Pre-market action: Here's the trade setup for today's session
economictimes.indiatimes.com
«With India continuing to post strong growth numbers and hopes of rate cut expected in the middle of next year, optimism in equity markets could continue in the medium term,» said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The near-term trend of the market continues to be positive. There is a possibility of Nifty reaching the important resistance of 21550 levels, which is 78.6% Fibonacci extension in the coming week. Immediate support is placed at 21050 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 2.11% to settle at 12.32 levels.
US stocks gain
U.S. stocks ended firmer on Thursday, with the Dow Jones Industrial Average notching its second straight record high close, lifted by optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve.
- S&P 500 +0.26%,
- Nasdaq +0.19%,
- Dow +0.43%
Asian shares up
Shares in Asia were poised to rise even as US shares signaled overbought levels as the euphoria following the Federal Reserve’s Wednesday meeting began to wane.
- S&P 500 futures fell 0.1% as of 8:03 a.m. Tokyo time
- Hang Seng futures rose 1%
- Australia’s S&P/ASX 200 rose 0.2%
FII/DII action
Foreign portfolio investors were net buyers at Rs 3,570 crore on Thursday. DIIs sold shares worth Rs 553 crore.
Rupee
The rupee recovered from all-time lows to close at 83.30 against the US dollar on Thursday, gaining 10 paise as the greenback weakened in the overseas markets following signals that rate hikes by the US Federal Reserve were over.
F&O data
The net long position of FIIs reduced from Rs 38,695 crore on Wednesday
