Trading setup for the day: Here's what changed for market while you were sleeping
equities rallied for a second consecutive day following strong macro data and firm global cues. Investors would keep an eye on services PMI data from Europe, UK and India, due later today.
«Going ahead, domestic positives should continue to support indices with broader market sustaining momentum. Sectoral rotation would continue with niche and underperforming sectors likely to do well,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded 8.5 points, or 0.04 per cent, higher at 19,607.50, signaling that Dalal Street was headed for muted start on Tuesday.
- Tech View: Nifty continues to stay in the bullish territory as the index has maintained its position above the channel breakout level. The trend is expected to stay positive as long as it remains above 19,525. On the upside, the index could potentially extend its gains towards 19,750. Conversely, if it falls below 19,400, we may witness a period of consolidation.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 3.54% to settle at 10.96 levels.
Asian stocks slip
Asian stocks edged lower as traders returned their focus to China’s efforts to halt its economic malaise after markets in the US were shut for the US Labor Day holiday.
- S&P 500 futures fell 0.1% as of 9:16 a.m. Tokyo time
- Nasdaq 100 futures were little changed
- Hang Seng futures fell 0.4%
- Japan’s Topix fell 0.1%
- Australia’s S&P/ASX 200 fell 0.5%
- Euro Stoxx 50 futures fell 0.2%
Oil prices mixed
Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of
