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

Domestic markets hit record highs last week amid a rally in global markets. Next week, all eyes will be on the outcome of the US Fed meet, which is scheduled for September 18.

“The prevailing market trend is expected to continue and we target 25,550 in the Nifty as an immediate target. The recent participation of private banking companies is encouraging, and their continued momentum may help the index reach the next milestone of 26,000,” it said. Ajit Mishra – SVP, Research, Religare Broking.

Here’s a breakdown of the pre-market actions:

Market conditions

Gift Nifty (earlier SGX Nifty) signaled a positive start.

Nifty futures traded up 50 points at 25,429 on the gift.

Tech View
On the lower time frames, the RSI has entered a bearish crossover, signaling an early sign of a possible bearish momentum reversal. In the near term, the trend may remain sideways. Support is seen at 25,150–25,200, while resistance is seen at 25,460, said Rupak De of LKP Securities.

India VIX
The India VIX, a measure of fear in markets, settled down 5.06% at 12.52.

Global markets

• S&P 500 futures were little changed at 9:23 a.m. Tokyo time
• Hang Seng futures fell 0.2%
• Australia’s S&P/ASX 200 rose 0.5%
• Euro Stoxx 50 futures rose 0.7%

Forex news

• The euro rose 0.1% to $1.1091
• The Japanese yen rose 0.2% to 140.55 per dollar
• The offshore yuan was little changed at 7.0946 per dollar
• The Australian dollar rose 0.1% to $0.6711

Oil rises
Oil prices rose in early trade on Monday amid expectations of a US interest rate cut this week, although gains were limited by US supply restarts following Hurricane Francine and weak China data.

Brent crude futures for November were up 15 cents, or 0.2%, at $71.76 a barrel at 0015 GMT. US crude futures for October were up 23 cents, or 0.3%, at $68.88 a barrel.

Ban stock today in F&O

1) Balrampur Chinese Mills

2) Hindustan Copper

3) Granules

4) RBL Bank

5) Chambal Fertilizers

6) Bandhan Bank

7) Aarti Industries

Under the F&O segment the securities in the embargo period include companies in which the security exceeds 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors on Friday invested Rs. 2,364 crore became net buyers. DIIA also spent Rs. 2532 crore shares were bought.

Rs
The rupee saw range-bound trade on Friday and settled at 83.92 against the US dollar by 4 paise on Friday due to weakness in the US currency and significant foreign fund inflows in the foreign market.

FII data
Net long of FIIs on Thursday was Rs. 1.9 lakh crore on Friday to Rs. 2.09 lakh crores.

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