“We expect the market to continue its consolidation mode due to lack of any major positive trigger. However, investors should use this dip as a buying opportunity in quality stocks, especially large-caps where valuations are still comfortable,” said Siddharth Khemka. was – Retail Research, Motilal Oswal.
Here’s a breakdown of the pre-market actions:
Market conditions
Gift Nifty (earlier SGX Nifty) signals a positive start.
Nifty futures traded up 80 points to 24,237 on the gift.
Tech View
The recent swing high of 24,472 appears to be a lower peak for the Nifty as per the daily time frame chart. A slide below another lower support at 24,000-23,900 levels could trigger a reasonable downward correction in the market. The immediate resistance is placed at the 24,350 level, said Nagaraj Shetty of HDFC Securities.
India VIX
India VIX, a measure of fear in the markets, rose 1.89% to settle at 16.17.
Global markets
- S&P 500 futures were little changed at 9:16 a.m. Tokyo time
- Hang Seng futures rose 0.7%
- Japan’s Topix rose 0.7%
- Australia’s S&P/ASX 200 rose 0.6%
- Euro Stoxx 50 futures rose 0.2%
- Nasdaq 100 futures were little changed
Forex news
- The euro was little changed at $1.0994
- The Japanese yen fell 0.1% to 147.05 per dollar
- The offshore yuan was little changed at 7.1534 per dollar
- The Australian dollar was little changed at $0.6635
Oil rises
Oil prices rose on Wednesday on estimates of a decline in US crude and gasoline inventories as the market watched for a possible escalation of the Middle East war, which could reduce global oil supplies.
Brent crude futures were up 30 cents at $80.99 a barrel by 0009 GMT. US West Texas Intermediate crude rose 38 cents to $78.73 a barrel.
Ban stock today in F&O
1) India Cements
2) AB Capital
3) Birla Soft
4) Indiamart
5) RBL Bank
6) Sun TV
7) Chambal Fertilizers
8) ABFRL
9) Manappuram
10) LIC Housing Finance
11) PNB
12) Granules
13) SAIL
14) Bandhan Bank
15) Biocon
16) Aarti Industries
Under the F&O segment, securities in the embargo period include companies in which the security has exceeded 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors on Tuesday invested Rs. 2,107 crores became a net seller. DII has invested Rs. 1240 crore shares were bought.
Rs
The rupee witnessed range-bound trading and settled flat at 83.97 against the US dollar on Tuesday, as weak domestic markets and a rise in crude oil prices weighed on investor sentiment.
FII data
On Tuesday, FIIs netted Rs. 15,055 crore which on Wednesday was Rs. 21,236 crore was a net short.
Q1 results
HAL, Ola Electric, Mazagon Dock Shipbuilders, Bandhan Bank among others will announce their first quarter results on Wednesday.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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