GIFT Nifty up 5 points; Here is the trading setup for today’s session

Domestic markets closed sharply lower on Thursday due to monthly F&O expiry and weak global cues. Sentiment also fell after economic data releases mixed with an escalation in the Russia-Ukraine conflict and uncertainties over the path of US interest rates.

“The Nifty struggled to breach the key resistance at 24,350 and slipped below its 20 DEMA, filling the gap on the daily chart. This suggests a possible consolidation phase ahead. Declines in key sectors like IT and banking add to the negative sentiment. Traders are advised until a clear trend emerges, to be cautious and focus on stock-specific opportunities,” said Ajith Mishra – SVP, Research, Religare Broking

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

Market conditions
GIFT Nifty (earlier SGX Nifty) signals a muted start
GIFT Nifty traded up 3 points or 0.01 percent at 24,123 on NSE IX, indicating that Dalal Street is heading for a muted start on Friday.

• Tech View: The index is still facing strong resistance near 24,350-24,360 levels. As long as the index stays below 24,360, traders should focus on booking profits on the bounce and wait for a fresh breakout, said Asit C. Hrishikesh Yedve of Mehta Investment Intermediates said.
• India VIX: The India VIX, a gauge of fear in the markets, rose 4% to settle at 15.20.

European shares rebound
Tech stocks led a recovery in European stocks on Thursday after two days of declines on concerns over potential US tariffs and France’s economic and political challenges, with investors now closely watching inflation reports for clues on the future path of interest rate cuts.

Asian shares down
Australian and Japanese shares fell, while Hong Kong and US equity futures contracts rose. Cash trading in stocks and Treasuries will resume following the Thanksgiving holiday.

• S&P 500 futures were up 0.2% at 9:08 a.m. Tokyo time.
• Hang Seng futures rose 0.3%
• Japan’s Topix fell 0.3%
• Australia’s S&P/ASX 200 fell 0.6%
• Euro Stoxx 50 futures rose 0.5%

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 Thursday invested Rs. 11,756 crore net sales. DIIA Rs. 8178 crore shares were bought.

Rs
The rupee closed down 7 paise at 84.47 on Thursday on negative trend in domestic equities and broader strength of the US currency in overseas markets.

FII data
Net short by FIIs on Wednesday was Rs. 1.35 lakh crore on Thursday to Rs. 1.18 lakh crores.

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