GIFT Nifty down 80 points; here's the trading setup for today's session

Markets ended lower for the sixth consecutive week, declining by nearly half a percent, reflecting heightened volatility driven by a mix of global and domestic uncertainties. The upcoming week is expected to remain data-intensive and influenced by both domestic and global cues. Analysts say developments in the US-Iran conflict and their impact on crude oil prices will remain critical drivers of market sentiment.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 82 points, or 0.36 per cent, at 22,623, signaling that Dalal Street was headed for a negative start on Monday.

• Tech View: Although the broader structure remains weak, a sharp pullback towards the 23,200 zone cannot be ruled out. A decisive break above 23,500 would be required to negate the bearish setup and open the path towards 24,000 and higher levels.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 2% to settle at 25.52 levels.

Asian stocks mixed
US equity-index futures erased early losses to trade little changed, while Asian stocks edged up at the open. The Nikkei index in Japan rose 0.7% while shares in South Korea advanced 2%. Markets are closed in China and Hong Kong for a public holiday.

• S&P 500 futures were little changed as of 9:11 a.m. Tokyo time
• Japan’s Topix rose 0.3%

Oil climbs
Oil prices climbed on Monday on continuing fears of supply losses because of shipping disruptions in the key Middle East producing region from the U.S.-Israeli war with Iran.

Gold falls
Gold prices fell more than 1% on Monday, pressured by a stronger dollar and fading hopes of U.S. Federal Reserve interest rate cuts.

Dollar steady
The dollar was steady on Monday, while the yen flirted with the crucial 160 per dollar level as nervous investors took stock of the escalating Iran war, with all eyes on the latest deadline from U.S. President Donald Trump to reopen Strait of Hormuz.

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 9,931 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 7,208 crore.

Rupee
The Indian rupee surged on Thursday after the central bank tightened the screws on speculative bets against the currency, putting it on track for its best single-day gain since 2013, when policymakers had also resorted to extraordinary measures to stabilise it. The rupee rallied more than 2% to 92.8350 per US dollar, ‌bouncing back sharply ⁠after ⁠touching a record low of 95.21 in the previous session.

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