GIFT Nifty down 550 points; here's the trading setup for today's session

Indian equity markets closed on a strong note on March 18, with benchmarks maintaining upward momentum through the session. Going forward, analysts say the index sustaining above Wednesday's low of 23,618 would confirm further extension of the pullback towards the 24,000 and 24,300 levels in the coming sessions.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a gap-down start
GIFT Nifty on the NSE IX traded lower by 555.50 points, or 2.33 per cent, at 23,244.50, signaling that Dalal Street was headed for a gap-down start on Thursday.

• Tech View: On the downside, immediate support is now placed at 23,250, followed by 23,000 levels. Meanwhile, India VIX declined sharply by around 9% and slipped below the 20 mark; a further easing in volatility would lend additional comfort to the bulls.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 5.3% to settle at 18.72 levels.

US Stocks end lower
Wall Street ended sharply lower on Wednesday after the Federal Reserve held U.S. interest rates steady and projected only a single rate cut for the year as officials took stock of economic risks from surging oil prices and the U.S. and Israeli war with Iran.

• S&P 500 -1.36%,
• Nasdaq -1.46%,
• Dow -1.63%

Asian shares drop
Asian equities dropped in early trading Thursday after attacks on key energy infrastructure amid an escalating Middle East war drove oil prices higher.

• S&P 500 futures were little changed as of 9:08 a.m. Tokyo time
• Hang Seng futures fell 1.9%
• Japan’s Topix fell 1.8%
• Australia’s S&P/ASX 200 fell 1.5%
• Euro Stoxx 50 futures fell 0.4%

Yen under pressure
The yen teetered on the cusp of a two-year low at the start of trading in Asia on Thursday, pressured by a firmer dollar as markets watched for how the Bank of Japan will balance inflation risks against slowing growth in the shadow of the Iran conflict.

Stocks in F&O ban today

Samman Capital
SAIL

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 2,714 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 3,253 crore.

Rupee
The rupee on Wednesday touched a fresh record low of 92.63 against the US dollar, amid a firming greenback and continued foreign fund outflows.

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