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

Domestic equities continued their streak of making fresh highs as positive global and domestic cues helped the benchmarks to continue its northbound journey.

"Nifty continued its impressive run and closed at a record high for the fifth consecutive session, indicating strong market strength. We expect the bullish momentum to continue supported by strong action in frontline stock. Globally, US Q2 GDP & PCE numbers would be important data to watch out," 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 flat start.

Nifty futures on the Gift Nifty traded 9 pts higher 26,358.

Tech View
The underlying trend of Nifty remains positive. Having reached an upside target of 26,250 levels (1.618% Fibonacci Extension) on Thursday, the Nifty could now move up towards another upside level of 26,900 (1.786% Fibonacci Extension) by the next couple of weeks. Immediate support is at 26,000, said Nagaraj Shetti of HDFC Securities.

India VIX
India VIX, which is a measure of the fear in the markets, fell 5.81% to settle at 12 levels.

Global Markets

• S&P 500 futures were little changed as of 9:14 a.m. Tokyo time
• Hang Seng futures rose 2.7%
• Japan’s Topix fell 0.2%
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures rose 2.2%

Forex News

• The euro was little changed at $1.1172
• The Japanese yen fell 0.1% to 145.01 per dollar
• The offshore yuan fell 0.1% to 6.9812 per dollar
• The Australian dollar fell 0.2% to $0.6885

Oil falls
Oil prices declined for a third consecutive day on Friday, heading toward a lower weekly close as investors anticipated increased supplies from Libya and the wider OPEC+ group.

Brent crude futures fell by 57 cents, or 0.8%, to $71.03 per barrel, while U.S. West Texas Intermediate crude dropped 58 cents, or 0.9%, to $67.09 a barrel.

Stocks in F&O ban today

NIL

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 630 crore on Thursday. DIIs bought shares worth Rs 2,405 crore.

Rupee
The rupee appreciated 5 paise to close at 83.58 against the US dollar on Wednesday, tracking a positive trend in domestic equities and a weak greenback against major currencies overseas.

FII data
The net long of FIIs reduced from Rs 3.52 lakh crore on Wednesday to Rs 3.36 lakh crore on Thursday.

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