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

Domestic markets continued to cheer the Fed's aggressive rate cut as indices closed at fresh highs on Monday. Nifty saw gains of 3% in September 2024 so far and is now on the cusp of crossing 26k levels.

"We expect positive momentum to continue with index heavyweights continuing to outperform. We expect key events like the US GDP & Core PCE data, Fed Chair Powell's speech & monthly derivatives expiry will keep the markets busy," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal.

Here's breaking down the pre-market actions:


STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a positive start

Nifty futures on the Gift Nifty traded 23 pts higher at 25,982.

Tech View
A reasonable bull candle was formed on the daily chart. The short-term trend of Nifty continues to be positive. Nifty is now heading towards the upside target of 26250 (1.618% Fibonacci Extension) in the near term. Immediate support is at 25750, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, rose 7.78% to settle at 13.78 levels.

Global Markets

• S&P 500 futures were little changed as of 9:01 a.m. Tokyo time
• Hang Seng futures rose 1.1%
• Japan’s Topix rose 1%
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures rose 0.2%

Forex News

• The euro was unchanged at $1.1111
• The Japanese yen was little changed at 143.59 per dollar
• The offshore yuan was little changed at 7.0586 per dollar

Oil rises
On Tuesday, oil prices increased due to concerns that the escalating conflict between Israel and Hezbollah could affect supply in the crucial Middle East region, along with the potential impact of a tropical storm on output in the U.S., the world's largest crude producer, later this week.

Brent crude futures for November rose by 21 cents, or 0.3%, to $74.11 a barrel, while U.S. crude futures for November increased by 24 cents, also 0.3%, to $70.61.

Stocks in F&O ban today

1) Balrampur Chini Mills

2) OFSS

3) GNFC

4) RBL Bank

5) PNB

6) Nalco

7) Biocon

8) Birlasoft

9) LIC Housing Finance

10) Granules

11) SAIL

12) Vodafone Idea

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 404 crore on Monday. DIIs sold shares worth Rs 1022 crore.

Rupee
The rupee pared its early gains to close lower by 2 paise at 83.54 against the US currency on Monday, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.

FII data
The net long of FIIs increased marginally from Rs 3.59 lakh crore on Friday to Rs 3.598 lakh crore on Monday.

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