GIFT Nifty up 70 points; here's the trading setup for today's session

Nifty ended 78 points lower amid profit booking in banking stocks after Bank Nifty reached a new all-time high. Optimism over healthy Q3 business updates was tempered by caution surrounding the implications of US military action in Venezuela.

Analysts expect markets to remain firm with a positive bias, supported by better-than-expected Q3 business updates and expectations of a capex pickup ahead of the Union Budget, though there could be some volatility on the back of global geopolitical developments.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 69 points, or 0.26 per cent, at 26,389, signaling that Dalal Street was headed for a positive start on Tuesday.

• Tech View: Some near-term consolidation is likely before the next leg of the up move. However, the broader structure remains strong, as the index has already confirmed a breakout from a symmetrical triangle pattern on the daily chart, with immediate support placed around 26,000.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 6.06% to settle at 10.02 levels.

US stocks end higher
Wall Street ended higher on Monday, with surging ⁠financial shares helping lift the Dow Jones Industrial Average to an all-time peak, while energy firms jumped after a U.S. military strike captured Venezuelan President Nicolas Maduro.

• S&P 500 +0.64%,
• Nasdaq +0.69%,
• Dow +1.23%

Asian shares gain
Asian equities edged up at the open Tuesday, extending a record-breaking run for global equities as investors looked past geopolitical concerns.

• S&P 500 futures were little changed as of 9:17 a.m. Tokyo time
• Japan’s Topix rose 1.4%
• Australia’s S&P/ASX 200 fell 0.5%
• Euro Stoxx 50 futures rose 1.3%

Dollar steady
The U.S. dollar steadied near a two-week high ⁠as trading commenced in Asia on Tuesday, as market jitters from U.S. military action in Venezuela eased and dovish comments from Fed officials spurred risk-taking on Wall Street.

Stocks in F&O ban today

SAIL
Sammaan Capital

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 36 crore on Monday. DIIs, meanwhile, were net buyers at Rs 1764 crore.

Rupee
The Indian rupee stayed weak for the fourth straight session and closed 8 paise lower at 90.28 (provisional) against the US dollar on Monday, weighed down by a firm American currency and subdued equity market sentiment.

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