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

Estimated read time 11 min read
Domestic markets continued their upward journey even on the last day of the week, driven by positive global cues along with continued domestic buying.

“We expect market uptrend to continue next week supported by positive macro trends, expectation of sustained government spending and policy continuity, healthy monsoon and strong earnings,” 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 37 pts higher at 23,588.

Tech View
Nifty continued to show range-bound action within 23300-23500 levels and still there is no early signs of any breakouts on either side. A decisive move above 23500 levels is likely to open an upside breakout and a slide below 23300 levels could mean a chance of downside breakout of the range movement in the near term, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, fell 4.93% to settle at 12.82 levels.

Global Markets Wrap

  • S&P 500 futures were little changed as of 9:20 a.m. Tokyo time
  • Hang Seng futures rose 0.4%
  • Japan’s Topix rose 0.8%
  • Australia’s S&P/ASX 200 rose 0.6%
  • Euro Stoxx 50 futures rose 0.8%

US stocks hit record high
The S&P 500 and Nasdaq achieved their highest closing levels ever on Monday, driven by a surge in technology stocks fueled by excitement surrounding artificial intelligence. Investors were also focused on upcoming economic data releases and speeches from Federal Reserve officials, which could offer insights into future monetary policy directions.

Major companies like Apple and Microsoft, despite initial declines, recovered during the day to finish 1.97% and 1.31% higher, respectively.

Forex News

  • The euro was little changed at $1.0737
  • The Japanese yen was little changed at 157.66 per dollar
  • The offshore yuan was little changed at 7.2715 per dollar
  • The Australian dollar was little changed at $0.6615

Oil rises
Oil prices increased early on Tuesday, continuing their upward trend from the previous session. This was driven by a more positive demand outlook and investor optimism that OPEC+ producers might delay or even reconsider their plans to increase oil supplies starting in the fourth quarter of this year.

Brent crude futures, the global benchmark, rose by 21 cents, or 0.25%, to reach $84.46 per barrel as of 0001 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures also saw a gain of 16 cents, or 0.2%, bringing the price to $80.49 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

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 2,175 crore on Friday. Domestic institutional investors, meanwhile, bought shares worth Rs 656 crore.

Rupee
The rupee consolidated in a narrow range and settled 1 paisa lower at 83.55 against the US dollar on Friday, as positive domestic markets and a decline in crude oil prices supported the rupee.

FII data
The net short of FIIs reduced from Rs 34,840 crore on Thursday to Rs 24,415 crore on Friday.

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