Pre-market action: Here's the trade setup for today's session
«Participants are advised to maintain a cautious stance with a negative bias on the index until clear signs of a rebound emerge. However, individual stocks continue to present opportunities on both sides. We reiterate our preference for the pharma and healthcare sectors for long positions, while other sectors are likely to see mixed trading trends,» said Ajit Mishra – SVP, Research, Religare Broking
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: On the levels front, 23,850-23,870 withholds a crucial hurdle, followed by the bearish gap of 24,000-24,150, and until these zones aren’t conquered, any bounce should be seen as an opportunity to lighten long bets. In contrast, 23,600-23,500 is likely to mitigate any shortcomings, while a breach could lead to further corrections towards 23,350 in the comparable period.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 10.3% to settle at 13.52 levels.
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