GIFT Nifty up 10 points; Here is the trading setup for today’s session

The Nifty has shown resilience during this consolidation phase and analysts say the upcoming monthly expiry of the November derivatives contract on Thursday could potentially trigger a breakout above the 24,350 level. is

Investors now await key US economic data releases later today, including a second estimate of Q3 GDP growth, PCE inflation data and initial jobless claims, which will provide further direction to the market.

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

Market conditions
GIFT Nifty (earlier SGX Nifty) signals a muted start

GIFT Nifty traded up 9 points, or 0.04 percent, at 24,313.50 on NSE IX, indicating Dalal Street is headed for a muted start on Thursday.

• Tech View: On the upside, 24,500 remains a significant resistance level, and a sustained breakout above this mark could pave the way for further gains. Choice Broking’s derivatives analyst Hardik Matalia said that in the current volatile environment, traders are advised to follow a buy-on-dips strategy as long as the index remains above 24,000.
• India VIX: The India VIX, a measure of fear in the markets, settled down 4.4% at 14.62.

US stocks fall
Wall Street’s major indexes closed lower on Wednesday, with the Nasdaq leading decliners, as technology stocks fell on the eve of Thanksgiving and the Federal Reserve may be wary of rate cuts after stubbornly strong U.S. inflation data.

• down 0.31%,
• The S&P 500 fell 0.38%,
• The Nasdaq fell 0.6%

Mixed in Asian stocks
Stocks in Asia were held in a narrow range on Thursday while bond yields fell as traders took the sidelines ahead of the US Thanksgiving holiday.

• S&P 500 futures were up 0.1% at 9:28 a.m. Tokyo time.
• Hang Seng futures rose 0.1%
• Japan’s topics were slightly changed
• Australia’s S&P/ASX 200 rose 0.5%
• Euro Stoxx 50 futures fell 0.6%

Euro jump
The euro clung to its sharpest rise in four months on Thursday following hawkish comments from a central bank policymaker, while the yen headed for its strongest week in three months on bets Japan could raise interest rates in December.

Ban stock today in F&O
NIL

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 Wednesday invested Rs. 8 crore became net buyers. DII has invested Rs. 1,302 crore shares were bought.

Rs
The rupee closed 11 paise lower at 84.40 against the US dollar on Wednesday amid uncertainties surrounding US President-elect Donald Trump’s trade policies and rising crude oil prices.

FII data
Net short by FIIs on Tuesday was Rs. 1.23 lakh crore on Wednesday to Rs. 1.35 lakh crores.

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