GIFT Nifty up 10 points; here's the trading setup for today's session

In the absence of any significant triggers, domestic equities are likely to see consolidation, resulting in rangebound trade for benchmark indices. However, stock-specific action, particularly in the broader market will continue to be seen.

Options data suggests that 19800 is likely to be a key hurdle for the Nifty 50, as that strike price call option holds the highest open interest. On Monday, the 50-stock index ended 0.2% down at 19694 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 higher by 8 points, or 0.04 per cent, at 19,815, signaling that Dalal Street was headed for muted start on Tuesday.

Tech View: The Nifty 50 has formed a small red candle with minor upper and lower shadows on the daily charts following a lower close on Monday. The short-term trend of the index suggests rangebound trade, and one could see some consolidation before a trend reversal. Immediate support is placed around 19600-19550 levels.
India VIX: The somewhat sombre mood in Dalal Street on Monday reflected in the volatility gauge, which ended 2.7% higher at 12.1475 points.

US stocks gain
Wall Street’s three major stock averages closed higher on Monday with Nasdaq’s 1% rally leading the charge as heavyweight Microsoft hit a record high after it hired prominent artificial intelligence executives.

Dow up 0.58%,
S&P rises 0.74%,
Nasdaq gains 1.13%

Asian stocks advance
Asian stocks advanced Tuesday, buoyed by Wall Street gains, as US shares extended their storming rally and a $16 billion sale of 20-year Treasuries lured bond buyers.

S&P 500 futures rose 0.1% as of 9:32 a.m. Tokyo time. The S&P 500 rose 0.7%
Nasdaq 100 futures rose 0.1%. The Nasdaq 100 rose 1.2%
Hang Seng futures rose 1%
Japan’s Topix fell 0.4%
Australia’s S&P/ASX 200 rose 0.2%
Euro Stoxx 50 futures rose 0.1%

Oil eases
Oil futures eased on Tuesday, reversing the previous day’s rally, as concerns over weaker demand amid a slowing global economy outweighed the prospect of deepening supply cuts by OPEC and its allies such as Russia.

Dollar dips
The dollar was on the defensive and trading by multi-month lows on the euro and a handful of other major currencies on Tuesday, as investors expect U.S. interest rates to fall next year and see that as a signal to sell the dollar in anticipation.

FII/DII action
Foreign portfolio investors were net sellers of shares for the second day on Monday, offloading shares worth Rs 646 crore, according to the provisional data. On the contrary, domestic institutional investors turned net buyers, investing Rs 77.8 crore.

Rupee
The rupee dropped against the dollar and ended at a record closing low of 83.34 on Monday, compared to the previous session of 83.27. It had hit a record low prior to this on November 10.

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