GIFT Nifty surges 90 points; Here is the trading setup for today’s session

The benchmark Nifty saw profit booking and closed with a minimum loss of 18 points on Tuesday, after making a fresh high above the 24200 level.

Motilal Oswal Financial Services said, “We expect the Nifty to continue consolidating in the higher zone.

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

Market conditions

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

Nifty futures traded up 95 points at 24,340 on the gift.

Tech View

As per long term chart Nifty remains strong and upside momentum can be expected to resume soon after consolidation movement. Immediate support is at 23980. Nagaraj Shetty of HDFC Securities said, the next upside resistance will be seen around 24400.

India VIX
The India VIX, a measure of fear in markets, settled down 1.4% at 13.64.

Global market update

• S&P 500 futures were little changed at 9:16 a.m. Tokyo time
• Hang Seng futures rose 0.5%
• Japan’s Topix rose 0.2%
• Australia’s S&P/ASX 200 rose 0.3%
• Euro Stoxx 50 futures rose 0.3%
• Nasdaq 100 futures were little changed

Forex news

• The euro was little changed at $1.0751
• The Japanese yen was little changed at 161.51 per dollar
• The offshore yuan was little changed at 7.3081 per dollar
• The Australian dollar was little changed at $0.6670

Oil rises
Oil prices rose in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in US crude stockpiles, boosting hopes for solid fuel demand during the summer driving season in the top oil-consuming nation.

Brent crude oil futures were up 16 cents, or 0.2%, at $85.60 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $82.95 a barrel.

Ban stock today in F&O

1) India Cements

2) Indus Tower

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 Tuesday invested Rs. 2,000 crore became a net seller. Meanwhile, DII has spent Rs. 648 crore shares were bought.

Rs
The rupee settled down 4 paise at 83.48 on Tuesday on stronger greenback and higher global crude oil prices in the overseas market.

FII data
Net long of FIIs on Monday was Rs. 3.5 lakh crore on Tuesday to Rs. 3.46 lakh crores.