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