GIFT Nifty signals a muted start for D-Street. Here's the trading setup for today's session

Domestic markets remained positive throughout the session on Tuesday to close with handsome gains. Most sectors ended in green with buying seen in auto, consumer durables, pharma, and PSU banks.

"Overall we expect markets to trade with a positive bias and take cues from upcoming inflation data, Q1FY25 earnings, and budget. Pharma sector is likely to remain in focus over next few days on back comfortable valuation and expectation of healthy earning growth in Q1," 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.

Nifty futures on the Gift Nifty traded 11 pts lower at 24,478

Tech View
The underlying trend of Nifty continues to be positive. Having moved above the key overhead resistance of 24400 levels (1.618% Fibonacci extension), the Nifty could now advance towards another important resistance of 24960 levels (1.786% Fibonacci extension) in the near term. Immediate support is at 24250 levels, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, rose 5% to settle at 14.28 levels.

Global Markets

• S&P 500 futures were little changed as of 9:43 a.m. Tokyo time
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 fell 0.5%
• Euro Stoxx 50 futures rose 0.3%

Dollar climbs
On Wednesday, the dollar strengthened after recovering from a three-week low following Federal Reserve Chair Jerome Powell's careful remarks about the timing of potential interest rate cuts.

Ahead of the central bank's rate decision, the New Zealand dollar slightly increased as traders remained watchful for indications about the timing of potential policy adjustments.

Oil rises
Oil prices bounced back on Wednesday after a three-day decline, spurred by an industry report indicating a drop in U.S. crude and fuel inventories last week, suggesting stable demand and improved prospects for interest rate cuts.

Brent futures increased by 21 cents to reach $84.87 per barrel by 0055 GMT, rebounding from a 1.3% decrease in the previous session.

Stocks in F&O ban today

1) India Cements

2) IEX

3) ABFRL

4) Bandhan Bank

5) PEL

6) GNFC

7) Chambal Fertilisers

8) Indus Tower

9) Balrampur Chini Mills

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 buyers at Rs 314 crore on Tuesday. DIIs too bought shares worth Rs 1,416 crore.

Rupee
The rupee inched up one paisa to close at 83.49 against the US dollar on Tuesday, as gains from strong domestic equities and sliding global crude prices were negated by a surging greenback overseas.

FII data
The net long of FIIs increased from Rs 3.77 lakh crore on Monday to Rs 3.85 lakh crore on Tuesday.