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    GIFT Nifty down 30 points; here's the trading setup for today's session

    Synopsis

    "Overall, markets are likely to consolidate in the near term with sectorial rotation amid key events lined up. Capital Goods, Auto, PSU Bank, and Oil & Gas will continue to remain in focus," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

    market-shutterShutterstock.com
    The net short of FIIs increased from Rs 50,047 crore on Monday to Rs 64,941 crore on Tuesday.
    Equity markets snapped a four-day winning streak on account of profit booking and easing of service PMI, dampening the sentiments. Investors are awaiting Fed Powell’s Chair to get some input on interest rates.

    "Overall, markets are likely to consolidate in the near term with sectorial rotation amid key events lined up. Capital Goods, Auto, PSU Bank, and Oil & Gas will continue to remain in focus," 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 muted start
    GIFT Nifty on the NSE IX traded lower by 29 points, or 0.13 per cent, at 22,410, signaling that Dalal Street was headed for muted start on Wednesday.

    • Tech View: Nifty should move towards the next resistance zone of 22,450-500 either continuously from the current levels or may be after a minor dip. Support for the index is now seen at 22,250-300 and 22,125-150 levels, said Tejas Shah of JM Financial & BlinkX.
    • India VIX: India VIX, which is a measure of the fear in the markets, fell 3.6% to settle at 14.38 levels.

    US stocks dip
    Wall Street three major indexes all retreated more than 1% on Tuesday, with weakness in megacap growth companies such as Apple Inc and the chip sector weighing most on the Nasdaq ahead of this week's crop of economic data and remarks from Federal Reserve Chair Jerome Powell.
    • Dow down 1.04%,
    • S&P dips 1.02%,
    • Nasdaq falls 1.65%

    Asian shares down
    Stocks in Asia fell after tech heavyweights dragged down US indexes ahead of Federal Reserve Chair Jerome Powell’s testimony to Congress.
    • S&P 500 futures were little changed as of 9:08 a.m. Tokyo time
    • Hang Seng futures rose 0.2%
    • Japan’s Topix was little changed
    • Australia’s S&P/ASX 200 fell 0.2%
    • Euro Stoxx 50 futures fell 0.4%

    Dollar Steady
    The U.S. dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank rate decision and U.S. jobs data later this week.


    Stocks in F&O ban today

    1) 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 turn net buyers at Rs 574 crore on Tuesday. DIIs too bought shares worth Rs 1,834 crore.

    Rupee
    The rupee settled unchanged at 82.90 against the US dollar on Tuesday amid a strong greenback against major rivals overseas and a negative trend in equity markets.

    FII data
    The net short of FIIs increased from Rs 50,047 crore on Monday to Rs 64,941 crore on Tuesday.



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    (You can now subscribe to our ETMarkets WhatsApp channel)

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    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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