Nifty today: GIFT Nifty up 45 points; here’s the trading setup for today’s session


Domestic equities opened positive on the first day of the week but soon witnessed selling pressure amid muted global cues. In today’s trade, markets will react to the inflation data, which fell to a 3-month low of 5.10% in January.

“Global cues are muted as most of the Asian markets are closed for this week on account of Lunar New Year holidays, which kept global investors on side-line. Overall we expect the market to consolidate with negative bias in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 45 points, or 0.21 per cent, at 21,737.50, signaling that Dalal Street was headed for positive start on Tuesday.

  • Tech View: The momentum indicator aligns with this bearish outlook, displaying a crossover. Nifty might remain in sell-on-rise mode as long as it remains below 21850. On the downside, support is situated at 21500, Rupak De of LKP Securities said.
  • India VIX: India VIX, which is a measure of the fear in the markets, rose 3.98% to settle at 16.06 levels.

US stocks mixed
The Nasdaq slipped on Monday afternoon after briefly surpassing its record closing high from November 2021, while the Dow rose modestly ahead of two U.S. inflation reports this week that could influence Federal Reserve policy.

  • Dow up 0.35%,
  • S&P down 0.08%,
  • Nasdaq falls 0.27%

Asian stocks up
Japanese stocks rose as trading resumed after a holiday while US equity futures edged lower ahead of inflation data due later Tuesday.

  • S&P 500 futures fell 0.2% as of 9:10 a.m. Tokyo time
  • Japan’s Topix rose 1%
  • Australia’s S&P/ASX 200 was little changed
  • Euro Stoxx 50 futures rose 0.7%

Dollar steady
The dollar flirted with the psychological threshold of 150 yen on Tuesday and held broadly steady ahead of a key reading on U.S. inflation due later in the day, while bitcoin hovered around the $50,000 mark for a second day running.

Stocks in F&O ban today

1) Hindustan Copper

2) India Cements

3) Indus Tower

4) PNB

5) ZEE

6) Ashok Leyland

7) ABFRL

8) Balrampur Chini Mills

9) Delta Corp

10) SAIL

11) Aurobindo Pharma

12) Biocon

13) Bandhan Bank

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 buyers for the second straight day at Rs 126 crore on Monday. Meanwhile, DIIs too bought shares worth Rs 1,711 crore.

Rupee
The rupee appreciated 7 paise to close at 83 against the US dollar on Monday, on softness in the American currency and easing crude oil prices.

FII data
The net short of FIIs increased from Rs 83,853 crore on Friday to Rs 86,335 crore on Monday.

Q3 results
Hindalco, ZEE, Eicher Motors and a slew of other companies will announce their third quarter results today.

Macro data
India’s retail inflation eased to a three-month low of 5.10% in January from 5.69% in the previous month, helped by a slower rise in prices of some food items.

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