GIFT Nifty up 30 points; here's the trading setup for today's session

Domestic equities bounced back on Tuesday amid a rally in global markets and ‘overweight’ rating upgrade by Goldman Sachs. The focus is likely to shift to the primary market with five IPOs in the mix for subscription.

“Overall we expect the market to continue to trade in a broader range with positive bias,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 27.5 points, or 0.14 per cent, at 19,857.5, signaling that Dalal Street was headed for positive start on Wednesday.

Tech View: The anticipated upside breakout could pull Nifty towards the new all-time highs. Immediate support is at 19650 levels, said Nagaraj Shetti of HDFC Securities.
India VIX: India VIX, which is a measure of the fear in the markets, rose 0.7% to settle at 12.23 levels.

US stocks retreat
U.S. stocks retreated on Tuesday, with the S&P 500 and Nasdaq snapping five-session winning streaks as retailers declined after some disappointing outlooks and as technology shares fell.

Dow down 0.2%,
S&P 500 dips 0.2%,
Nasdaq falls 0.6%

Asian shares down
Stocks in Asia dropped as the US rally stalled and Big Tech fell. Nvidia Corp. slipped in late trading after investors were underwhelmed by its latest quarterly update.

S&P 500 futures were little changed as of 9:42 a.m. Tokyo time
Hang Seng futures fell 0.3%
Nikkei 225 futures (OSE) rose 0.3%
Japan’s Topix rose 0.5%
Australia’s S&P/ASX 200 rose 0.1%
Euro Stoxx 50 futures rose 0.1%

Oil prices little changed
Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group.
Stocks in F&O ban today
1) BHEL
2) Chambel Fertilisers
3) Delta Corp
4) Hindustan Copper
5) Indiabulls Housing Finance
6) India Cements
7) Manappuram
8) MCX
9) NMDC
10) RBL Bank
11) ZEEL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors were net sellers at Rs 455 crore on Tuesday. DIIs bought shares worth Rs 721 crore.

Rupee
The rupee recovered from its all-time low to settle 10 paise higher at 83.28 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities.

F&O data
The net short position of FIIs reduced from Rs 1.36 lakh crore on Monday to Rs 1.31 lakh crore on Tuesday.

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