GIFT Nifty jumps 90 points; here's the trading setup for today's session

Benchmark Nifty after scaling new heights above 24200 level, witnessed profit booking and closed with a miniscule loss of 18 points on Tuesday.

"We expect this ongoing momentum to continue with Nifty consolidating at a higher zone. While the FED Chairman Powell's speech and the release of the meeting minutes will induce some volatility," said Motilal Oswal Financial Services.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a positive start.

Nifty futures on the Gift Nifty traded 95 pts higher at 24,340.

Tech View
Nifty as per long term chart remains strong and one may expect upside momentum to resume shortly after the consolidation movement. Immediate support is at 23980. The next upside resistance to be watched is around 24400, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, fell 1.4% to settle at 13.64 levels.

Global Market Update

• S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
• Hang Seng futures rose 0.5%
• Japan’s Topix rose 0.2%
• Australia’s S&P/ASX 200 rose 0.3%
• Euro Stoxx 50 futures rose 0.3%
• Nasdaq 100 futures were little changed

Forex News

• The euro was little changed at $1.0751
• The Japanese yen was little changed at 161.51 per dollar
• The offshore yuan was little changed at 7.3081 per dollar
• The Australian dollar was little changed at $0.6670

Oil rises
Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil consuming nation.

Brent crude oil futures climbed 16 cents, or 0.2%, to $85.60 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $82.95 per barrel.

Stocks in F&O ban today

1) India Cements

2) Indus Tower

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 sellers at Rs 2,000 crore on Tuesday. DIIs, meanwhile, bought shares worth Rs 648 crore.

Rupee
The rupee depreciated 4 paise to settle at 83.48 against the US dollar on Tuesday, weighed down by a strong greenback in the overseas market and elevated global crude oil prices.

FII data
The net long of FIIs reduced from Rs 3.5 lakh crore on Monday to Rs 3.46 lakh crore on Tuesday.