GIFT Nifty down 15 points; here's the trading setup for today's session

The momentum in domestic equities is likely to continue, aided by the recovery in global markets, easing US bond yields and strong domestic institutional inflows.

As far as the index is concerned, Nifty 50 is seen trading largely rangebound until it decisively crosses 19850 points, which is a major hurdle zone. On Friday, the 50-stock index ended 0.2% down at 19731.80 points.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 14.5 points, or 0.07 per cent, at 19,805, signaling that Dalal Street was headed for muted start on Monday.

Tech View: Following a lower close on Friday, Nifty 50 has formed two back-to-back candles with high upper shadows, which indicates strong hurdles in the upward trajectory at 19850 level. A decisive breach above the 19850 level could pave the way for a rally towards the 20000-20200 levels, according to analysts.
India VIX: On Friday, the volatility gauge ended 1.6% higher at 11.8275 points.

US stocks up
Wall Street’s three major indexes edged up slightly on Friday as investors digested recent gains while remarks from Federal Reserve officials clouded the outlook about when the U.S. central bank might start cutting interest rates.

Asian shares mixed
Stocks in Asia inched upward, tracking small gains on Wall Street Friday, as optimism persisted that the Federal Reserve will soon end its interest rate hiking cycle.

S&P 500 futures were little changed as of 9:49 a.m. Tokyo time. The S&P 500 rose 0.1% on Friday
Nasdaq 100 futures fell 0.2%. The Nasdaq 100 was little changed
Hang Seng futures rose 1%
Nikkei 225 futures (OSE) rose 0.6%
Japan’s Topix rose 0.4%
Australia’s S&P/ASX 200 rose 0.2%
Euro Stoxx 50 futures rose 0.2%

Oil gains
Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Mid-East supply disruption brought about by the Israel-Hamas conflict.

Dollar on backfoot
The dollar languished near an over two-month low against its major peers on Monday, struggling to make headway on the view that U.S. rates have peaked, with attention now on how soon the Federal Reserve could begin easing monetary conditions.

FII/DII action
After being net buyers in the last couple of sessions, both foreign portfolio and domestic institutional investors turned net sellers on Friday. While FPIs net sold shares worth Rs 478 crore, DIIs sold shares worth Rs 565 crore, according to the provisional data.

Rupee
The rupee ended marginally lower against the dollar on Friday, but remained in a narrow band throughout the session. The Indian unit settled at 83.27 a dollar, compared to 83.23 in the previous session.

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