GIFT Nifty up 55 points; here's the trading setup for today's session

Domestic equities surged to a new high in an extended trading week after robust growth numbers and positive global cues. Moving forward, investors will continue to take cues from the global indices in the absence of any major events.

Analysts expect the current market momentum to continue, while the market will closely track fresh set of economic data to be released later this week.

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 55 points, or 0.24 per cent, at 22,505.50, signaling that Dalal Street was headed for positive start on Monday.

• Tech View: "We are now eyeing 22,800 in Nifty and expect banking, metal and IT to lead the surge. Traders should align their positions accordingly, with a focus on stock selection. In case of any intermediate dip, the 21,900-22,150 zone would cap the downside in the index," said Ajit Mishra, SVP - Technical Research, Religare Broking
• India VIX: India VIX, which is a measure of the fear in the markets, fell 3.7% to settle at 14.99 levels.

US stocks up
U.S. stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields.

• Dow up 0.23%,
• S&P 500 rises 0.80%,
• Nasdaq gains 1.14%

Asian shares gain
Asian stocks rose Monday, tracking US shares higher into a week that includes Federal Reserve boss Jerome Powell’s congressional testimony and China’s National People’s Congress.

• S&P 500 futures fell 0.1% as of 9:20 a.m. Tokyo time
• Hang Seng futures rose 0.2%
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 rose 0.2%
• Euro Stoxx 50 futures rose 0.2%

FII/DII action
Foreign portfolio investors were net sellers at Rs 128 crore on Saturday. Domestic institutional investors too sold shares worth Rs 42 crore.

Rupee
The rupee declined 2 paise to close at 82.91 against the US dollar on Friday amid rising crude oil prices in the overseas market and increased demand for the American currency from importers.

FII data
The net short of FIIs increased from Rs 58,968 crore on Thursday to Rs 62,761 crore on Friday.

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