Nifty today: GIFT Nifty up 20 points; here’s the trading setup for today’s session

Equity markets kicked off the New Year on a flat note in a highly volatile trading session on Monday. The 30-share Sensex closed at 72,271, a gain of 31 points. The broader Nifty settled higher by 10 points at 21,741.

“Overall we expect positive momentum to continue and markets to end the year on a buoyant note,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Here’s breaking down the pre-market actions:

GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 19 points, or 0.09 per cent, at 21,864, signaling that Dalal Street was headed for positive start on Tuesday.

  • Tech View: A decisive move above 21850 levels is expected to nullify the present bearish effect and that could open more upside for the near term. Immediate support is placed at 21550 levels, Nagaraj Shetti of HDFC Securities said.
  • India VIX: India VIX, which is a measure of the fear in the markets, rose 1.22% to settle at 14.68 levels.

Asian shares mixed
Asian equities began the first trading day of the year with little momentum, after US stocks retreated from near all-time highs last week in a blip for a market notching its longest weekly advance since 2004.

  • S&P 500 futures were little changed as of 9:11 a.m. Tokyo time. The S&P 500 fell 0.3% on Friday
  • Nasdaq 100 futures were little changed. The Nasdaq 100 fell 0.4%
  • Australia’s S&P/ASX 200 Index rose 0.4%
  • Hong Kong’s Hang Seng futures rose 0.2%

Dollar steady
The dollar was steady on the first trading day of the year as traders weighed the prospect of steep interest rate cuts from the Federal Reserve in 2024 and looked to economic data this week for clues on the central bank’s next moves.

Stocks in F&O ban today

1) Hindustan Copper

2) Balrampur Chini Mills

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 were net sellers at Rs 855 crore on Monday. DIIs bought shares worth Rs 410 crore.

The rupee started the new year on a weak note, depreciating by 5 paise to 83.21 against the US dollar amid a muted trend in domestic equities and dollar demand from importers.

FII data
The net long of FIIs reduced from Rs 84,089 crore on Friday to Rs 81,357 crore on Monday.

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