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    GIFT Nifty up 40 points; here's the trading setup for today's session

    Synopsis

    "Overall we expect the market to trade in range with positive bias. Globally investors would watch out for US & Europe Consumer Confidence Data," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

    markets-shutterShutterstock.com
    The net short of FIIs reduced from Rs 29,137 crore on Monday to Rs 27,042 crore on Tuesday.
    Equity markets were off to a slow start on Tuesday but made a gradual recovery later to close with gains. Analysts said domestic Equities are consolidating in a range with every dip being bought showing strength at lower levels.

    "Overall we expect the market to trade in range with positive bias. Globally investors would watch out for US & Europe Consumer Confidence Data," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

    "We reiterate our view to continue with a “buy on dips” approach until Nifty decisively breaks 21,900 levels. However, traders should maintain extra caution in stock selection citing mixed participation and avoid high beta counters," said Ajit Mishra, SVP - Technical Research, Religare Broking.

    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 43.50 points, or 0.20 per cent, at 22,236.50, signaling that Dalal Street was headed for positive start on Wednesday.

    • Tech View: The market is not gaining strength to witness an upside breakout of 22200-22300 levels decisively. The immediate resistance is at 22300 and any dips down to 22000-21950 could be a buy-on-dip opportunity, Nagaraj Shetti of HDFC Securities said.
    • India VIX: India VIX, which is a measure of the fear in the markets, rose 0.82% to settle at 15.73 levels.

    US stocks mixed
    U.S. stocks closed near flat on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.
    • Dow off 0.25%,
    • S&P 500 up 0.17%,
    • Nasdaq up 0.37%

    Asian stocks muted
    Asian stocks traded within tight ranges on Wednesday after the S&P 500 nudged higher. In New Zealand, the central bank is seen holding interest rates while retaining the threat of a hike amid sticky inflation.
    • S&P 500 futures were little changed as of 9:50 a.m. Tokyo time
    • Hang Seng futures rose 0.2%
    • Nikkei 225 futures (OSE) fell 0.2%
    • Japan’s Topix was little changed
    • Australia’s S&P/ASX 200 fell 0.2%
    • Euro Stoxx 50 futures were little changed

    Dollar firm
    The U.S. dollar held steady as traders brushed off durable goods data overnight and awaited the Federal Reserve's preferred measure of inflation due Thursday for clues on when the U.S. central bank may start cutting interest rates.

    Stocks in F&O ban today

    1) ABFRL

    2) Indus Tower

    3) Canara Bank

    4) SAIL

    5) ZEE

    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 1,509 crore on Tuesday. DIIs bought shares worth Rs 2,861 crore.

    Rupee
    The rupee slipped by 1 paisa to close at 82.89 against the US dollar in a restricted trade on Tuesday amid withdrawal of foreign funds and increased month-end demand for the American currency

    FII data
    The net short of FIIs reduced from Rs 29,137 crore on Monday to Rs 27,042 crore on Tuesday.


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    (You can now subscribe to our ETMarkets WhatsApp channel)

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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