GIFT Nifty up 370 points; here's the trading setup for today's session

Another day of Carnage was seen on D-Street on Monday. Going ahead, analysts say markets are likely to remain fragile, with crude prices, currency trends and foreign flows driving near-term direction with volatility expected to stay elevated amid an uncertain backdrop.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a gap-up start
GIFT Nifty on the NSE IX traded higher by 370.50 points, or 1.65 per cent, at 22,803, signaling that Dalal Street was headed for a gap-up start on Wednesday.

• Tech View: Momentum indicators and oscillators on both the daily and weekly charts continue to signal a sell, indicating a prevailing bearish undertone. However, given the recent sharp correction, the possibility of a strong pullback cannot be ruled out.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 4% to settle at 27.89 levels.

US stocks soar
Wall Street ended sharply higher on Tuesday, lifted by speculation about a potential de-escalation in the Middle East conflict that has sent oil prices soaring and fueled fears of global inflation in recent weeks.

• S&P 500 +2.91%,
• Nasdaq +3.83%,
• Dow +2.49%

Asian stocks rally
Asian stocks rallied at the open, tracking a Wall Street rally, on optimism that the war that has jolted global markets and disrupted energy supplies may be nearing a conclusion.

• S&P 500 futures rose 0.3% as of 9:41 a.m. Tokyo time
• Hang Seng futures rose 1.8%
• Japan’s Topix rose 3.2%
• Australia’s S&P/ASX 200 rose 1.8%
• Euro Stoxx 50 futures rose 1.9%

Oil gains
Oil prices ticked up in early Wednesday trade, with Brent front-month futures extending a record March rally as Middle East volatility kept markets jittery, despite reports that the U.S. and Iran may be edging closer to a negotiated end to the war.

Gold rises
Gold prices rose on Wednesday to their highest in nearly two weeks, supported by a weaker dollar as U.S. President Donald Trump said the war with Iran could wind down within weeks.

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 net sold shares worth Rs 11,163 crore on Monday. DIIs, meanwhile, were net buyers at Rs 14,895 crore.

Rupee
The Indian rupee fell to a record low, past 95, in a volatile trading session on Monday, marking the end of a rough fiscal year in which trade frictions, geopolitics and unfavourable capital flows pummelled the South Asian currency.

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