GIFT Nifty falls 300 pts; here's the trading setup for today's session

Benchmark Nifty hit a milestone of 25,000 on Friday, but slipped later due to weak global cues, ending its eight-week winning streak. Analysts say all the focus this week will be on the global markets as we are seeing the first major signs of weakness after a long period of stability.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS


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

Nifty futures on the Gift Nifty traded 333 pts lower at 24,380.

Tech View
The short-term trend of Nifty is down, but the near-term uptrend status of the market is intact. There is a possibility of some more weakness in the coming sessions down to 24600-24500 levels before showing any upside bounce from the lows. Immediate resistance is at 24900 levels, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, rose 10.75% to settle at 14.32 levels.

Global Markets

• S&P 500 futures fell 1.4% as of 9:19 a.m. Tokyo time
• Hang Seng futures fell 0.4%
• Japan’s Topix fell 7.6%
• Australia’s S&P/ASX 200 fell 2.5%
• Euro Stoxx 50 futures fell 2.8%

Yen rises
Japan's yen hit mid-January highs against the dollar at Asia open on Monday, as markets extended moves triggered last week after weak U.S. labour data stoked recession worries and expectations of deeper rate cuts by the Fed.

Friday's job data, coming on top of a string of weak earnings reports from large technology firms and heightened concerns over the Chinese economy, drove a global selloff in stock markets, oil and high-yielding currencies as investors sought the safety of cash.

Oil falls
Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region.

Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel by 0035 GMT, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.

Stocks in F&O ban today

1) India Cements

2) Granules

3) BirlaSoft

4) Indiamart

5) RBL Bank

6) GNFC

7) RBL Bank

8) Chambal Fertilisers

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 3,310 crore on Friday. DIIs bought shares worth Rs 2,965 crore.

Rupee
The rupee settled 1 paisa higher at 83.72 against the US dollar in a range-bound trade on Friday, as gains from a weak American currency were offset by a massive sell-off in domestic equity markets.

FII data
The net long of FIIs reduced from Rs 1.66 lakh crore on Friday to Rs 1.45 lakh crore on Monday.

Q1 results
Airtel, ONGC, Marico among 109 other companies will announce their first quarter results on Monday.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)