GIFT Nifty down 200 points; here's the trading setup for today's session

Indian equities witnessed a sharp decline on Thursday, weighed down by escalating geopolitical tensions in the Middle East and lack of clarity on the US-China trade deal. Analysts expect the market to remain in a consolidation mode, tracking global market cues and developments on the US-India trade deal.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 203 points, or 0.81 per cent, at 24,722, signaling that Dalal Street was headed for negative start on Friday.

• Tech View: Despite the sharp fall, other technical conditions remain intact, suggesting that the broader trend is still strong and a short-term reversal is possible. However, a decisive break below 24,850 could weaken market sentiment. On the higher side, 25,000 is likely to act as immediate resistance.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 2.5% to settle at 14.02 levels.

US stocks end higher
The S&P 500 ended higher on Thursday after a strong outlook from Oracle fueled optimism around artificial intelligence, offsetting worries about tension in the Middle East and a drop in Boeing shares. Oracle surged 13.3% to record highs after the cloud service provider raised its annual revenue growth forecast, driven by strong demand for its AI-related services.

• S&P 500 +0.38%,
• Nasdaq +0.24%,
• Dow +0.24%

Asian shares slide
Stocks dived in early Asian trade on Friday, led by a selloff in U.S. futures, while oil prices jumped after Israel conducted a military strike on Iran, sending investors scurrying to safe havens such as gold and the Swiss franc.

• S&P 500 futures fell 0.2% as of 8:13 a.m. Tokyo time
• Hang Seng futures rose 0.5%
• S&P/ASX 200 futures rose 0.5%

Dollar rallies
The U.S. dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran.

Stocks in F&O ban today

IREDA

CDSL

ABFRL

Chambal Fertilisers

Hindustan Copper

RBL Bank

Titagarh

IEX

Birlasoft

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 net sold shares worth Rs 3,831 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 9,894 crore.

Rupee
The rupee rose 1 paisa to close to 85.52 against the US dollar on Thursday due to a weak dollar against major currencies overseas.

FII data
The position of FIIs in the futures market reduced from a net short of Rs 86,594 crore on Wednesday to Rs 99,478 crore on Thursday.