“Markets are optimistic about the US Fed policy rate cut following Jerome Powell’s supportive comments and the Federal Reserve’s confidence in achieving its 2% inflation target. Further buying by FIIs over the last three days added to the sentiments. We expect this up-move to continue with Nifty likely headed towards new highs in near term supported by broader market and stock specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETSGift Nifty (Earlier SGX Nifty) signals a flat start.
Nifty futures on the Gift Nifty traded 5 points higher at 25,008.
Tech View
To trigger momentum, new highs need to be established soon, which could open the door for further gains. Key levels to watch include 24975 and the bullish gap around 24850 as immediate support, with resistance at 25080–25100 and next at 25400. Traders are advised to keep a tab on the above levels and trade accordingly, said Rajesh Bhosale of Angel One.India VIX
India VIX, which is a measure of the fear in the markets, fell 0.7% to settle at 13.70 levels.
Global Markets
- S&P 500 futures fell 0.1% as of 9:08 a.m. Tokyo time
- Hang Seng futures fell 0.2%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200 fell 0.1%
- Euro Stoxx 50 futures rose 0.1%
Forex News
- The euro was little changed at $1.1175
- The Japanese yen was little changed at 144.04 per dollar
- The offshore yuan was little changed at 7.1237 per dollar
- The Australian dollar was little changed at $0.6790
Stocks in F&O ban today
1) India Cements
2) Balrampur Chini Mills
3) Birla Soft
4) Hindustan Copper
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit
FII/DII action
Foreign portfolio investors turned net buyers at Rs 1,503 crore on Tuesday. DIIs sold shares worth Rs 605 crore.
Rupee
The rupee depreciated by 6 paise to close at 83.93 against the American currency on Tuesday, on overnight jump in crude oil prices and a surge in commodity prices.
FII data
The net long of FIIs increased from Rs 57349 crore on Monday to Rs 86,286 crore on Tuesday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
