gift nifty: GIFT Nifty signals a positive start for D-Street. Here’s the trading setup for today’s session

Estimated read time 9 min read
Domestic markets scaled record highs again and are gradually expanding the gains achieved following the election outcome.

“The is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November. Volatility has decreased over the month, which is contributing to a short-term trend,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a positive start.

Nifty futures on the Gift Nifty traded 72 pts higher at 23,663.

Tech View
Having sustained above the hurdle of 23,515 levels (1.382% Fibonacci extension), one may expect Nifty to move towards the next resistance of 1.786% Fib extension at 23950 levels in the near term while immediate support is placed at 23450, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, rose 1.68% to settle at 13.04 levels.

Global markets wrap

  • S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
  • Hang Seng futures rose 0.8%
  • Japan’s Topix rose 0.5%
  • Australia’s S&P/ASX 200 rose 0.1%
  • Euro Stoxx 50 futures rose 0.2%

Dollar falls
The dollar faced declines on Wednesday following weak U.S. retail sales data that strengthened expectations of upcoming Federal Reserve interest rate cuts. Meanwhile, the pound slightly decreased in anticipation of forthcoming UK inflation figures later in the day.

Recent reports revealed that U.S. retail sales experienced minimal growth in May, with significant downward revisions to the previous month’s data, indicating sluggish economic performance in the second quarter.

Oil rises
Oil prices edged higher early on Wednesday due to concerns over increasing conflict in Europe and the Middle East, which outweighed worries about demand following an unexpected rise in U.S. crude inventories.

Brent crude futures for August delivery saw a slight increase of 6 cents, reaching $85.39 per barrel by 0016 GMT. Meanwhile, U.S. West Texas Intermediate crude for June rose 10 cents to $81.67 per barrel.

Stocks in F&O ban today

1) Balrampur Chini Mills

2) SAIL

3) India Cements

4) GMR Infra

5) Hindustan Copper

6) Sun TV

7) GNFC

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 turn net buyers at Rs 2,569 crore on Tuesday. Domestic institutional investors, meanwhile, bought shares worth Rs 1557 crore.

Rupee
The rupee appreciated 13 paise to settle at 83.42 against the US dollar on Tuesday, buoyed by fresh inflow of foreign capital and a firm trend in domestic equity markets, wherein benchmark indices scaled new peaks

FII data
The net short of FIIs reduced from Rs 24,415 crore on Friday to Rs 12,852 crore on Monday.

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